Altcoins Climb As Bitcoin Trades Near ATH, XRP and Uniswap Soar
Bitcoin continues to trade near the all time high of $61,500 and, according to many analysts and commentators, seems locked to remain there until the Coinbase IPO kicks off tomorrow.
Bloomberg strategist Mike McGlone, who has turned bullish on Bitcoin this year, defined the situation in April for Bitcoin as that of a caged bull, well-rested to escape.
If that is the case, we might all have something to look forward to in the next few days and weeks. On the other hand, some commentators feel that we’ve already been handed the Coinbase IPO premium and that some profit taking might be on the table. In any case, tomorrow’s event is a highly anticipated one, just like Bitcoin’s halving back in May of last year.
With The @Coinbase $COIN IPO coming this week, I'm at a point where I need to choose between the stock that holds my crypto or the cryptocurrency themselves since almost 90% of my networth is in the crypto space but mostly #Bitcoin— akonix ₿ (@ak0nix) April 13, 2021
Over in the broader altcoin market, XRP was continuing its good news show. Some analysts are already wondering whether the run seen in the past week has priced in a win in its SEC lawsuit or not. Be that as it may, XRP is trading at $1,60, up 20% in the past 24 hours.
Uniswap, the coin that has a pink unicorn as its symbol, has been on a tear for the past few days. Market commentators claim that the announcement on 8 April by internet bank Revolut that they would be offering the coin for investment is the main driver.
In their press release called say hello to 11 new crypto tokens, Revolut stated:
UNI is an Ethereum token that powers Uniswap, an exchange that allows users to easily trade different Ethereum assets in a decentralised manner. It uses an automated market making system rather than a traditional order book.