WMA: Bitcoin fails to overcome $60k but ETH and BNB set new ATH records
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THIS WEEK’S SUMMARY
- The Crypto Market ends the week at a total market capitalization of $1,928 trillion.
- Bitcoin increased by more than 4% over the week despite losing over $3,500 on Sunday.
- Ethereum increased by roughly 21% over the week to set a new all-time high record.
- XRP continues to grow with another 10% value boost.
- Binance Coin also set a new ATH after a 27% increase in the past seven days.
- The DeFi sector added more than $8billion to the total value protocols (TVL).
CRYPTO TRENDS 29TH OF MARCH – 04TH OF APRIL 2021: PERFORMANCE & ANALYSIS
The cryptocurrency market had a joy ride for most of the week. Firstly, it avoided high volatility from April fool’s Day. Secondly, it came close to $2 trillion in market cap. Lastly, it saw new value records for some of the best-performing cryptos.
Unfortunately, as of Sunday morning, most cryptocurrencies have been bleeding heavily. The losses are not too alarming now. However, it will be interesting to see if and how they recover next week.
The market capitalization increased by nearly $170 billion over the week. Now, it stands at $1,928 trillion.
Bitcoin started the week trading at around $54,000. Its goal was to reach $60,000, overcome the frightening level, and finally stay above it for the foreseeable future. The plan worked well for a while. On Monday, the popular crypto had already added $4,000 to its value. The surge then continued for most of the week.
The drop that everyone feared came on the last hours of Saturday. After valiantly reaching $60,000 a day before, Bitcoin lost nearly $3,500 in a heartbeat. And, while it managed to get a bit of it back in the last hours, the bears still have a good defense at $61,000.
BTC it is now trading at around $58,500. It didn’t reach its goal, but it did win a consolation prize. As of now, Bitcoin has closed its best first quarter in history with gains of roughly 100%.
Ethereum also had one of the best periods in its history. The second crypto in command gained more than 21% in value over the week. As a result, it set a new all-time high (ATH) at $2,152.45 on Friday.
The bad news is that, like most cryptocurrencies, Ethereum lost some of its gains on Sunday, and it is now trading at around $2,090. From that position, it can attack the nearest level of resistance at $2,060, or it can fall on the closest support at $1,960.
Ripple’s XRP continues to recover after its massive losses earlier this year that saw it nearly go out of the Top-10 cryptos by market cap. In the past seven days, it increased by nearly 10% in its bid to overcome other high-performance cryptos le Cardano and Polkadot. At the moment, XRP is trading at around $0.61.
Another cryptocurrency that set a new ATH this week is Binance Coin (BNB). The native token on the Binance Chain increased by more than 27% and cemented its 3rd place in the Top-10 table. At the moment, BNB is trading at around $343.
As we mentioned above, most cryptocurrencies traded in the green throughout the week before switching to red over the weekend. For example, Litecoin had a 10% increase until Friday, but it lost plenty of it over the weekend.
WHAT’S IN THE NEWS?
- Coinbase announced that the direct listing of its Class A common stock would go live on the Nasdaq Global Select Market on the 14th of April.
- The largest asset management company in the world, BlackRock, revealed $360K Bitcoin gains through CME futures.
NEXT WEEK’S MARKET FORECAST
This week marked the beginning of the second quarter (Q2) of 2021. For some, it may be just another mark in the financial year. However, for Bitcoin investors is an exciting period with high hopes for plentiful bounty.
Simply put, Bitcoin registered significant gains in every Q2 of every year in its history. The only exception was the Q2 in 2018 when BTC recovered from the then-huge bubble bursting roughly $19,000. So, starting with next week, we may see Bitcoin making more decisive attempts to overcome the $60,000 level and surge beyond it.