On Thursday (6), Coinbase shares fell again, registering new lows. The COIN ticker price reached US $ 255.15. Meanwhile, the cryptocurrency market goes against the grain, appreciating.
According to data from CoinGecko, the cryptocurrency market as a whole has surpassed the $ 2.4 trillion mark.
Coinbase shares fall
The COIN ticker was traded on Thursday for $ 255.15, a 7% drop compared to the previous day’s close.
The value almost reached the reference price of US $ 250, announced on the eve of the company’s debut on the stock exchange.
In April, the exchange recorded almost $ 100 billion in market value. However, its valuation dropped to less than half, now at $ 47.7 billion.
Bloomberg, Mike Bailey, research director at FBB Capital Partners, said that one reason for selling the shares is the formation of a “mini-bubble”.
“We saw a mini-bubble in SPACs, IPOs, cryptocurrencies, clean technology in hypergrowth in late 2020 and early 2021. And, many of these asset classes are feeding off a bad hangover.”
Although he does not say which assets are in the “bad hangover” baggage, it is possible that the executive has disregarded cryptocurrencies. Since this market reached new highs on Thursday.
While Coinbase’s shares are down, digital currency trading is gaining new historical reach.
Cryptocurrencies recently hit a record $ 2.4 trillion in market value. The amount is higher than Apple’s value, valued at $ 2.1 trillion.
Loss of dominance
Although Bitcoin’s appreciation in recent months has warmed the entire market, now the cryptocurrency has been losing its hegemony.
Recently, BTC’s dominance has dropped to 43%. In addition, the digital currency exhibited a considerable correction after reaching its high of $ 64,863.10. Currently, Bitcoin is priced at $ 55,962.53.
Meanwhile, groups of altcoins are breaking through zones of resistance. This week, Ethereum’s valuation reached $ 3,500, breaking previous price records several times.
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