Bitcoin and Ether Market Update April 15, 2021
Total crypto market cap added $148 billion to its value for the period since Monday and now stands at $2,218 billion. The top ten coins showed mixed results for the last 24 hours with Uniswap (UNI) and Chainlink (LINK) adding 8 and 14.5 percent to their respective values while Binance Coin (BNB) lost 4.5 percent. At the time of writing bitcoin (BTC) is trading at $62,600, ether (ETH) moved up to $2,451.
Bitcoin finally managed to break out of the $59,200-$55,800 range on Saturday, April 10, and moved closer to its all-time high. On Sunday, it formed a fourth straight green candle on the daily chart ending the week at the $60,000 horizontal resistance. The move resulted in a 2.92 percent increase on a seven-day basis.
The new trading period started on Monday with a consolidation. The BTC/USD pair remained stable in the above-mentioned resistance area after bulls were once again rejected near the $61,200 mark in the morning. The coin continued to hover around the short-term 21-day EMA on the lower timeframes for the rest of the day.
On Tuesday, the biggest cryptocurrency registered its biggest one-day jump since March 26 and climbed all the way up to $63,764 (or 6.45 percent higher) setting a fresh all-time high. The entire market was in green, fueled by the upcoming Initial Public Offering (IPO) of Coinbase, scheduled for Wednesday noon New York time. Some analysts were pointing out that the listing could be the beginning of real mainstream adoption for the crypto industry while others remained cautious about the perspectives.
The third day of the workweek was extremely volatile for bitcoin and the rest of the major altcoins. The first half of the day was marked by a green wave of positivism, which brought BTC to a new high – $64,844. The bad performance of the COIN stock after the listing, however, triggered a sell-off which pushed the price down by 6% at one point in time before bitcoin could recover and eventually close with a short red candle to $63,080.
The coin is trading slightly lower – at $62,600 on Thursday morning.
The Ethereum Project token ETH continued to march North, interrupted by the market volatility or fundamental events.
On Sunday, it once again hit the upper boundary of the wedge formation on the daily chart but was unable to break it. The coin remained stable in the $2,145 area and ended the week with a negligible (for cryptocurrency traders) 2.9 percent of increase.
On Monday, the ether remained relatively stable and closed the day flat after bulls were once again rejected at the mentioned diagonal line.
The Tuesday session was slightly different as a lot of new long positions were added to the market and the volume started to grow gradually. The ETH/USD pair climbed above the wedge and registered a 7.6 percent of price increase, which helped it reach a new highest point – $2,316.
The mid-week session on Wednesday was a continuation of the uptrend and the leading altcoin added yet another 5.9 percent to its valuation. Surprisingly or not, its performance was not impacted negatively by the Coinbase stock listing, which once again proofed the stability of the mid-to-long-term uptrend. It closed the day at $2,435.
ETH is trading at $2,448 midday on Thursday.