Cryptocurrency prices hit records on Wednesday as the stock price of Coinbase Global Inc. boosted interest in digital assets.
Bitcoin rose to a record $ 64,829 each, ether traded up to $ 2,398, and dogecoin — the meme cryptocurrency created as a joke — rose more than 40 percent to nearly 13 cents after reach 14 cents, according to CoinDesk. The concentration of dogecoin came even though Coinbase did not offer trading on it.
Coinbase shares began trading on the Nasdaq Global Select Market on Wednesday through a direct listing under the symbol COIN. Shares opened at $ 381 and rose to $ 429.54 in the first few minutes of trading before retreating to $ 320.
The listing has drawn renewed attention to cryptocurrencies, attracted by new retailers. This has not only benefited the most quoted cryptocurrencies, such as bitcoin and ether, but also the smaller, cheaper currencies.
“Everything is concentrating,” said Joel Kruger, strategist for cryptocurrency exchange LMAX Digital. “We have a combination of global macro forces that increase risk. We also have a lot of whirlwinds around Coinbase news and this is giving the cryptocurrency market a boost and more exposure. ”