Home Stock Coinbase rivals, Binance coin and Dogecoin are going strong ahead of an...

Coinbase rivals, Binance coin and Dogecoin are going strong ahead of an important IPO … Here’s why


Cryptocurrency prices soared on Wednesday as investors followed the expected launch of Coinbase Global in the U.S.
COIN,

later in the session.

The popular crypto asset, dogecoin, seen as a joke in 2013, has grown by more than 127%, outpacing the world’s No. 1 cryptocurrency bitcoin, up 14% on the day, touching the record close to $ 65,000.

Crypto broker Coinbase will begin trading on Wednesday Nasdaq under the “COIN” symbol as a live listing and it is considered a upstream moment in digital assets, which was started back in 2009 with the introduction of bitcoin. Coinbase was awarded Reference price is $ 250 a stock by the end of Tuesday evening, valuing it at over $ 60 billion and some investors predict that its value could exceed $ 100 billion by the end of the bullish estimates .

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Coinbase’s listing has helped fuel the frenzy around the cryptocurrency, marked by the dogecoin Wednesday’s escalation.

Meanwhile, the largest cryptocurrency platform Binance has also seen an increase in its coin holdings in private crypto platforms, up more than 50%.

Kevin Kang, founding principal of digital asset hedge fund BKCoin Capital, wrote: “IPO Coinbase confirms digital assets and also demonstrates the paradigm shift towards digitalization is happening faster than expected.

Binance Coin boasts a market cap, based on its coin circulation, is close to $ 88 billion and has a 24-hour volume of around $ 52 billion, according to CoinMarketcap.com, outperforming Coinbase Pros by 4 billion in volume in 24 hours.

Dogecoin has hit a record at around 14 cents and has returned 2.614% so far by 2021, according to CoinDesk. By comparison, the price of bitcoin has risen 120% so far this year. Ether price
ETHUSD,
+ 1.38%
,
running on the Ethereum protocol, which has grown by 220% in the past four months.

“The Coinbase IPO will have a huge impact on the broader crypto market by drawing more attention in the field,” Anthony Denier, CEO of Webull, told MarketWatch via email. at the end of Thursday.

“It will also give the crypto market an extra layer of authenticity, after major investment banks and companies like Tesla turn to crypto,” he said, referring to Tesla Inc.
TSLA,
+ 0.38%

$ 1.5 billion invested in bitcoin.

In the more traditional assets, the Dow Jones industrial average
DJIA,
+ 0.56%

and the S&P 500 index
SPX,
+ 0.20%

are both up about 10% over last year and gold
GC00,
-0.63%
,
one of bitcoin’s biggest rivals as a store of value, down more than 8%.

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