The price of bitcoin set a new all-time high Tuesday morning, the day before U.S.-based cryptocurrency exchange Coinbase’s highly anticipated listing on Nasdaq.
The cryptocurrency reached 63,191.37, topping the previous peak price of $61,453 observed about a month ago, as per CoinDesk 20 data.
In recent trading, the price of the leading cryptocurrency had given back some of its gains, trading at $62,757.59, up 4.55% over the last 24 hours.
The rally comes after weeks of bitcoin trading sluggishly in a narrow range below $60,000.
“Cryptocurrency markets are showing robust strength ahead of the Coinbase IPO as bitcoin moves into the all-time high territory,” Matthew Dibb, COO and co-founder of Stack Funds, told CoinDesk.
Analysts projections for COIN’s listing are ranging from $19 billion to $230 billion, as discussed last week.
COIN shares will provide traditional investors exposure to a crypto platform that earns money from fees while avoiding the volatility and risk of crypto assets themselves.
The exchange recently disclosed Q1 revenue growth of 840% year-on-year, blowing past analysts’ estimates by a big margin.
Bitcoin’s latest rally is accompanied by record highs in ether, the second-largest cryptocurrency by market value, and crypto exchange Binance’s BNB token.
Alternative cryptocurrencies, in general, have performed better than bitcoin in recent weeks, pushing the latter’s market dominance to two-year lows near 55%, according to data source TradingView.