03/05 Market Recap: Bitcoin Stabilizes, Altcoins Shine, Coinbase Profits


Bitcoin has been on a rocky ride, currently near the $61,500 mark but faces resistance just north of that milestone. After a challenging period that saw Bitcoin’s value plummet by over $8,000, it seemed to find some footing. The decline began when Bitcoin, after reaching highs close to $65,000, was pushed back by sellers, leading to a significant drop to below $62,000 and further down to $60,000. The situation escalated, resulting in Bitcoin touching a multi-month low of $56,500. However, following a meeting where it was announced that interest rates would remain unchanged, Bitcoin managed to bounce back, albeit briefly, before stabilizing around $59,200 and increasing to the current price of $61,500.

The altcoin sector has also seen its share of excitement, with several tokens making notable gains. Among the standout performers is Toncoin (TON), which has seen an impressive surge of nearly 10%, now trading close to $5.5. Other cryptocurrencies such as HBAR, IMX, PEPE, TAO, and CRO have also enjoyed significant increases. Ethereum is inching closer to the $3,100 mark after a 2.75% increase, while Solana (SOL) is above $140, thanks to a 2% rise. Dogecoin (DOGE) isn’t left behind either, with a 4% gain pushing its price above $0.13.

Coinbase reported its second consecutive quarterly profit in Q1 2024, driven by a surge in crypto trading amid the launch of new bitcoin ETFs. Net income rose to $1.17 billion, the highest in nine quarters, while revenue more than doubled from the year-ago period. However, the stock fell nearly 4% premarket on Friday, despite being up 31% year-to-date but still 38% below its November 2021 peak. While trading revenue soared due to increased crypto volumes, user growth remained muted at 8 million monthly transacting users, down 5% year-over-year. The company also hinted that Q2 trading revenue may not be as strong. Despite the earnings beat, after a rise in the price, COIN is currently trading 3% lower on the open.

The total market capitalization of cryptocurrencies has experienced a recovery, adding another $40 billion and reaching $2.330 trillion. This rebound reflects the market’s resilience and the growing interest in various tokens beyond the dominant Bitcoin and Ethereum. As the crypto landscape continues to evolve, these movements highlight the volatile yet opportunistic nature of this digital asset space.