Bitcoin Creeps Back Toward $60,000 Mark As Robinhood, Kraken Numbers Indicate Crypto Frenzy Here To Stay

April 9, 2021

Major cryptocurrencies traded in the green on Thursday night at press time with Bitcoin (BTC) up nearly 4% and Ethereum (ETH) shooting higher by almost 6%.

What Happened: The apex cryptocurrency traded 3.75% higher at $58,226.45 at press time, while ETH traded 5.73% higher at $2,088.28.

The global crypto market cap was a notch or two below the $2 trillion mark at $1.98 trillion, an increase of 4.45% over the previous day, according to CoinMarketCap data.

Over a 24-hour period, Bitcoin Gold (BTG) was the largest gainer, rising 23.64% to $115.76. Other coins that showed high appreciation include Enjin Coin (ENJ), which rose 17.62% to $3.16, and PancakeSwap (CAKE), which rose 17.04% to $20.48.

Stacks (STX) was up 17.02%% to $1.97. 

Robinhood said Thursday that in Q2 2021, 9.5 million customers traded cryptocurrencies on its platform compared to 1.7 million in Q4 2020. This represents a near six-fold rise.

Cryptocurrency exchange Kraken meanwhile is considering going public via direct listing next year after witnessing record trading volumes amid surging prices of BTC, CNBC reported.

“The first quarter just completely blew away the entirety of last year. We beat last year’s numbers by the end of February. The whole market has really just exploded,” said Jesse Powell, CEO of Kraken.

Why It Matters: Spot trading volumes on Kraken in the first quarter rose 1.5 times higher than in all of last year, touching a record level of $160 billion, according to CNBC.

See Also: Coinbase Goes Public April 14: What You Need To Know

This month, Bloomberg Intelligence noted that the technical outlook for BTC in 2021 “remains strongly upward.” 

The cryptocurrency could approach $400,000 levels, according to a report by Bloomberg Intelligence.

Altcoins too have been enjoying their day in the sun, with STX being buoyant in recent days as holders become more comfortable locking their coins to earn BTC.

Jason Lau, Chief Operating Officer at OkCoin told Benzinga that “Stackers have been earning up to 25% APY paid out in BTC over the past couple months, and the amount stacked has increased 3x since stacking went live.” 

Read Next: 5 Best-Performing Cryptocurrencies Of Q1 (No — Bitcoin, Dogecoin Don't Make The Cut)

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