Balancer (BAL) price soars to new all-time high: What’s driving the rally?

BAL, the native cryptocurrency of Balancer, the popular automated market maker (AMM) utilized by many DeFi users to trade cryptocurrencies, has surged to new record highs above $70 on April 15.

BAL/USDT 1-day price chart (Binance). Source:

There are two key reasons behind the uptrend of BAL, namely the buzz around the Coinbase public listing and the resurgence of DeFi blue chips.

What is the Coinbase and Balancer hype?

On April 14, Adam Cochran, the partner at Cinneamhain Ventures, said he believes BAL would likely be one of the primary beneficiaries of the Coinbase listing.

Cochran said:

“My theory is that most of Coinbase’s new millionaires will be heavily repurchasing back into crypto over the next 72 hours. While I think most CB assets will pop, there is one asset that I think will out perform over the next month from CB and that is $BAL.”

The theory is based on a survey he ran with Coinbase employees worldwide leading up to the public listing.

According to Cochran, he received 108 responses from Coinbase employees on which asset they will likely buy in the next month.

Cochran said that outside of the major bluechip assets, BAL was the main pick among the employees.

He wrote:

“I got 108 responses from employees world wide, asking them questions about their personal views of crypto. The main question being what assets they’d buy in the next 30 days. This graph tells us a number of interesting things, but I want to zoom in. The graph is sorted by market cap, and you’ll notice right at the very end, nestled among low marketcap projects is $BAL. It’s by far the lowest marketcap of any mainstream, working and bluechip product.”

Some questioned the focus on Balancer of the tweet thread given that major cryptocurrencies, like Bitcoin, Ethereum, Uniswap, and Compound had much higher interest from the surveyed employees.

Regardless, Balancer did see significantly higher interest of purchase from the employees among the mid-market cap DeFi tokens.

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