Cryptocurrency Price Analysis - week 17 and YTD (2021)
Cryptocurrency Analysis – week 17 and YTD, 2021
Market roared back last week!
After a couple of weeks of correction, crypto markets bounced back hard. All of the top 50 altcoins by market cap were up last week.
Guess buying dips still works! Btw, you can find coins that pull back in uptrend on our Signals Summary page.
Bitcoin has been steadily reclaiming losses following the sell down that occurred in the second half of April as the SEC pushed back a decision on an ETF until June. There is also some uncertainty among the Bitcoin mining community in China as Beijing is requiring data center operators to provide detailed energy consumption statistics.
Ethereum price action has been in focus and saw strong gains following the announcement that the European Investment Bank will issue digital bonds on the network, thereby opening up another use case. Its share of the crypto market has now reached 15% while Bitcoin’s share has fallen from 70% at the start of the year to currently around 45%.
See top 50 coins by market cap “Performance” tab on our platform (see charts below). Check our curated charts for technical analysis of top 30 altcoins (click on curated charts tab).
Bitcoin (BTC) rebounded 18.2% and Ethereum (ETH) ripped+36.4% (vs prior week’s -6.2% and +8.9%, respectively). After finally breaking through $60K in early April and hitting new ATH ($65K), Bitcoin fell to as low as $48K but last week it bounced to $55K.
Source: altFINS.com
Decentralized Finance (DeFi) – Total Value Locked (TVL) increased last week to $71B, +25% w/w and +330% YTD.
DeFi cryptocurrency prices were mixed (see below). Total DeFi category market cap also increased last week by 18% and is up +528% YTD (i.e. ~ 6.3x).
Source: altFINS.com
Check our unique automated chart pattern recognition for fresh trading ideas. Also, during market corrections, it’s always good to revisit coins in an Uptrend but with a pullback. Our Signals Summary has this and other pre-defined filters ready for action.
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Disclaimer: This content is for informational purposes only, you should not construe any such information or other material as investment, financial, or other advice. There are risks associated with investing in cryptocurrencies. Loss of principal is possible.
Written byRichard Fetyko
1 Comment
REV. SIMON AKPAVAN May 07, 2021
This is a comprehensive analysis. I learnt a lot from it.
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