Bitcoin hits new record high on Coinbase listing on Nasdaq

Bitcoin is taking center stage in the rally this week after breaking the all-time high previously recorded in March at $61,788

occupy Bitcoin Taking center stage this week, after breaking the all-time high recorded earlier in March at $61,788 to hit a new high at $64,450, most cryptocurrencies also made all-time highs to follow the lead of the cryptocurrency.

It took Bitcoin a while to break the $60,000 support level again, but in a huge leap it managed to break through and hit another new record high.

Bitcoin

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The mood in cryptocurrencies turned to optimism again before Coinbase went public on the Nasdaq, in one of the clearest signs that Wall Street is accepting cryptocurrencies, Coinbase went public on April 14 with a market valuation of $100 billion (and likely to rise significantly).

The exchange currently owns more than $200 billion in cryptocurrency, which represents 11% of all cryptocurrencies in the world, said Coinbase founder Brian Armstrong, and said that nearly half of that number belongs to institutional investors.

Armstrong added that the majority of money in the world is tied up in institutions, and he thinks the ratio might be 80-90%, so he expects this to be a significant business over time.

Coinbase is the largest crypto exchange in the US, has 56 million verified users and welcomes around 13,000 daily investors.

The total market value of Bitcoin exceeds $1 trillion

Bitcoin set a new record value of $64,450, surpassing the month-long on-chain consolidation phase between $58K-$60,000 The chain was priced above $62.7K, which moved 1.909 million coins into the $1 trillion consolidation area.

With the indomitable recovery of the market, the total market capitalization of Bitcoin has reached $1.2 trillion, making it larger than the British pound sterling, and the sixth largest currency in the world according to its valuation, due to the massive and strong rises in the price of Bitcoin since the beginning of this year.

Cryptocurrencies are entering a strong and widespread adoption phase

The past few months have seen the arrival of new investors in the form of Tesla, MicroStrategy, Square, and others, and we've also seen investment giants like Goldman Sachs and Morgan Stanley announce new investment products that support Bitcoin for their wealthy clients.

Meanwhile, PayPal has announced support for cryptocurrencies across its legacy platforms, Bank of New York Mellon will also launch a bitcoin-based custodian service later this year, and payment processing services Mastercard and Visa are also experimenting with cryptocurrencies.

The price of Bitcoin has skyrocketed in the past 12 months due to its anti-stock features. The cryptocurrency is popular for its “libertarian anti-government ideas” and simpler buying talents, which has made it a viable contender to shiny gold which is another hedge asset, but it has Poor performance on record against rising inflation fears.

Bitcoin is currently hovering above $62,000, with an eye on $70,000. In the next phase of the bullish trajectory, Coinbase's direct listing on Nasdaq could play a bullish role for the top cryptocurrencies, as the most popular cryptocurrency exchange marks a milestone in the cryptocurrency ecosystem.

Analysts' forecasts for the year-end cryptocurrency have doubled by more than $100,000, and the price target seems more than achievable when looking at the rising demand and the influx of new investors.

Mohamed Abdel Khaleq

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