Another historic week for Bitcoin kicks off with the leading cryptocurrency again within sight of breaking the all-time high of A$80,924, set on March 13. It’s currently up 1.8% for the week to trade at just over A$79,000, with Bitcoin dominance at 53.9%. Bitcoin was again the best performing institutional grade asset of the first quarter, gaining 103%, followed by oil which was up 26%. Gold meanwhile lost 10%. Ethereum has just ploughed into a new all time high of A$2,885 and finishes the week up 1.4% at A$2,820. Court victories saw Ripple rediscover its mojo, up 59.3%, Litecoin increased 12.3%, Chainlink (3%), Stellar (10.8%) and Bitcoin Cash (8.8%). Aave was flat, Polkadot fell by 8.1%, EOS dropped 4.6% and SNX lost 5.4%.
March has historically been a terrible month for Bitcoin, but not this year with the price increasing by almost a third. Bitcoin is up 2.9% on a week ago to trade just under A$77,000. However, Bitcoin dominance has fallen from 72% at the turn of the year to 55.7% today. The reason is that altcoins have gone nuts: in the past two months, the number of crypto unicorns has doubled. There are now 100 projects with a market cap above US$1 billion. Ethereum has broken into new highs and is currently up 17.8% to trade around A$2,760. Everything else saw double-figure percentage increases with Polkadot up 33.6%, XRP/Ripple (61.5%), Litecoin (14.8%), LINK (16.2%), Stellar (30.7%), Bitcoin Cash (26.7%), EOS (58.5%), AAVE (11.2%) and Synthetix (19.8%).
After taking a tumble to the A$67,000 mark on Friday following the expiration of a record $6B in options contracts, Bitcoin has recovered to trade above A$75,000. It finishes the week up 5.4%. Ethereum was up even more (6.5%) on this time last week after Visa announced it was settling some transactions on the network. Litecoin was up 3.1%, Stellar (1.6%) Aave (3.5%) and EOS (3.2%). Ripple, Chainlink, and Bitcoin Cash were all flat, Polkadot lost 4.3% and Synthetix lost 3.3%. Analyst Filbfilb, co-founder of Decentrader, believes alt season has arrived, pointing to Bitcoin dominance falling below 60%, the lowest point since October 2020. The Crypto Fear and Greed Index is at 72 or Greed.
Bitcoin was trading as high as A$77,000 earlier this week, but took a tumble over the past couple of days and is currently trading around $71K. That’s 3.1% down on seven days ago. Ethereum lost 5.7%, Litecoin dropped 6.9%, BCH (-2.5%), AAVE (-6.6%) and SNX (-3.8%). However, Polkadot increased 3.4%, XRP/Ripple was up a whopping 27.2% amid a new push to get it relisted on exchanges, LINK was flat and Stellar was up 4%. Sentiment has eased and the Fear and Greed Index is currently at 70, or Greed.
Bitcoin was closing in on the A$80,000 mark over the weekend before it fell almost ten grand on Monday and another three grand today. Various theories have been advanced for the correction: the usual weekend retail shenanigans, conflicting reports over the severity of a crypto ban in India, incorrect reports of $1.3B in BTC being deposited on Gemini. At the time of writing, we have ended about flat from a week ago at A$70k. Bitcoin futures open interest hit a record US$29B a few days ago suggesting bulls expect the uptrend to continue. Elsewhere it was a mixed bag: Ethereum and EOS were flat, Polkadot was up 1%, along with Litecoin (4%) and Bitcoin Cash (0.3%). Chainlink lost 10%, Stellar (-6.1%), AAVE (-11.5%) and Synthetix (-10.8%).
Bitcoin has just seen its second-best weekly close ever, according to Cointelegraph. BTC is currently up 5.7% on seven days ago and is trading just under AU$68,000. That’s only around 12% from the most recent record high. Ethereum surged by 17.7% this week as news of an important protocol upgrade emerged, XRP (Ripple) was up 7%, Chainlink (16.4%), Litecoin (10%), Bitcoin Cash (6.5%), Aave (15.4%) and SNX (6.9%). Meanwhile, Polkadot lost 1.1% and Stellar was down 1%. The Fear and Greed Index is currently at 81, which is Extreme Greed.