There are “signs” and an even more “significant” Bitcoin, Ethereum, Crypto Market Move Is On The Horizon: Report
After six months of double-digit returns for Bitcoin (BTC) investors, some traders may be wondering if this is the start of another 2017 cryptocurrency-type market rally that is octopus Team writes in a blog post.
The digital asset company pointed out that Ethereum (ETH) and several other large cap crypto assets have risen over the past month, with some tokens even managing to “significantly” outperform BTC. However, given recent declines in total monthly volatility, there are “signs that an even bigger move is in sight,” the Kraken team wrote in its April 7, 2021 market update.
That appears to be the case if Bitcoin was back above $ 60,000 at the time of writing and Ethereum pegged another all-time value above $ 2,100 (as of April 10, 2021).
The blog confirmed that this is indeed the result in the “heart” of Kraken IntelligenceMarket review and outlook from March 2021. It was prepared by their professional research team. The report provides a breakdown of the key market moves for leading digital assets such as BTC, ETH, Cardano (ADA), Polkadot (DOT), Uniswap (UNI) and THETA.
The key takeaways from the Kraken report are as follows:
- March was “historically a less volatile month for Bitcoin than February. In contrast, April’s average volatility was 99%, which makes it the most volatile month for BTC. April is also “the second most profitable month with an average return of 51%.” If trends and current market conditions are “an indication, it can be fair to expect prices to continue to rise. “
- Ether you are bullish or bearish – “If you look at the historical price development, the ETH is a kind of fork in the road.” In the macro periods, technical indicators show: “Price support is currently at a high USD 1,400 with a short-term resistance of around USD 2,700.” The historical price movement “also shows that a market cycle top could theoretically achieve a return of around 700% compared to the closing price in March. “
- BTC Bull Market Support – Bitcoin has “maintained a healthy uptrend since October 2020. Historically, however, price corrections are viewed as a healthy occurrence in bull cycles. ”Based on“ two technical indicators our team uses based on weekly price charts, price support would be between $ 44,165 and $ 48,702 through early May. ”A retracement” on these levels would be around 17-25% of the March closing price. “
- What happened in Crypto and DeFi? The United States “could have a BTC ETF soon as Fidelity and WisdomTree both filed with the SEC”. PayPal, Visa and Rakuten are “just a few of the companies that have made new crypto payment channels possible”. Total Value Locked (TVL) “hit an all-time high of $ 46.4 billion on the largest DeFi platforms on March 13, and the average monthly return was + 26%.”
You can view the full report here.
In other breaking news from Kraken, the company announced in a blog post on April 8, 2021 that they are welcome Alekos Filini as the first beneficiary of your donation to the Brink bitcoin Research and Development Center (R&D).
Brink was launched in November 2020 and received $ 150,000 in support from Kraken Grants. These funds will reportedly be given out over the coming year by Brink’s “independent” board of directors to professionals working to “strengthen” Bitcoin’s open source infrastructure.
John Newberry, Founder and director of Brink, stated:
“We are very excited to be working with Kraken to support Alekos’ work. Kraken is one of the most famous and respected brands in the Bitcoin ecosystem. We are very excited that you are supporting the open source developer community. “
With the funding, Filini plans to continue working on the Bitcoin Dev Kit, a collection of tools and libraries for use by Bitcoin wallets and apps. Written in Rust: “All Bitcoin Dev Kit components are designed in such a way that they can be adapted for use cases from mobile wallets to cooling depots,” says the Kraken update.