By Samuel Indyk
Investing.com – The price of Bitcoin continues to test its all-time high on Wednesday after breaking above key resistance levels at the start of the week. Bitcoin broke above $60,000 at the weekend and has not looked back as the world’s largest cryptocurrency hit a new high just below $65,000.
Over the last seven days, Bitcoin is up over 13%.
Altcoins
The moves higher are not unique to Bitcoin. A number of the next largest Altcoins have also rallied with Ethereum hitting its record high above $2,300 to take its seven-day gain to just shy of 20%.
The rally in Ethereum pales into insignificance when compared to XRP which has doubled in the last seven days and now trades at $1.80. Ripple is currently under investigation by the US SEC over whether XRP is a security and therefore under the scope of the SEC. Earlier this week, a judge granted Ripple’s motion to reject the SEC’s access to eight years of personal information relating to the co-founders of Ripple. The ruling has been regarded as another small victory for Ripple in its case.
The big mover in the cryptocurrency space is Dogecoin which has rallied over 80% in the last day and now sits in the top 10 largest cryptocurrencies with a market capitalisation of almost $18bln.
The meme cryptocurrency is known to be one of the favourites of Tesla CEO Elon Musk who often tweets pictures and videos of the in support of Dogecoin. Previously, Musk tweeted that he had bought some for his child, X Æ A-12.
Coinbase listing
The frenzy in cryptocurrencies comes ahead of the direct listing of the largest US cryptocurrency exchange Coinbase on Wednesday. The listing is the largest of any cryptocurrency company and has been described as cryptocurrency’s acceptance into mainstream business.
“We think there is a lot of frenzy and exuberance in everything that looks like crypto," said Olivier Marciot, a portfolio manager at Unigestion.