Bitcoin’s value has surpassed US$60,000 for the first time while Ether, the world’s second-largest cryptocurrency, also hit fresh records ahead of the listing of one of the world’s major crypto exchanges.
In early afternoon trading on Monday, Bitcoin was trading 1.3% higher at around US$60,336 after breaching the US$60,000 barrier on Saturday for the first time since mid-March. The digital currency is also trading close to its all-time high of US$61,749 recorded on March 13.
Meanwhile, Ether, the token that powers the Ethereum blockchain, hit an all-time high of around US$2,192 on Monday morning, not long after passing the US$2,100 milestone on Saturday.
While a link has not been ascertained, the uplift in crypto prices may be related to the upcoming direct listing of crypto exchange platform Coinbase Global Inc on the Nasdaq on Wednesday, a float that is widely expected to be a critical test of the popularity of crypto investments.
The company, which allows users to buy, sell, send and exchange cryptos including Bitcoin, was valued at around US$90bn in private share trading in early March, however, the ongoing boom in crypto trading could see its value surge when trading begins.
The company’s future as a publicly traded firm was also likely given a boost earlier this week when it reported that active users on its platform had surged to 6.1mln from 2.8mln in the fourth quarter of 2020, while verified users, those with Coinbase accounts, jumped to 56mln from 43mln.
Meanwhile, the firm reported that it had raked in US$1.8bn over the period as well as a net income of around US$730-US$800mln.
The company also saw its trading volumes top US$335bn, while the total assets on its platform swelled to US$223bn from US$90bn in the fourth quarter of last year. Around US$122bn of those assets came from institutions, showing the firm has managed to attract professional cash into the crypto market.