Bitcoin has finally made a 'meaningful' spike above $50,000. The recent move occurred after the flagship token tested support at $48,000. Meanwhile, bulls are focused on higher levels towards $60,000, but BTC is dancing slightly above $50,500.

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The leading smart-contract token, Ethereum seems to have settled above $1,800, but the rest of the journey to $2,000 remains bleak. As for Ripple, recovery of the lost ground beyond $0.6 is another uphill task. On the other hand, Dogecoin's technical picture continues to look bearish, implying that the 'Elon Musk' effect is gradually fading away.

Coinbase pre-IPO valuation is 10% of Bitcoin's market cap

Coinbase, the most prominent cryptocurrency exchange in the United States, is listed on Nasdaq. According to Arcane Research's statement, FTX Official has given the company an "implied valuation of $92.2 billion." Note that this valuation is nearly 10% of the prevailing Bitcoin market cap.

Coinbase Implied market cap

Bitcoin is hovering above $50,500 as bulls remain glued on the anticipated upswing to $60,000. The Relative Strength Index shows that the trend has a bullish impulse. Besides, the price has just broken above the ascending parallel channel, insinuating price discovery toward $60,000 is catching momentum.

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BTC/USD 4-hour chart

As explained, Bitcoin is primed for a leg up because it is yet to hit overbought conditions. However, the MVRV Z-Score shows that a spike above $50,000 will quickly bring Bitcoin to this level, leading to a correction before another all-time high.

Ethereum bulls build upon $1,800 support

Ethereum has made little progress since it broke above $1,800. The path to $2,000 is becoming challenging by the day, but the recent upswing appears to have secured support at $1,800. At the time of writing, Ether is doddering at $1,810 while bulls focus on lifting the price higher.