Market Wrap: Bitcoin, Ether Steady Near Record Highs, as All Eyes on Coinbase

Crypto bulls are taking over the market in anticipation of Coinbase’s direct listing.

CoinDesk Bitcoin Price Index

Coinbase’s widely anticipated direct stock listing on Nasdaq continues to galvanize crypto-market interesty, as bitcoin’s price broke Tuesday to a new record high.

At press time, the No. 1 cryptocurrency by market capitalization was changing hands at $62,860.01, not far from the all-time high price of $63,707.34 reached earlier in the day, according to CoinDesk 20.

Spot trading volume on eight crypto exchanges tracked by CoinDesk also rose on Tuesday, to near $4 billion at press time, the highest since April 7.

Source: CoinDesk, CryptoCompare

The bullish sentiment is reflected on the bitcoin’s futures market, with the annualized premium between the BTC futures price and spot price now approaching 50% for three-month contracts. It’s seen as an indication that more futures traders are looking for upside.

“Markets are positioning themselves for a direct listing that potentially values Coinbase at more than $100 billion,” Jason Lau, chief operating officer at San Francisco-based crypto exchange OKCoin, said. “As a result, demand for bitcoin and crypto has never been higher.”

Ether and altcoins

Ether trading on Kraken.
  • Ether (ETH) trading around $2,297.81 as of 20:00 UTC (4 p.m. ET). Climbing 7.29% over the previous 24 hours.
  • Ether’s 24-hour range: $2,135.73-$2,315.94 (CoinDesk 20)
  • Ether trades above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.

Seemingly in lockstep with bitcoin, ether rallied Tuesday to new record high prices.