Coinbase premium hits seven-month peak as Bitcoin sees renewed US demand
Bitcoin’s “Coinbase Premium,” a key indicator of demand for the leading digital asset in the US, surged to its highest level in seven months following Donald Trump’s recent election victory.
On Nov. 6, data chain analytics firm CryptoQuant shows that the premium turned positive and reached 0.09, the highest level since April 14.
Bitcoin Coinbase Premium (Source: CryptoQuant)
The Coinbase Premium Index tracks the price difference between Bitcoin on Coinbase—the largest US-based crypto exchange—and Binance, the global leader in trading volume. A rising premium typically signals increasing demand and buying pressure from US institutional investors and traders.
Market analysts have suggested that the recent increase in the Coinbase Premium reflects a renewed interest in Bitcoin following Trump’s victory.
According to CryptoSlate’s data, Bitcoin reached a new all-time high of over $76,000 in the past 24 hours before slightly retracting to $74,950 as of press time.
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