The cryptocurrency market as a whole is now worth about as much as Apple, the world’s second largest company after Saudi oil giant Aramco.
This milestone also comes less than three months after the cryptocurrency market first hit the $1 trillion mark on the 7th. January, when Bitcoin was around $33,000.
Will the bull market for Ethereum and Altcoin persist?
In recent months, several key catalysts have propelled bitcoin and ethereum to new heights.
Financial institutions like PayPal and Visa are beginning to actively support cryptocurrencies as bitcoin dominates the cryptocurrency market.
Bitcoin had to undergo some short-term corrections in 2021, but has been holding steady above $50,000 for almost a month now with low volatility compared to alcoins, saving ETH and the alcoin market from a sharp decline.
In fact, bitcoin’s volatility has fallen to its lowest level since November 2020, with the price of BTC consolidating between $55,000 and $60,000 in recent days.
Bitcoin Volatility Index (30-day average). Source: Bybt.com.
During the same period, the price of ETH rose against bitcoin, reaching a new record high above $2,000.
A pseudonymous trader known as Rekt Capital attributes ETH’s strong results to bitcoin’s consolidation below $60,000. He wrote:
#BTC is still consolidating just inside this range It is this consolidation that has helped $ETH make new all-time highs #ETH is likely leading the market while $BTC is trying to catch up Good sign so far that orange resistance is struggling to push #Bitcoin back.BTC/USD 1-day price chart (Coinbase) showing key levels. Source: Rekt Capital, TradingView.com
Fund managers and investors in the cryptocurrencies market are generally optimistic about the performance of cryptocurrencies in the short and medium term.
Jonathan Habicht, partner at Moonrock Capital, said:
I know so many people who are just waiting to increase their positions in $BTC $ETH and major altcoins during the big drops, and they are certainly not the only ones. A bear market is out of the question in the near future.
As long as the strength of the ETH/BTC pair remains intact and bitcoin does not experience a major sell-off, the short-term outlook for the crypto-currency market remains very optimistic for April and the summer.
Market sentiment drives coin-based IPOs
The second one. In April, the leading US cryptocurrency exchange, Coinbase, announced that the US Securities and Exchange Commission (SEC) had approved its S-1 application.
Coinbase is scheduled to launch on the 14th. April is listed on the Nasdaq Stock Market, making it a publicly traded company in the United States. The company stated:
We are pleased to announce that the SEC announced today that our S-1 registration statement has become effective and we expect our direct listing to become effective the 14th. April 2021, when our Class A common stock will begin trading on @NASDAQ under the symbol COIN.
The listing of Coinbase on the US exchange is likely to lead to an increase in demand for cryptocurrencies, as it will draw investors’ attention to the traditional financial market.
Depending on the stock’s performance, exchange tokens like BNB, FTT, Huobi Token, SUSHI, UNI and others could also rally, reflecting COIN’s momentum.
At the same time, some analysts believe that Coinbase’s IPO could bring more volatility, or even downward pressure on prices, to the cryptocurrency market, as the date coincides with the major expiration date for BTC options.
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