Bitcoin Hits Record Highs Ahead of Landmark Coinbase Listing on Nasdaq

Bitcoin hit a record of $62,741 on Tuesday, extending its 2021 rally to new heights a day before the listing of Coinbase shares in the United States.

The largest U.S. cryptocurrency exchange’s listing on the Nasdaq on Wednesday is considered a landmark victory for cryptocurrency advocates.

Bitcoin is the world’s biggest cryptocurrency, with growing mainstream acceptance as an investment and a means of payment. It rose as much as 5% on Tuesday. Smaller rival Ethereum also reached a record high of $2,205.

The overall cryptocurrency market capitalization hit an all-time peak of $2 trillion earlier this month, according to data and market trackers CoinGecko and Blockfolio.

The multifold rise in cryptocurrencies is also driven by investors seeking high-yielding assets amid low-interest rates. However, the meteoric rise of bitcoin, which traded at a few hundred dollars only five years earlier, has led major investment banks to warn of a speculative bubble.

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