This week, the cryptocurrency market has witnessed a notable positive change, particularly in the prices of leading alternative cryptocurrencies XRP, DOGE, and XLM.
Once again, these tokens are priced roughly equally on Nasdaq-listed Coinbase, considered an indicator of demand in the United States, and offshore giant Binance, TradingView data shows.
The recovery from the steep discounts on Coinbase seen in the second half of last month points to renewed participation by US investors in these markets.
The charts above show the so-called Coinbase premium indicator for XRP, XLM and DOGE. Measures the spread between dollar-denominated prices on Coinbase and tether-denominated prices on Binance. Tether is the world’s largest stablecoin, valued at 1:1 per US dollar.
The Coinbase premium for all three tokens surged in early December as BTC’s move to all-time highs above $108,000 spurred risk-taking. However, BTC’s bullish trend lost steam in the second half of the month as hawkish expectations from the Fed took over the market, tempering bullish expectations in the altcoin sector.
The premium, then, quickly turned into a discount.
