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Market Musings

Bitcoin on Brink of Closing Worst April in Eight Years, as Ether's Record Run Continues

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Published on:
April 29, 2021

At the time of writing, Bitcoin’s value has fallen by 7.4% since the month began — its worst April performance in eight years.

Bitcoin on Brink of Closing Worst April in Eight Years, as Ether's Record Run Continues

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April is normally one of the best times of the year for Bitcoin.

 

The cryptocurrency dependably clocked monthly gains of about 33% in April 2017, 2018, 2019 and 2020 — and all of this was fueling hopes that we could see fireworks emerge in 2021, potentially propelling BTC above $70,000 for the very first time.

 

But with just one day left to go before May begins, it looks like Bitcoin is about to buck this trend — posting its first April loss since 2015.

 

At the time of writing, Bitcoin’s value has fallen by 7.4% since the month began — its worst April performance in eight years.

 

All of this may spark fears that the bull run is starting to run out of steam, with Tesla selling off a chunk of its Bitcoin holdings. Rumors that Facebook was about to become the latest company to announce that it was holding BTC in reserve have also evaporated into thin air — digital assets weren’t even mentioned once in its quarterly results on Wednesday.

 

What’s Happening?

With Bitcoin struggling to overcome resistance at $55,000, it seems many crypto investors are looking elsewhere for gains.

 

BTC’s dominance has tumbled from 70% at the start of the year to just 48.2% at the time of writing. That means that the total circulating supply of Bitcoin is now less than all other altcoins combined — a very rare feat indeed.

 

By comparison, ETH’s market share has risen from 10.8% at the start of 2021 to 15.3% right now, as the No. 2 cryptocurrency continues to outperform.

 

ETH has been continuing to break records in recent days — and on Thursday afternoon London time, another all-time high of $2,795.91 was recorded. There’s little doubt that the bulls now have their sights set on $3,000 and beyond.

 

Indeed, Bitcoin cuts a rather lonely figure when it comes to its performance over the past seven days. While BTC has suffered losses of 1.43% on this timeframe, Ether is up 8.76%. Coins with a smaller market cap are also surging — Binance Coin is up 7.7%, XRP by 5,5%, Cardano by 12.2%, and Dogecoin by 10.6%.

Author(s)

Connor Sephton

I cover the crazy world of crypto.

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