Bitcoin, Ether, Major Altcoins – Weekly Market Update April 19, 2021
The total crypto market cap lost $12 billion of its value for the last seven days and now stands at $2,054 billion. The top 10 coins were mostly in green for the same time period with Dogecoin (DOGE) and Bitcoin Cash (BCH) leading the pack with 440 and 36.8 percent of price increase. Bitcoin (BTC) is currently trading at $56,485, ether (ETH) is at $2,215.
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. 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, however, triggered a sell-off which pushed the price down by 6 percent at one point in time before bitcoin could recover and eventually close with a short red candle to $63,080.
On Thursday, the BTC/USDT pair did not register any serious changes in its price direction, staying in the $63,000 zone throughout the day.
The Friday session, however, was when sellers slowly started to take over control. BTC lost almost $1,700 of its value and dropped back down to the previous all-time high, closing the day at $61,369.
The weekend just confirmed the bearish sentiment. First, on Saturday, the leading digital asset fell to the sub-$60k levels, hitting the 21-day EMA and the next support zone. Then on Sunday, it broke below the lower boundary of the uptrend corridor and closed at $56,210 after trading as low as $51,485 at some point during the day.
The Ethereum Project token ETH continued to march North last week, uninterrupted by the trading volatility or market fundamentals.
On Sunday, April 11, 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 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.
On Thursday, the ETH/USDT pair drew a third consecutive green candle on the daily chart and reached another important milestone – the $2,500 mark.
The next three days were marked by increased sell pressure. First, on Friday, the coin suffered a 9 percent correction, which drove it down to $2,300 during intraday before closing the daily candle at $2,430. Then on Saturday it continued to slide and lost the 21-day EMA on the lower timeframes, eventually stopping at $2,313.
On Sunday, the market had its latest flash-crash moment. The ETH token was trading 15 percent below its closing price in the early hours of trading (or near the $1,980 support), before recovering to $2,240 in the evening.
Top 10 Movers
- Bitcoin Cash (BCH)
Bitcoin Cash, the popular Bitcoin fork and one of the best-known legacy cryptocurrency projects broke above its February high on April 13, which trigged a rapid growth in its price.
The BCH/USDT pair added 83 percent for the next 4 days, peaking at $1,218 on Saturday, April 17 before pulling back to $972 during the market correction on Sunday. Still far from its all-time high, the coin last traded above $1,000 in June 2018.
Next for Bitcoin Cash bulls would be to re-capture the 21-day EMA on the 4-hour timeframe and stabilize above the psychological level of $1,000 before attempting to make new highs. For bears, the best-case scenario will be to push the price back below the previous solid resistance at $720.
Altcoin of the Week
Our Altcoin of the week is Dogecoin (DOGE). The popular meme coin, which is also one of the most recognizable cryptocurrencies for the mainstream public, added 330 percent to its value on a weekly basis making it 6,900% of growth since January 1. DOGE re-entered the Top 10 list on CoinGecko, eclipsing solid projects like Chainlink and Polkadot. It peaked at $0.448 on Friday, April 16 when it managed to surpass ETH in total exchange volume for the day. In addition, DOGE became the most Googled cryptocurrency.
The most probable reason for the recent surge is the renewed interest from whale traders combined with Elon Musk’s newest Tweet about the project.
As of the time of writing, the DOGE/USDT pair is trading at $0.415 on Binance. The coin is ranked at #5 with a total market capitalization of $51.9 billion.