The cryptocurrency market is experiencing a wave of euphoria on April 10, 2021, with Bitcoin shooting past the $60,000 mark and Ethereum hitting a fresh all-time high above $2,190. But the rally is not confined to fungible tokens alone — the NFT market is riding the same tidal wave, fueled by institutional interest, mainstream media attention, and a historic Coinbase public listing just days away.
TL;DR
- Bitcoin surged past $60,000 on April 10, nearing its all-time high of $61,712
- Ethereum set a new record above $2,190, the smart contract platform’s highest price ever
- Total crypto spot trading volume hit $1.81 billion on Kraken, well above the 30-day average of $1.36 billion
- The NFT market continues explosive growth following Beeple’s landmark $69.3 million Christie’s sale in March
- Coinbase’s highly anticipated direct listing on Nasdaq is set for April 14, adding fuel to the broader crypto rally
Bitcoin and Ethereum Lead the Charge
The weekend of April 10 delivered a powerful statement from the cryptocurrency market. Bitcoin climbed above $60,000, coming within striking distance of its record high of $61,712 set weeks earlier. According to CoinMarketCap data, BTC was trading at approximately $59,793 with a market capitalization exceeding $1.1 trillion — a figure that would have seemed fantastical just one year prior during the pandemic-induced crash.
Ethereum, the backbone of the NFT ecosystem, was not to be outdone. ETH established a new all-time high above $2,190, reflecting growing demand for the network that powers the vast majority of NFT marketplaces, including OpenSea, Rarible, and SuperRare. With a market cap approaching $247 billion, Ethereum’s ascent signaled more than speculative enthusiasm — it underscored the network’s fundamental role in the digital economy taking shape.
NFT Market Rides the Bull Wave
The NFT space has been on a tear since late 2020, but March 2021 marked a turning point that continues to reverberate. Digital artist Mike Winkelmann, known as Beeple, sold his collage Everydays: The First 5000 Days at Christie’s auction house for a staggering $69.3 million — the third-highest price ever paid for a work by a living artist. The sale did not just break records; it shattered the perception that digital art could not command serious money.
By April 10, the NFT market showed no signs of cooling. Trading volumes across major platforms remained elevated, buoyed by the same forces propelling Bitcoin and Ethereum to new heights. The total spot trading volume on Kraken alone reached $1.81 billion on this day, significantly above the 30-day average of $1.36 billion. Futures notional trading hit $750.9 million, indicating that derivatives traders were equally engaged.
Altcoins Join the Party
The rally was remarkably broad-based. XRP surged 26% in a single day, trading around $1.37 according to CoinMarketCap data. Stellar (XLM) gained 15%, and Kyber Network added 12%. Litecoin climbed 8.6% to approximately $255, while Bitcoin Cash rose 5.3% to $665. Even Dogecoin, the meme-inspired cryptocurrency, was holding steady with a market capitalization above $8.2 billion.
This altcoin momentum has direct implications for the NFT ecosystem. As more tokens appreciate in value, holders gain additional capital to deploy into NFT purchases, creating a positive feedback loop that sustains market activity.
Coinbase Listing Looms Large
Perhaps the single most significant catalyst for the current market exuberance is the impending Coinbase direct listing, scheduled for April 14 on the Nasdaq Global Select Market under the ticker symbol COIN. The largest U.S. cryptocurrency exchange is expected to command a valuation between $60 billion and $100 billion, making it one of the most consequential public debuts in the financial sector.
The listing represents a watershed moment for the entire crypto industry — a stamp of legitimacy from traditional finance that validates the sector’s growth trajectory. For the NFT market specifically, Coinbase’s public debut signals that the infrastructure underpinning digital assets is maturing rapidly, attracting institutional capital and mainstream users who may eventually explore NFTs as an asset class.
Why This Matters
The convergence of Bitcoin’s rally past $60,000, Ethereum’s record-breaking run, and the approaching Coinbase IPO creates an unprecedented environment for the NFT market. With ETH — the primary currency for NFT transactions — appreciating rapidly, creators and collectors alike are seeing their holdings grow in value. The mainstream attention generated by Coinbase’s listing and Beeple’s historic sale continues to draw new participants into the NFT space, expanding the market beyond its early crypto-native audience. What we are witnessing in April 2021 is not merely a price rally but a structural shift in how digital assets, including NFTs, are perceived and valued by the broader financial world.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making investment decisions.
beeple $69.3M christie sale was 3 weeks before this and people were still arguing NFTs were a fad. $1.81B kraken volume said otherwise
nft volume was still tiny compared to spot trading though. the $1.81B was almost all btc and eth trading, not JPEGs
Lena S. exactly. $1.81B in spot volume on Kraken and everyone was obsessed with Beeple jpegs instead
beeple 69.3m at christies then btc at 60k and eth cracking 2190. april 2021 was the peak everything pumps together moment
eth at its first $2,190 while btc nearly matched its $61,712 ATH. coinbase listing in 4 days had the entire market in a speculative frenzy
coinbase listing was the entire narrative for 2 weeks straight. everything that pumped got tied back to the nasdaq listing somehow
^ exactly. the actual coinbase direct listing was a sell the news event. all the volume came before
coinbase listing was the textbook sell the news event. everyone who bought in the two weeks before got rekt. the smart money was already positioned months earlier
chain_archivist the direct listing was textbook sell the news. kraken was already doing 1.81B, all that demand evaporated
chain_archivist nah the direct listing wasnt textbook sell the news. kraken doing 1.81B before coinbase even went public tells you the demand was structural not speculative
ETH cracking $2,190 for the first time ever and the headline was about CryptoPunks. priorities were wild in 2021
nfts at this point were still mostly art and collectibles. the real surge came when gaming and utility tokens showed up months later
Kraken doing 1.8B before Coinbase listed proves the demand was organic not hype driven. the listing just made it visible to normies
beeple 69.3M at christies then ETH cracking 2190 the same week. april 2021 was peak everything pumps together
beeple 69.3M at christies was the cultural moment but ETH hitting 2190 the same week is what actually moved the spot volume
people forget kraken was doing $1.8B before coinbase even went public. the demand was already there
kraken doing 1.8B on a weekend with coinbase listing days away. the anticipation was doing more for volume than the listing itself
darkpool_42 1.8b on kraken alone and coinbase hadnt even listed yet. that pent up demand evaporated the second the direct listing went live
kraken at 1.8B and coinbase hadnt even listed yet. the pent up demand from retail was absurd. we will never see that specific kind of fomo again
ico_archaeologist the FOMO was unreal. kraken at 1.8B before coinbase even listed. we will never see that kind of pent up demand again
Pedro Q. the fomo before coinbase listing april 14 was insane. kraken doing 1.81b when btc nearly hit 61712 ath
Pedro Q. disagree. the FOMO energy was specific to that moment but the underlying demand for crypto exposure is way bigger now. different shape same intensity
beeple at 69M was the signal that nfts were going mainstream but 1.81B on kraken alone was the confirmation. spot volume dwarfed nft volume by 100x at that point
SatoshiKen you nailed it. spot volume was 100x NFT volume but everyone was talking about jpegs. retail was looking at the wrong chart
VolumeGhost spot at 1.8B vs NFT volume is the chart that should have been on every CT timeline. everyone was looking at JPEGs while the real volume was in fungible tokens