It was just a handful of months ago when Bitcoin prices were holding steady in the range of $9K to $11K. Then the prices seemingly took off toward the end of the year, sending the entire market into a bull run.
Looking back, prices have made large leaps, up to $20K, $40K, and then sat at around $50K for a bit. This is where the Coinbase effect came into play which shot up the prices even more for Bitcoin, Ethereum, and other coins recently pushing many to new all time highs.
With the direct listing on the Nasdaq, prices have gone up this week across the board. Bitcoin reached $64K, with Ethereum also hitting all time highs of $2400.
The public trading excitement clearly stole the spotlight, and created some volatility along with it. Many of the blue chip coins on Coinbase saw revived energy, such as BTC, ETH, BCH, and LINK. According to Fortune, when coins like this are listed on an exchange like Kraken or OKEx, the coins have all shown a positive price jump five days later after the new listing.
If you check the top coins listed on the OKEx Market Cap, as shown below as of this writing, the movers and shakers were Dogecoin, Chainlink, and Bitcoin Cash (BCH).
Top performers
Dogecoin: DOGE is a bit of a surprise, since it’s purpose derived from being a meme coin, but has seen a lot of action recently due to Elon Musk’s interest, which has helped to push the price higher. In a tweet a few hours ago, Musk posted at what could be perceived as a possible new NFT, writing, “Doge Barking at the Moon.”
Chainlink: LINK has been doing well since the bull run started in the winter, but has shot up along with others in the market. LINK is used as a price and data oracle in decentralized finance (DeFi), and with DeFi seeing a lot of attention this cycle, it’s no wonder it’s skyrocketing.
Bitcoin Cash: BCH may be a big surprise to many, maybe more so than DOGE. But it’s place in the top coins seems to be deserved, as the BCH community seems to have attracted interest from big players recently such as Kim Dotcom and Elon Musk, and announced yesterday, the Mayor of Miami, Francis Suarez, is thinking of using Bitcoin Cash as it’s payment rails for the city.
Market Analysis
Though the price of BTC has drawn back its gains after pushing to new highs, it still remains above the level of exponential moving averages showing that there is still room to grow. It is also trading above its previous ascending triangle pattern. Both of these facts may be considered as bullish as the market figures out new price discovery as new retail users come into the market.
ETH is pushing really hard against BTC, and if the momentum continues, it will also continue to raise the bar as new entrants come into the market and push it higher.
was originally published in OKEx Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
