After months of accumulation and speculation, Coinbase (COIN) went public on the Nasdaq and, cryptocurrency-style, opening day was a volatile affair that may have had a widespread effect on the crypto market.
COIN’s reference price was initially $ 250, but the stock opened at $ 381 and quickly rose to a high of about $ 429.54 before reversing course to $ 310 once the initial frenzy subsided.
Stocks are generally quite volatile on their first day of trading and COIN is no exception to that trend. Therefore, the success of today’s launch and Coinbase’s strength as a company should not be purely related to COIN’s performance on the listing.
COIN is currently trading at USD 326 and traders are likely to be on the lookout for how stocks perform as the daily close approaches.
Data from Cointelegraph Markets and TradingView show that The COIN drop was followed by an immediate sale of the price of Bitcoin (BTC), which set a new all-time high of $ 64,890 in the early hours of April 14.
Interestingly, shortly after COIN went public, the price of Bitcoin corrected 5% to hit a daily low of $ 61,658, which triggered a sell off of altcoins.
There were several tokens that were able to fend off the dip and make positive gains for the day, including THORchain (RUNE), which gained 30% to set a new all-time high of $ 16.25, and Digibyte (DGB), which is up 19% at the time of writing and is trading at $ 0.0978.
The overall cryptocurrency market capitalization saw a 16.5% decline along with the decline in BTC, dropping from a high of $ 2.6 trillion just before launch to a value of $ 2.17 trillion at the time of this story’s publication. Bitcoin’s dominance rate is now 53.6%