Bitcoin trades near $119K after new all-time high; Coinbase rebrands wallet to ‘Base App’

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Bitcoin trades near $119K after new all-time high; Coinbase rebrands wallet to 'Base App'

Bitcoin is holding steady above the $118,800 mark as the market digests its recent powerful rally to a new all-time high of over $122,000.

While on-chain data now indicates that the first wave of heavy profit-taking has begun, particularly among short-term holders sitting on significant gains, some analysts believe that historical patterns still suggest room for another push higher, though they are also warning that “overheating” signals are beginning to flash.

In a recent report, on-chain analytics firm Glassnode highlighted that “short-term holders are now sitting on significant unrealized profits,” a condition that is pushing key indicators “towards overheated territory.”

The Short-Term Holder Relative Unrealized Profit metric recently hit 15.4%, breaching a key statistical threshold (+1 standard deviation) before cooling slightly. Historically, this level “often marks the beginning of top formation,” according to Glassnode.

The firm also pointed to the Realized Profit to Loss Ratio, which recently spiked to a staggering 39.8, “well above the +2 standard deviation threshold,” signaling a period of intense profit-taking from successful traders.

Although this ratio has since declined to a more moderate 7.3, the elevated reading remains consistent with behavior typically seen in the late stages of a bull market.

“So far, both the Percent of Spent Volume in Profit and the Realized Profit to Loss Ratio have signaled the first wave of excessive profit-taking,” the report concluded.

While this doesn’t necessarily mark a definitive market top, Glassnode cautions that “such top formations tend to unfold across multiple waves,” with the next major resistance level for Bitcoin projected to be around the $130,000 mark.

The great rotation: traders move into altcoins

As Bitcoin’s near-term upside appears increasingly constrained by this profit-taking pressure, some traders are beginning to rotate their capital into major altcoins.

Ethereum (ETH) surged an impressive 7.5% in the past 24 hours, outpacing Bitcoin and breaking out of a recent consolidation phase.

Analysts have pointed to the recent advancement of the GENIUS Act, a stablecoin regulation bill, as a potential catalyst for ETH’s strong performance.

Solana (SOL) also saw a significant jump, up 5%, buoyed by fresh on-chain data showing that Galaxy Digital had accumulated $55 million worth of SOL within a tight two-hour window, withdrawing the tokens from multiple centralized exchanges.

This rotation into major altcoins like ETH and SOL suggests that while Bitcoin’s broader market structure remains intact, traders are seeking opportunities for higher returns in other parts of the crypto ecosystem.

Coinbase’s big rebrand: from ‘Wallet’ to ‘Base App’

In a significant development for the broader crypto ecosystem, Coinbase has officially rebranded its popular Wallet product as the ‘Base App’.

This move confirms speculation that had been swirling since the company scrubbed its X profile earlier this week.

The rebranding positions the app as a central gateway into the burgeoning Base ecosystem, which is now being pitched as a full-stack, on-chain platform designed for mainstream adoption.

The rebrand was officially announced during Coinbase’s “A New Day One” event, which also unveiled a broader vision for the Base ecosystem, now built around three key pillars: the existing Layer-2 network, Base Chain; a new developer toolkit suite dubbed Base Build; and the newly launched Base App.

Unlike its predecessor, the Coinbase Wallet, the new Base App is designed to be much more than just a place to store crypto.

It will integrate chat functionalities, payments, trading, and a mini-app marketplace that supports a wide range of social and financial experiences.

This is not Coinbase’s first attempt at a wallet makeover (long-time crypto users will remember its original wallet, “Toshi”), but it is arguably its most ambitious.

With the Base ecosystem increasingly distancing itself from the parent Coinbase brand, the new app appears designed to emphasize Base’s distinct identity as a more decentralized, open ecosystem—one that is anchored in the core values of crypto but packaged in a user-friendly way for the everyday consumer.



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