The cryptocurrency market as a whole has become about as valuable as Apple, the world’s second-largest company after Saudi Arabia oil giant Aramco.
The milestone also comes less than three months after the cryptocurrency market exceeded $ 1 trillion back for the first time on January 7, when the price of Bitcoin was around $ 33,000.
Will the Ethereum and Altcoin Bull Market Continue?
In recent months, several major catalysts have fueled both Bitcoin and Ethereum to soar sharply to new all-time highs.
Financial institutions, such as PayPal and Visa, are begin to actively support cryptocurrencies as Bitcoin led the cryptocurrency market’s uptrend.
In 2021, Bitcoin has faced several short-term corrections but has now consistently stayed above $ 50,000 for nearly a month with low volatility compared to altcoins, preventing either the ETH or altcoin market from seeing a serious downturn.
In fact, Bitcoin’s volatility has fallen to its lowest level since November 2020 as the BTC price has risen between $ 55,000 and $ 60,000 in recent days.
During the same period, the price of ETH surged and broke out against Bitcoin, achieving a new record high above $ 2,000.
A pseudonymous trader known as “Rekt Capital” attributed ETH’s strong performance to consolidating Bitcoin below $ 60,000. He wrote
“#BTC is only just consolidating within this range. It is this consolidation that has helped $ ETH break through to new All Time Highs. #ETH is arguably leading the market as $ BTC tries to catch up. to refuse. “
Fund managers and investors in the crypto market are generally optimistic about the short to medium term trajectory of cryptocurrencies.
Jonathan Habicht, partner at Moonrock Capital, said
“I know so many people who are just waiting to increase their BTC $ ETH and large Altcoin positions during bigger dips and they are certainly not alone. Bear market is not an option for the foreseeable future.”
As long as the strength of the ETH / BTC pair remains intact and Bitcoin doesn’t see a major sell-off, the cryptocurrency market’s short-term outlook will remain. very optimistic for April and into summer.
Coinbase IPO fosters market sentiment
On April 2, Coinbase, the leading US cryptocurrency exchange, announced that the US Securities and Exchange Commission (SEC) has approved Coinbase’s S-1 filing.
Coinbase is expected to be listed on the Nasdaq stock exchange on April 14, making it a publicly traded company in the US stock market. Company said
“We are pleased to announce that earlier today the SEC declared our S-1 registration statement effective and that we expect our direct listing to take place on April 14, 2021, with our Class A common stock on the @NASDAQ under the ticker. symbol COIN. “
Coinbase’s listing in the US stock market would likely increase demand for cryptocurrencies as it would attract the attention of investors in the traditional financial market.
Depending on the stock’s performance, it could also rally exchange tokens such as BNB, FTT, Huobi Token, SUSHI, UNI and others, reflecting COIN’s momentum.
At the same time, some analysts believe that Coinbase’s IPO could cause great volatility, if not downward price pressure in the cryptocurrency market, as the date corresponds to a major expiration date of BTC options.