Market update

Market-update

It hasn’t been a great week, with Bitcoin currently 22.6% down on last Tuesday to trade just above A$55K (US$42.8K). It’s corrected around 30% in a month for its worst performance since Black Thursday (still, there were seven larger corrections between 2015 and 2017.) It wasn’t all bad – while ETH corrected 18.2%, it’s still up 38.4% this month and the market cap topped half a trillion US for the first time this week. XRP was up 4.3%, Polkadot was up 4.7%, AAVE increased 28.7% and Synthetix was up 20.1% apparently on rumours something big is happening this week. Bitcoin Cash lost 22%, Litecoin was down 23.6%, Chainlink -22.4%, Stellar lost 4.8%, EOS lost 4.7%. Last week The Fear and Greed Index was around 68 (greed) but it took a dive to 20 (extreme fear) yesterday, the lowest point since April 2020. It’s since recovered to 27 (fear). Glassnode attributes the dip mainly to 1.1 million noobs panic selling.

Market-update

Bitcoin is down 2.2% this week to trade at just under A$71,600. But Ethereum has been hogging the spotlight again, peaking at a new all-time high a few hours ago of A$5,359. It’s since pulled back to finish the week up 16.5% at $5,089. The record price came within 24 hours of the highest day of address activity in ETH’s six-year history. “Generally, when active addresses grow, prices will follow,” notes Santiment. New retail interest appears to be flowing to classic, more established names with Bitcoin Cash up 32.3%, Litecoin up 23.5%, Chainlink (12.5%), Stellar (21%), Ethereum Classic (106%) and EOS (38%). XRP lost 9.9%, Polkadot (-1.9%), AAVE (-14.9%) and Synthetix (-12.7%). There are unconfirmed rumours that Synthetix, Chainlink and UniSwap v3 are all set to launch layer 2 scaling within weeks, which if true could help usher in a new DeFi boom.

Market-update

The two-week bear market is now just a memory, with Bitcoin up 5.5% on last Tuesday to trade above A$73,400 (US$56,850). But it’s Ether that’s been attracting all the attention, up by 12.4% in the past day and more than a third since last week to trade at A$4,360 (US$3,375) at the time of writing. Ether prices have quadrupled this year and appreciated roughly twice as fast as Bitcoin. Everything else was up substantially: Ripple (10.4%), Polkadot (8.2%), Litecoin (16.9%), Bitcoin Cash (19.3%), Chainlink (18.8%), Stellar (12.5%), EOS (17.1%) — which is on the verge of being flipped by AAVE (26.3%) — and Synthetix (14%). Bitcoin dominance has fallen to 46.4% (in the last bull market dominance fell all the way to 32%). The Fear and Greed Index has recovered from 27 (fear) last week to 61 (greed) today.

Market-update

Bitcoin has been on a wild ride this week falling from almost A$73K to below A$61K, before staging a 13.5% recovery in the past 24 hours. BTC finishes the week down 5.1% and is trading at A$68,800 at the time of writing. Ethereum meanwhile broke into new all-time highs around A$3,386 on April 22 and finished the week up 13.6% at A$3,233. It’s up 50% against BTC in the past month and there’s much speculation it’s poised for an even bigger move — Real Vision CEO Raoul Pal is thinking of selling all his BTC for ETH. Bitcoin’s rocky ride saw a wider pullback with XRP down 4.4%, Polkadot (-8.4%), Litecoin (-9.4%), Bitcoin Cash (-10.1%), Chainlink (-7.4%), Stellar (-7.4%) and Synthetix (-4.4%). Most altcoins are substantially in the green today however and Aave finishes the week up 10.3%.

Crypto Market Update 2021-04-20

Bull runs don’t always see the price rise smoothly upwards, and we saw a brutal 16.6% drop in the price on the weekend liquidating around US$10B of positions. Bitcoin finishes the week 7.2% down to trade around A$72,500. Pullbacks of between 20-40% are common during bull markets historically speaking. Despite the fall, many coins are up this week including Litecoin (5.8%), Bitcoin Cash (31.5%), Chainlink (7.1%), EOS (1.7%). Ethereum was flat while others lost ground including Ripple (-5%), Polkadot (-14.5%), Stellar (-12.8%) AAVE (-14%), Synthetix (-18.6%). The Fear and Greed index is at 74, or ‘greed’. Monthly adjusted on chain volume for Bitcoin hit a record US$366.27 billion in March, up 14.7% from the previous ATH in February.

Crypto market update

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%.