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Bitcoin Closes Best Q1 Ever Looking to Reclaim $60K: The Weekly Crypto Recap

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This week was undoubtedly bullish for the entire cryptocurrency market, which came inches away from $2 trillion. This happened as Bitcoin looks to reclaim $60K, Ethereum surged above $2,000, and BNB saw a brand new all-time high.

In retrospect, it was up only for the entire market during the last seven days. Bitcoin started trading at around $54K and progressed slowly but steadily through the week. On Monday, the price skyrocketed to above $58K before another leg up Tuesday, which saw the price testing $60K. Unfortunately, as of yet, it was unable to decisively break above it, and we are yet to see if it will be able to conquer the coveted level. Nevertheless, BTC is up a nice 10%. With this, the cryptocurrency also closed its best Q1 so far, with gains of around 100%.

Regardless, it’s safe to say that it was altcoins’ time to shine. Bitcoin’s dominance was reduced to 57.3% as major, mid, and small-caps took off. Ethereum is up by a whopping 23% as it currently trades above $2K, setting a new ATH at around $2,080. Binance Coin (BNB) is up by more than 30% and also painted a fresh all-time high.

In total, the market capitalization came inches away from $2 trillion but was unable to climb above it, and we have yet to see this massive milestone will take place.

Elsewhere, it was a week of institutional advent in the market. BlackRock, the world’s largest asset manager, revealed that it had exposure to Bitcoin’s price through CME futures contracts. Going forward, another legacy financial institution in the face of Morgan Stanley also sought SEC’s approval to further its exposure to Bitcoin.

Exciting news came from Coinbase as well. In their latest blog post, the exchange revealed that the direct listing of its Class A common stock would go live on Nasdaq Global Select Market in less than two weeks. Trading should start on April 14th, under the ticker symbol COIN.

PayPal, the world’s leading online payment processor, also came out with a major announcement. The company launched a crypto checkout service that allows US customers to pay with Bitcoin and other cryptocurrencies throughout its network comprised of millions of merchants.

In any case, it was a very exciting week, full of bullish news to which the market reacted quite positively. Will the momentum sustain? Only time will tell, but the industry is looking ripe to prosper.

Market Data

Market Cap: $1931B | 24H Vol: 157B | BTC Dominance: 57.3%

BTC: $59,288 (+10.24%) | ETH: $2,073 (+24.81%) | XRP: $0.599 (+8.40%)

This Week’s Crypto Headlines You Can’t Miss

Save the Date: Coinbase Going Public on April 14.  After delaying its public listing from March to April, the leading US-based cryptocurrency exchange, Coinbase, has provided an exact date for the listing of its Class A common stock on the Nasdaq Global Select Market. It will happen on April 14th under the ticker symbol COIN.

Morgan Stanley Files to Receive BTC Exposure of up to 25% for a Dozen Funds. One of the most influential legacy financial institutions, Morgan Stanley, has filed with the United States Securities and Exchange Commission, seeking permission for 12 of its funds to gain BTC exposure through Grayscale’s Bitcoin Trust or cash-settled futures contracts.

World Largest Asset Manager BlackRock Reveals $360K Bitcoin Gains Through CME Futures. In a recent filing with the SEC, the world’s largest asset manager, BlackRock, revealed a purchase of Bitcoin futures contracts through the Chicago Mercantile Exchange (CME). In fact, the filing suggests that the fund has charted gains in the range of $360K given the increase in bitcoin’s price.

Goldman Sachs to Launch Its Bitcoin Offering for Wealth Managers In Q2 2021. The giant American investment bank, Goldman Sachs, plans to offer cryptocurrency infrastructure to its wealth management clients in the second quarter of 2021. According to the bank’s incoming global head of digital assets, they are working with teams across the firm to come up with the appropriate set of tools.

One Bitcoin Will Buy a Lambo This Year and a Bugatti in 2022, Kraken CEO Says. Jesse Powell, the CEO of the veteran US-based cryptocurrency exchange, Kraken, declined to provide a precise price prediction for Bitcoin going forward in 2021. However, he did say that one BTC will buy a Lambo this year and went even further to say that it will buy a Bugatti in 2022.

Not Just Ripple: SEC Goes After Another Blockchain Company. The Securities and Exchange Commission of the US continues to clamp down on what it considers to be unregistered securities offerings. After Ripple, now it goes after another blockchain-based project called LBRY. The latter operates a decentralized content publishing platform.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Binance Coin, Cardano, and Polkadot – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitcoin-closes-best-q1-ever-looking-to-reclaim-60k-the-weekly-crypto-recap/

Blockchain

Bitcoin: Should retail traders expect a price hike?

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Bitcoin’s large wallet inflows signal a bullish trend reversal in the following week. The price is currently around the $60000 level, however, with the increasing trade volume across spot exchanges, an increase of nearly 15% in less than 24 hours, there may be a bullish trend emerging in the asset’s price.

Why this metric signals the upcoming Bitcoin price trend reversal

Bitcoin Large Wallet Inflows || Source: Twitter

Based on the above chart, Bitcoin is in price discovery mode above $60045. There is strong support at the $57000 level and this is also a psychologically important level for Bitcoin. The current bullish price trend is further supported by the demand across exchanges. Buying bitcoin and selling June futures currently offers a 30% annualized USD denominated “risk free” return. A 3-month US Treasury bill yields 0.02%, which is 1500x less.

When Bitcoin’s price ended March with a 30% increase, it marked the sixth consecutive month of double-digit positive returns for traders. Historically the second quarter is considered a positive yielding quarter for Bitcoin. Bitcoin returns over 250% in the second quarter, based on the price chart. The current price is following this trend and the recovery from the drop below $60000, which was partly attributed to HODLers and partly to large wallet inflows is signaling a bullish trend. There is a spike in funding rates as the price nears the ATH. This is another sign of the bullish price action in Bitcoin.

Why this metric signals the upcoming Bitcoin price trend reversal

Bitcoin’s perpetual swap funding rates || Source: Skew

Based on the above chart, the increase in perpetual swap funding has corresponded with previous ATH as well. The current spike in perpetual swap funding can be considered to be an indicator of the next ATH and the bullish price trend. Traders can expect price discovery beyond the new ATH if the momentum and volatility increase consistently over the week.

Another metric that signals this trend is Bitcoin’s miner revenue. It just reached an ATH of $6.1 Million. The previous ATH was hit less than 10 days ago, on April 1, 2021. For retail traders, looking forward to long Bitcoin it is becoming cheaper to hedge the risk. The cost of hedging against a price drop using options is dropping. A large basis spread has opened up between CME Bitcoin Futures and the offshore market. This means compared to traders on other platforms, traders on CME don’t see much upside in Bitcoin, going forward. These traders are institutions, however, retail traders are relatively more bullish on Bitcoin.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoin-should-retail-traders-expect-a-price-hike

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Blockchain

Cardano, Bitcoin SV, Compound Price Analysis: 11 April

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Cardano saw a trend of falling trade volume that showed a market possibly in a phase of distribution. However, in this bull market, another leg upward can not be discounted. Bitcoin SV formed a bearish divergence and Compound saw demand rise at the $440 area.

Source: CoinStats

At the time of writing Bitcoin was trading at $59,656 with a marginal drop of over 1.5 percent in the past day’s time.

Cardano [ADA]

Cardano, Bitcoin SV, Compound Price Analysis: 11 April

Source: ADA/USDT on TradingView

Cardano showed a lack of movement in price on the charts over the past few weeks. The range from $1 to $1.47 has its 50% mark at $1.21, and that is a strong level of resistance for the price. ADA has bounced between the $1.17 and $1.21 levels, and buyers and sellers are in equilibrium, according to the OBV.

There is an upper and lower boundary on the OBV that needs to be broken to confirm a move above $1.34, or below $1, in the weeks to come. However, this will take time to develop, and the $1.2-$1.3 area is likely to be a supply till the OBV starts ticking higher to show increased demand.

Bitcoin SV [BSV]

Cardano, Bitcoin SV, Compound Price Analysis: 11 April

Source: BSV/USDT on TradingView

Bitcoin SV showed a bearish divergence between price and momentum. This was not an immediate sell signal, but it showed an overextended move and a pullback to the $260 area can be seen. The Stochastic RSI was also in the overbought area.

While individually neither indicator can be taken to show a sell signal, taken together and with the fact that trading volume is trending lower even as price reaches higher, the conclusion can only be that BSV is due for a pullback.

Compound [COMP]

Cardano, Bitcoin SV, Compound Price Analysis: 11 April

Source: COMP/USDT on TradingView

COMP formed a descending triangle pattern in the past month and broke out strongly to climb to the peak of the pattern at $520. COMP was able to touch $550 before selling pressure forced it to trade at $451 at the time of writing.

In the past few days, COMP has formed equal lows at $443 even as the Awesome Oscillator began to move back toward the zero line. This showed that bearish momentum was slowing down. The Chaikin Money Flow also climbed back above the +0.05 mark to indicate capital flow into the market was on the rise, a sign of demand for COMP.


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Source: https://ambcrypto.com/cardano-bitcoin-sv-compound-price-analysis-11-april

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Where are these altcoins headed ETH, DOT, ADA, UNI?

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Based on price action in March and the first 10 days of April, a trend has emerged on the price charts of ETH, DOT, ADA, UNI. Among others, these altcoins have witnessed a fair share of price rallies and consolidation over the past month. In the case of ETH, after outperforming Bitcoin consistently throughout March, by +36%, ETH’s price failed to cross the psychologically important price level of $2000.

After Feb 2021, the price crossed $2000 in April, and this was critical to ETH’s price rally. Leading alts to a bullish week, ETH hit a new ATH of $2197 earlier on April 10, 2021, with over 12% dominance. The rally is clearly in price discovery mode and sentiment continues to remain bullish. The relationship between ETH’s volume and volatility and its impact on price becomes clear from the following chart.

Where are these altcoins headed ETH, DOT,ADA, UNI

ETH volatility vs trade volume || Source: Kraken Report

Based on the above chart, the volatility has a direct correlation with the trade volume and the price of ETH. The volatility is currently at the 2020 average level, and the trade volume is above that level. In the case of DOT, the first week of April was bullish when compared to March, and the prices remained largely below the $45 level in March.

With the launch of Parachain auctions and crowd loans, DOT’s price climbed to the $45 level. For DOT, the 1-month return was nearly 10%, 3-month at 300%, and the annualized trade volume has hit 95%. DOT’s current price level and the trade volume signal that DOT may remain largely rangebound for the following weeks.

ADA’s price rally could not be sustained, the correction in March 2021 led to a price drop of over 10%. ADA’s volatility and trade volume share a similar relationship with Ethereum, and it has an impact on the asset’s price in the short and long term. After over three rounds of alt rallies in the current market cycle, ADA may have slowed down, to consolidate before the price climbs higher.

Where are these altcoins headed ETH, DOT,ADA, UNI

ADA Volatility vs Trade Volume || Source: Kraken Report

UNI with a market capitalization above $14 billion ranks in the top crypto assets, Uniswap V3, and the upcoming mainnet launch were key events that had an impact on UNI’s price. UNI ranks as the fourth largest DeFi app with a high TVL. UNI is likely to rally now, with steadily increasing trade volume. Among top DeFi tokens that made a comeback after ETH’s price crossed $2000 earlier this month, UNI made an impact by hitting $32, which is close to its ATH of $36 from March 2021, based on data from CoinMarketCap. The current on-chain metrics and UNI’s trade volume signals a bearish trend in the asset’s price.


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Source: https://ambcrypto.com/where-are-these-altcoins-headed-eth-dotada-uni

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