Bitcoin price sets record above $84,000 lifting these coins with it
The cryptocurrency market has set a number of records today as Bitcoin sets a new all time high
Bitcoin has set a new all time high (ATH) of AUD$84,055 up 5.1% on the day, following two days around the $80,000 barrier.
This brings an end to nearly 3 months of sideways price consolidation, and paves the way for a move up to $90,000, which will serve as the next point of resistance, according to analysts,
Bitcoin was priced at only $16,000 six months ago, showcasing a gain of 420% in that time.
A rising tide lifts all ships (ETH, XRP, DOGE)
The total value of the cryptocurrency market now sits just below AUD$3 trillion, as a number of altcoins have also posted record highs this week.
Ethereum also set a new ATH today of $3,026 as the long-awaited Berlin upgrade comes into effect this week. Berlin goes live today and will help alleviate some of the issues associated with Ethereum's prohibitively high transaction fees which are choking the network.
Users will not likely notice the effects of Berlin immediately for a while, but rather when the next upgrade London is implemented later this year, which will burn some of the fees that normally go to miners in an attempt to standardise gas fees.
XRP continues on its path back to previous record highs, up 23% today to $2.34. It is believed that the outcome of the ongoing lawsuit with the SEC is turning positive, as Ripple executives motion to dismiss the suit.
Dogecoin is now worth $0.14 per coin with a market cap of $11 billion – worth more than international payments provider Western Union.
Coinbase to list publicly on NASDAQ in less than 24 hours
NASDAQ has set a reference price for Coinbase of US$250 per share which gives the company a valuation of $65.3 million.
This is well below where market estimates have been earlier this month.
It's important to understand though that this is just a reference price. It's based on past transactions between investment backs and is somewhat arbitrary. The purpose is to give a reference point when markets open.
For instance, CNBC report that the average private market price of shares was US$343 in the first quarter of this year, roughly a third higher than the reference price and valuing the company at US$90 million.
Several other companies such as Spotify, Slack and Roblox all opened roughly a third higher than their reference price.
Disclosure: The author owns a range of cryptocurrencies at the time of writing