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XRP, XLM and DOGE See Recovery in Stateside Demand
These tokens are once again prices more or less the same on Coinbase and Binance.
Jan 10, 2025, 1:32 p.m.
What to know:
- XRP, XLM and DOGE trade at par on Coinbase and Binance.
- Prices traded at a discount on Coinbase in December.
- The narrowing of the discount reflects renewed stateside demand.
This week, the crypto market has witnessed a notable positive shift, particularly in prices for major alternative cryptocurrencies XRP, DOGE and XLM.
These tokens are once again priced more or less the same on the Nasdaq-listed Coinbase, considered a proxy for the stateside demand, and the offshore giant Binance, TradingView data shows.
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The recovery from the steep discounts on Coinbase observed in the second half of the last month points to renewed participation of stateside investors in these markets.
The above charts show the so-called Coinbase premium indicator for XRP, XLM and DOGE. It measures the spread between the dollar-denominated prices on Coinbase versus the tether-denominated prices on Binance. Tether is the world's largest stablecoin, with a value that is 1:1 to the U.S. dollar.
The Coinbase premium for the three tokens surged in early December as BTC's move to lifetime highs above $108,000 spurred risk-taking. BTC's uptrend, however, ran out of steam in the second half of the month as hawkish Fed expectations gripped the market, tempering bullish expectations in the altcoin sector.
The premium, then, quickly turned to a discount.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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