Bitcoin and Ethereum Hit New All-Time Highs on the Eve of CoinBase IPO

Bitcoin and Ethereum have hit new all-time highs just before Coinbase IPO debuts on the Nasdaq stock exchange.

At the time of this writing, Bitcoin is now hovering slightly above $63, 000 while Ethereum is rallying at about $2, 225.

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SEE ALSO: CoinBase, America’s Largest Crypto Exchange, Announces its Public Stock Listing on The Nasdaq in April 2021 Under the ‘COIN’ Ticker Symbol

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This massive rally comes just ahead of the Coinbase IPO which debuts on April 14, 2021 on the Nasdaq stock exchange.

At the moment, all eyes are on the direct listing of Coinbase, the largest crypto exchange in the United States.

So far, potential valuations of the IPO stand at $150 billion according to the Coinbase pre-IPO contract on the FTX exchange.

Coinbase’s implied valuation is now almost $150 billion on FTX – The price of the Coinbase pre-IPO contract on @FTX_Official #CoinbaseIPO pic.twitter.com/PFfxEHfeuJ

— BitKE (@BitcoinKE) April 13, 2021

Currently, bitcoin has entered price discovery, which presents two of the following scenarios:

• Bitcoin is overbought and will see a severe correction
• Bitcoin will see strong technical momentum and will rally further

As of this writing, premiums in the futures market stand at about 50% which indicates an overheated drivates market.

At the same time, the new all-time high for Ethereum comes amid the upcoming ‘Berlin’ update again taking place on April 14, 2021 – the day of the Coinbase IPO.

The new ATHs now put both Bitcoin and Ethereum at the following growth rates YoY:

• Bitcoin – 815% growth YoY
• Ethereum – 1, 328% growth YoY

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RECOMMENDED READING: The Solana ($SOL) DeFi Token Surges By Over 50% in April 2021 Alone as New Projects Build on the Platform

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