The Coinbase Global Inc. (Nasdaq: COIN) initial public offering (IPO) is here, and in anticipation of the event, many cryptocurrencies surged to new highs overnight and leading into today’s traditional market open.
• Bitcoin (BTC, Tech/Adoption Grade “A-”) surged to $65,000 earlier today before retreating slightly to the $63,000 level.
• Ethereum (ETH, Tech/Adoption Grade “A-”) is up more than 11% since yesterday morning and is clearing one $100 hurdle at a time as its price keeps climbing.
• Dogecoin (DOGE, Tech/Adoption Grade “C+”) has blasted off to even wilder prices as its viral year continues.
Bitcoin is blasting to new highs with consistency and authority this week as it rides the coattails of the Coinbase IPO news. The BTC price peaked earlier this morning just under $65,000, though it’s dropped to just above $63,000 since today’s open on the New York Stock Exchange (NYSE).
If it closes around current levels, it would be the second-highest close in its history, so things are hardly looking bad for the King of Crypto.
The bulls and bears are still duking it out today, and it’s a coin-flip as to which side will win the battle. On the downside, there’s support at both $62,000 and $60,000; on the upside, $65,000 will offer some resistance.
Here’s BTC in U.S. dollar terms via Coinbase:
Ethereum closed yesterday at right about $2,300 and pushed all the way to $2,400 earlier today before retreating slightly. There’s solid support at $2,000 for ETH right now during this push from the bulls. The next significant price target would be $2,500, after which we’d likely be looking at $3,000.
Ethereum had been stuck under $2,000 for quite some time, as it had trouble finding volume to push the price past that important mark. ETH appears to have broken through with big volume, though, and this is likely the start of a significant move for the No. 2 crypto.
Here’s ETH in U.S. dollar terms via Coinbase:
Dogecoin, the meme crypto famous for its Shiba Inu logo and its superhero spokesman Elon Musk, is up more than 30% today, peaking at a more than 100% gain in the last two trading days.
More importantly, DOGE has officially crossed above 10 cents on its way to its current level, somewhere between 12 and 13 cents.
Dogecoin seems to be the meme that keeps on giving, as these prices are much higher than most analysts would’ve predicted a few months ago. Interestingly enough, DOGE does tend to lead the altcoin market at times, acting as a sort of early warning sign.
If that holds for the present moment, we are indeed looking at an unprecedented run for altcoins.
Here’s DOGE in U.S. dollar terms via Binance:
Notable News, Notes and Tweets
• It’s safe to say Crypto Twitter, Inc. (NYSE: TWTR) was (im)patiently awaiting today’s market open.
• The total market capitalization of the crypto industry is closing in on $2.5 trillion.
• It sure sounds as though The Goldman Sachs Group, Inc. (NYSE: GS) has changed its tune on Bitcoin.
What’s Next
Bitcoin, Ethereum and many other crypto blue-chips are trading at or near all-time highs today. We’re in the midst of what’s shaping up to be the wildest altcoin season on record.
Fundamentals, adoption and technical developments couldn’t be looking any better than they are right now.
And yet, none of those things seem to matter. There’s one story stealing the headlines and only one narrative that merits discussion. Cryptocurrency has minted a 12-figure company, and Coinbase shares will now be publicly traded.
Even if today does turn out to be a “buy the rumor, sell the news”-type day for the crypto market, it won’t matter much to Bitcoin in the long run. The Coinbase IPO is undoubtedly bullish for both Bitcoin and the entire crypto industry.
This is a monumental moment for one of the world’s biggest cryptocurrency exchanges, Coinbase, as well as Bitcoin and the entire crypto landscape. Crypto is mainstream, mass adoption inevitable.
As COIN hits public markets today, everyone who’s ever been involved in crypto is validated. Most were doubted. Many were ridiculed and laughed at for a passionate belief in “fake” internet money.
Now, everyone’s a crypto investor.
And we’re all smiling …
Best,
Alex
