The prices of cryptocurrencies soared to records Wednesday as the exchange listing Coinbase Global Inc. interest in digital assets.
Bitcoin climbed to a record $ 64,829 each, ether traded as high as $ 2,398 and dogecoin – the meme cryptocurrency created as a joke – was up more than 40% to nearly 13 cents after hitting 14 cents, according to CoinDesk. The rally in dogecoin came despite Coinbase not offering any trade in it.
Coinbase’s stock traded on the Nasdaq Global Select Market on Wednesday via a direct listing under the ticker symbol COIN. The shares opened at $ 381 and rose to $ 429.54 in the first few minutes of trading before pulling back to around $ 320.
The listing has attracted renewed attention to cryptocurrencies and attracted new retailers. This is beneficial not only for the most traded cryptocurrencies, such as bitcoin and ether, but also for smaller and cheaper coins.
“Everything is getting underway,” said Joel Kruger, a strategist at cryptocurrency exchange LMAX Digital. “We have a combination of global macroeconomic forces that increase risks. We also have a lot of vortices around the Coinbase news and that gives the crypto market an extra boost and more exposure. ”