On-chain Data Reveals Coinbase Nasdaq Debut Attracted More Bitcoin Investors

Published April 25, 2021 | Updated April 25, 2021

Bitcoin
Source: Pixabay | Royalty Free Image

On-chain Data Reveals Coinbase Nasdaq Debut Attracted More Bitcoin Investors

The historic public debut of American cryptocurrency exchange Coinbase Global Inc on the Nasdaq exchange has been proven to have a tremendous impact in attracting a new set of Bitcoin (BTC) holders. According to on-chain data, the Bitcoin Entities Net Growth surged to the levels seen only twice before in the history of the premier digital currency.

Per Glassnode’s metric, the Bitcoin Entities Net Growth is the total number of entities appearing on the network for the first time and with non-zero balances, less the number of entities with zero balances. The entities, in this case, could be an exchange or any user that controls multiple funded Bitcoin addresses.

The increased Bitcoin Entities Net Growth fueled by Coinbase’s listing represents the third time the digital asset will be recording this milestone, after similar moves were made in late 2017, and late 2018 respectively. 

Coinbase Listing Makes a Case for the Matured Bitcoin Ecosystem

Coinbase’s listing on Wall Street has been tagged by many as a potential gateway for mainstream institutional investors to get some form of exposure to the cryptocurrency industry. Coinbase’s business primarily entails providing the platform where Bitcoin, Ethereum (ETH), Litecoin (LTC), and other digital assets are traded. As a result, the overall market trend has a direct impact on the performance of the company and its share price as a whole.

The company’s proponents argue that the emergence of the firm as a public traded company is a sign of the maturing state of crypto in the United States and the world at large. This position was bolstered by the timing of Coinbase’s listing which coincided with a massive buyup in which the price of Bitcoin received a rejuvenation, printing a new all-time high of $64,500.

The rationale for investors remains compelling, buying Coinbase shares and Bitcoin may be positively correlated as an increase in the latter can spike an increase in the former as well. Over the past week, Bitcoin has been succumbing to selling pressures and with its current price of $49,912.11, the coin has lost 7.78% of its value in the past week. Correspondingly, Coinbase shares closed at $291.60, a 0.63% dip from the Friday trading session. 

 

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
Godfrey Benjamin 27 Articles
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
Follow Godfrey @