Bitcoin Opens the Way For A Bullish Market With Its Price Spike To New All-Time High

BTC has hit a new time High of $64,863 in its history, which open the way for a more bullish market for the leading crypto for the week.

BTC Reaches a New ATH

The value of BTC rose to about 8% yesterday after the market bulls have successfully broken the strong resistance at $61,000. Though, the bullish run was inhibited afterward as the price fell back to $62,887. It is believed that there would be an upward correction of the price as the momentum for the bulls is still strong.

Analysts have been keeping their eyes on a possible breakout over the $70,000 price mark in weeks to come as the interests of buyers are expected to be doubled. Traders are holding on for a long term, and the institutional players are still stacking their portfolio, which over time would cause a supply crisis as predicted anytime soon. This makes the analysts quite hopeful that the market will rampage up again.

Also, for Ethereum it has surged to a new level, and the second-ranked asset in the crypto space by market capitalization has kept its spot, with the bulls sending the price up to $2400.

The Anticipation of the Debut of Coinbase in the Stock Market Increased

In the hope of the Coinbase debut in the stock market, the price of the crypto market flagship spikes as the demand pressure increases rapidly.

Since the announcement of Coinbase going public soon on Wednesday, players in the industry have expressed their happiness at the company as the launch into the stock market shows that the crypto industry is mature generally. After several years of tussle with the lawmakers and regulators in the United States, the decision to go public by Coinbase will put every doubter to rest.

This decision to go live might see the value of the company hit $100 billion, which will make the company more valuable than even the leading fintech companies that have been established for a longer time. Coinbase could also overthrow the transcontinental exchange, which currently is under the NYSE – New York Stock Exchange.

The founder of Luno, a crypto firm based in London, said, “Undoubtedly, this decision will increase the trust and transparency in the crypto space. However, there is still some sort of distrust lurking around the industry. A company of that size going live will make everyone knows that crypto is more than an asset class, but it is a real business.”