The cryptocurrency market gained confidence after the price of Bitcoin surpassed $58,000, a long-awaited move that energized traders who had been waiting for the uptrend to resume.
Bitcoin’s unexpected rise to $58,000 may have caught some traders off guard. Spike above $57,000, we’d ideally want to see a flip of the $56,000 area taking place to establish a higher support level. It would be followed by a further price breakout, according to van de Poppe. If it follows a similar price pattern to gold in the 1970s, it could reach $250,000 by early February 2022.
Coinbase values customer trust in the cryptocurrency space. In the third quarter of 2021 alone, the company facilitated $327 billion in trading volume. It was a 29% decrease from the previous quarter, as volatility had subsided. However, it was a more than six-fold increase year on year. Given that trading volume accounts for the lion’s share of Coinbase’s revenue, the company will undoubtedly want to see trading volumes remain stable.
Coinbase, on the other hand, is actively pursuing a future that is not reliant on cryptocurrency trading volatility. In the third quarter, the company generated $145 million in subscription and services revenue, accounting for nearly 12% of total revenue. That is Coinbase’s highest non-trading revenue ever, demonstrating good progress in revenue diversification, which is essential for long-term shareholders. Based on the current trading price, if you had invested only $2.07 in Shiba Inu a year ago and kept your coins, you would now have $1 million. The rapid rise in the popularity of cryptocurrencies, in general, has been the primary reason for their fantastic gains.
Investing in cryptocurrency has progressed from the fringes to the mainstream in recent years. This trend has drawn more people into the market, causing demand to skyrocket. Shiba Inu and Ethereum are in very different situations now.
Shiba Inu currently has a market cap of close to $21 billion, making it the world’s 12th largest cryptocurrency. Ethereum is the second-largest cryptocurrency, with a market cap of around $500 billion. Neither digital token can enjoy the novelty of being the newest cryptocurrency for much longer.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.