Bitcoin broke through $64,000 and hit a new high, but the overall market value fell, and ETH/ADA rose stronger
The opening price of Coinbase on the first day of listing was US$381, which was 52.4% higher than the reference price of US$250 given by Nasdaq. The fully diluted total market value was US$99.6 billion, approaching the US$100 billion mark. Within half an hour, the stock hit a daily high of US$429.54, an increase of nearly 72%, with a total market value of US$112 billion at the highest; then fell below the US$400 mark, the lowest hit US$310, and fell below the opening price, narrowing the increase to 24% .
In the end, Coinbase closed at $328.28, up 31.31%, and continued to rise by more than 1% after hours. As a first-class exchange in the United States, Coinbase has sufficient cash flow and does not need listing and financing. However, the successful listing of the first digital currency exchange is a formal declaration of war against the world's traditional finance. The successful listing of Coinbase is the touchstone of the entire industry. It is also the guiding star for the future of digital currency.
Bitcoin accumulation
Long-term rating: Overweight
Short Cycle Rating:
Bitcoin accumulation
Accumulation of small-cap cryptocurrencies
Review of the Bitcoin market, as stated in our 123rd briefing, the confirmation of Bitcoin’s retracement has been completed, and it is ready to usher in the main rising wave at any time. At 4 pm that day, Bitcoin began to rise and successfully broke through a new high. Congratulations again Choose investors who trust us. The original intention of the analysis of the content of the briefing is not to guide everyone to gamble on futures. Regarding the dangers of leverage and futures, we have reminded investors from multiple angles that using leverage is risky. In a bull market, those who are long will lose money far more than those who are short .
Our original intention is to help investors achieve value preservation and appreciation. In terms of value appreciation, our long-term cycle rating has been overweight since the first issue and has not changed. In terms of value preservation, short-cycle ratings will have different strategies at different times, with the aim of enabling investors to avoid relatively large potential risks and protect profits in short-cycle transactions.
Judging from past historical results, we gave suggestions on reducing Bitcoin when it first rose to $40,000 and $58,000, which helped investors avoid two corrections of more than 25%. After the callback is over, firmly tell investors that the bull market is not over, and give suggestions for increasing holdings in the bottom range.
Back to the present, the question that investors care about is whether the bull market is over? After Bitcoin broke through the previous high, it was sold by profit taking, and the retracement trend line was up, and it was supported at $62,500. Although we are optimistic about the market outlook of Bitcoin, in the short term, Bitcoin has the risk of retracement, that is, there is a current The rise of two possibilities.
One is to continue the upward trend at the end of the correction at $62,500, and the other is that Bitcoin needs a further retracement to obtain sufficient support above $60,000 and digest all upward resistance before continuing to rise. Combining the two possibilities, Although there is a further risk of retracement at the moment, the retracement space is limited, so we maintain Bitcoin's rating as overweight.
In terms of the market value of small-cap currencies, the proportion of Bitcoin’s market capitalization is still falling, and the altcoin index and the defi index are both in the departure period of the center, that is, in the upward trend, which shows that opportunities exist in small-cap cryptocurrencies or altcoins Yes, we reminded investors in yesterday’s content that they can pay attention to the leading cryptocurrencies that have undergone a 50% or more correction during the upward process, and are expected to undergo a new round of upward movement after finishing the breakthrough.
From the performance of Ethereum, ADA and other currencies and the exchange rate of Bitcoin, it can be seen that the growth rate of altcoins far exceeds that of Bitcoin, especially Ethereum. As can be seen from the figure below, there is a wave of daily exchange rates in terms of exchange rates A sign of the start of a unilateral trend in levels.
If it can be confirmed, the rise of Ethereum has just begun. We will continue to pay attention to the trend of Ethereum and suggest that investors can tilt their positions. In summary, we maintain the rating of small-cap cryptocurrencies as Overweight .
