Needless to say, it is an extremely interesting time to be a part of the ever-growing cryptocurrency community and industry. This is because many cryptocurrencies, with Bitcoin, in particular, have been steadily decreasing in value for quite a while now, a fact which has prompted many to ‘panic sell’ their respective digital assets. However, numerous others see this as the perfect opportunity to ‘buy at the dip,’ and so these individuals, therefore, see all of this as a fantastic sale of all the top cryptocurrencies.
With this in mind, things are gradually beginning to improve as Bitcoin slowly recovers some ground, and as of the time of this writing, is trading at a price of just over $40,000, which is a 0.6% decrease within the previous 24-hour timeframe. With this latest development, the world’s flagship, as well as the largest cryptocurrency by market capitalization, has managed to recover by 43% now, and this news also coincided with the CPI (Coinbase Premium Index) managing to reach an all new ATH (all-time high) recently as well.
Bitcoin up 43% on Coinbase
It had certainly taken the world’s biggest cryptocurrency longer than it would have preferred, but BTC was indeed up by a massive 43% off of the day’s recorded low around 4:50 PM UTC. This spike had been observed on the widely popular Coinbase crypto exchange, and through this surge, the digital asset was able to go as high as $43,000 before slightly decreasing once again.
Many investors and holders alike can breathe a sigh of relief knowing that their patience had somewhat paid off as it had taken Bitcoin just less than 4 hours to successfully reduce most of the recent losses, especially following a recent collapse of the flagship cryptocurrency when it came crashing down to the $30,000 mark at approximately 1:00 PM UTC.
The recent recovery was quick, to say the least, and it had also been accompanied by ‘Coinbase premium.’ Through this, it was hence able to reach a new ATH of 7.7%. This data had been made available mainly through CryptoQuant. The index had managed to track and monitor the gap that existed between the price (in USD) of BTC on Binance and Coinbase.
Furthermore, when we look at the notion that Coinbase is indeed popular as far as all of the big-time institutional players are concerned, then we can also assume that the abovementioned rising premium is indeed indicative of bullish behavior.