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Bitcoin Tumbles Shortly After Reaching All-time High, Ether and Altcoins Follow

Bitcoin’s price edged lower after the largest cryptocurrency reached an all-time high on Wednesday trading at around $64,717.01 hours before Coinbase shares began trading on the Nasdaq.

However, shortly after the digital currency slipped 2.34% and is currently trading at $ 62,831.23 as of 11.00 AM East African Time.

Bitcoin 15-04-2021
Bitcoin Performance Chart

The Coinbase listing is seen to be pushing crypto even more into the mainstream of investing, exposing legions of potential buyers to digital currencies, which have grown into a $2 trillion industry in little more than a decade. BTC is currently valued at more than $1 trillion after a more than 800% surge in the past year.

However, while it may seem like Coinbase’s Nasdaq listing has been pumping prices in BTC and other cryptos, Mati Greenspan, founder and CEO of Quantum Economics, views it the other way around. According to him, Coinbase timed the listing with bitcoin bull’s run.

“Coinbase isn’t pumping bitcoin. Bitcoin is pumping Coinbase,”Mati Greenspan, founder and CEO of Quantum Economics.

Ether and altcoins Follow Bitcoin

Ether the second-largest cryptocurrency by market capitalization, closely followed BTC recording an all-time of $ 2,471.75 a 3.89% increase as of 11.00 AM East African Time.

TradingView Chart Snapshot
Ethereum Performance chart

Dogecoin, the popular meme cryptocurrency created in 2013, has rallied for three straight days to a new all-time high during early trading hours in the U.S. on Wednesday. This happened as BTC and ether also surged to new record prices on the same day that crypto exchange giant Coinbase started trading on Nasdaq.

Dogecoin is currently exchanging hands at $0.1342 a 2 % rise as of 11.00 AM East African Time.

Dogecoin’s sudden price surge also came with escalating trading activity as data from Coingecko  shows that dogecoin is the No. 5 most traded token of the day.

Read also: Bitcoin Hits an all-time High of $62K Following Coin base Expected Listing