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Bitcoin, Ether Scale New Heights Ahead of Coinbase's Historic Trading Debut
The high marks continue a two-day surge by the two cryptocurrencies in the lead-up to a seminal moment in the history of crypto.
Updated Sep 14, 2021, 12:40 p.m. Published Apr 14, 2021, 8:57 a.m.
Bitcoin and ether, the two biggest cryptocurrencies, surged to all-time high prices on Tuesday, hours before the shares of crypto exchange Coinbase are due to start trading on Nasdaq.
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"Coinbase going public provides a further boost of confidence in the cryptocurrencies sector," David Russell, vice president of market intelligence at TradeStation, wrote in an email.
- The price for , the oldest cryptocurrency and the largest by market value, set a new record of $64,829.14 before setting back to $63,633.51 at press time, up 0.8% in the last 24 hours based on CoinDesk 20 data.
- Ether, the native cryptocurrency of the Ethereum blockchain and the second-largest overall, set a new high-water mark of $2,399.61, before subsiding to $2,380.84, up 4.7% in the last 24 hours.
- The new marks continue a two-day surge by the two cryptocurrencies in the lead-up to Coinbase's direct listing, a seminal moment in the history of crypto. Analysts said the extra publicity and investor-relations chatter surrounding the listing might lead to an uptick in the pace of cryptocurrency adoption, or at the very least, speculation.
Read more: Coinbase ‘IPO’ Isn’t an IPO. Here’s Why That’s Important
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
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- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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