After months of construction and speculation, Coinbase (COIN) was listed on the Nasdaq and in true cryptocurrency. Opening day trading was a volatile affair that could have had far-reaching implications for the cryptocurrency market.
COIN’s reference price was initially at $ 250, but the stock opened at $ 381 and quickly rose to a high of around $ 429.54 before returning to $ 310 once the initial frenzy subsided.
Usually stocks are quite volatile on the first day of trading, and COIN is no exception to this trend. Therefore, the success of today’s launch and Coinbase’s strength as a company shouldn’t just be related to COIN’s performance in listing.
COIN is currently trading for $ 326 and traders are likely to watch the stock perform as the daily closing price approaches.
Data from Cointelegraph Markets and TradingView show that the decline in COIN was followed by an immediate sell-off in Bitcoin (BTC) price, which hit a new all-time high of $ 64,890 in the early hours of April 14.
Interestingly, shortly after the COIN listing, Bitcoin price corrected 5%, hitting a daily low of $ 61,658. This triggered a stronger sell-off in altcoins.
There were several tokens that were able to stave off the downturn and generate positive gains for the day, including THORchain (RUNE), which took a 30% gain to hit a new all-time high of $ 16.25, and Digibyte (DGB). This is a 19% increase at the time of writing and trading at a price of $ 0.0978.
Total cryptocurrency market cap declined 16.5% alongside the decline in BTC, falling from a high of $ 2.6 trillion just before launch to a value of $ 2.17 trillion at the time of writing. Bitcoin dominance rate is now 53.6%