This week, the crypto market saw a notable positive change, especially in the prices of major alternative cryptocurrencies XRP, DOGE, and XLM.
These tokens are once again priced more or less the same on Nasdaq-listed Coinbase, seen as an indicator of demand in the United States, and on offshore giant Binance, according to TradingView data.
The recovery from the deep discounts on Coinbase seen in the second half of last month indicates renewed participation by U.S. investors in these markets.
The charts above show the so-called Coinbase premium indicator for XRP, XLM and DOGE. It measures the gap between dollar-denominated prices on Coinbase and tether-denominated prices on Binance. Tether is the largest stablecoin in the world, valued 1:1 against the US dollar.
The Coinbase premium for all three tokens surged in early December as BTC’s surge to lifetime highs above $108,000 spurred risk-taking. BTC’s bullish trend, however, lost steam in the second half of the month as hawkish expectations from the Fed gripped the market, tempering bullish expectations in the altcoin sector.
The premium then quickly transformed into a discount.
