On April 14, Cryptocurrency- Bitcoin broke through the $64,000 level for the first time amidst the public debut of Coinbase Global Inc. It happened as investor demand for all things related to crypto surged. The current value of Bitcoin is at over $1 trillion after a more than 800 per cent jump is seen in the past year, as per a Bloomberg report.
Experts look at the direct listing of US crypto exchanges as ‘pushing tokens’ into the prevailing arena of investing, exposing legions of potential buyers to the digital asset class. In just more than a decade, it has grown into a $2 trillion industry.
On Tuesday, The price of bitcoin touched the zenith at USD 63,729.5, according to data from Coin Metrics.
The last trade occurred under the price of USD 63,000. Bitcoin, on the same trading day, climbed 5 per cent. In the last half a dozen months, Bitcoin has marked significant growth and its value has jumped by nearly 450 per cent.
In April, last year, cryptocurrency was trading at USD 7,000. Since then it has had a rollercoaster ride throughout the last year. In December 2020, Bitcoin valued at USD 20,000, but only a month into 2021, the prices nearly doubled to USD 40,000 in January and USD 50,000 in February.
Besides Bitcoin, cryptocurrency like Ether also witnessed a surge. After the endorsement from TV personality Guy Fieri, cryptocurrency Dogecoin surged too. Also, Binance Coin had a rise with BNB at a 3 per cent gain, according to CoinMarketCap.com.
If observed closely to the trend, if Coinbase is valued at $100 billion as thought, it may be valued over the New York Stock Exchange and Nasdaq Stock Market combined.
With actively managed equity funds, Coinbase is becoming growth managers’ favourite given its size and visibility. “It’s a huge step forward for the industry and the legitimacy it brings in the eyes of investors and regulators,” Bloomberg TV quoted Quantum Economics founder Mati Greenspanas statement.
Earlier in December, the acceptance of cryptocurrency among the public spurred Bitcoin to a 120 per cent rally. However, the clouds are still grey about the volatility and their usage for payment methods. With Coinbase becoming a public company, attention from regulators is poised to intensify.
Ether has become the second-most valuable digital coin after bitcoin which is also setting a fresh record, climbing to USD 2,317. The price of Dogecoin also registered a 25 per cent spike, taking its value to nearly 10 cents per coin.