Market Wrap: Bitcoin Stuck Below $60K; Cardano’s Sixfold 1Q Gains Led CoinDesk 20

$60K is a key psychological level that has also proven a formidable stopping point during this year’s powerful rally.

Apr 1, 2021 at 8:32 p.m. UTC
Updated Sep 14, 2021 at 12:35 p.m. UTC

Bitcoin trading on Coinbase

  • Bitcoin (BTC) trading around $58,916.75 as of 20:00 UTC (4 p.m. ET). Slipping 0.02% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $57,973.35-$59,458.98(CoinDesk 20)
  • BTC trades between its 10-hour and 50-hour averages on the hourly chart, a sideways signal for market technicians.

Bitcoin retreated after failing for a second day to break through price resistance at $60,000, a key psychological level that has also proven a formidable stopping point during this year’s powerful rally.

A major missing ingredient from the market recently? Spot trading volume.

Thursday’s volume has trended lower since bitcoin broke a record high on March 13, according to data from eight leading crypto exchanges tracked by CoinDesk.

“We still see the highest volume when the market sells off, which is a concern,” Arcane Research wrote in its weekly newsletter on March 30.

But to bitcoin bulls, the largest cryptocurrency by market capitalization is likely to test a new all-time high very soon.

“Bitcoin is poised to retest the $60,000 level again,” said Jason Lau, chief operating officer at San Francisco-based crypto exchange OKCoin. “The reason for this recent rally is that bitcoin and crypto have gone mainstream.”

Despite the effete price action over the past few weeks, there’s been little slowdown in news and developments related to mainstream adoption of bitcoin and cryptocurrencies: BlackRock disclosed it has been trading bitcoin futures, PayPal said it will enable crypto payments, Goldman Sachs is getting close to offering bitcoin to its wealth management clients, and burrito chain Chipotle is doing a bitcoin giveaway.

“The normalization of crypto in daily chatter and usage is increasingly obvious,” Lau said.

Ether and other altcoins

Ether trading on Kraken.

  • Ether (ETH) trading around $1,974.18 as of 20:00 UTC (4 p.m. ET). Climbing 3.55% over the previous 24 hours.
  • Ether’s 24-hour range: $1,888.64-$1,983.45 (CoinDesk 20)
  • Ether trades above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.

Ether has outperformed bitcoin in the past 24 hours, which could be “a signal of crypto asset rotation,” according to OKCoin’s Lau.

Alternative cryptocurrencies mostly outperformed during the first quarter, based on CoinDesk 20 data. While bitcoin logged an extraordinary 102% return, that level of performance was only good enough for 14th place in the CoinDesk quarterly ranking.

Cardano (ADA) was the top performer in terms of percentage gains, with a staggering 560% return.

The token is now the No. 5 cryptocurrency by market capitalization, behind only bitcoin, ether, Binance’s BNB token and the stablecoin tether, per Messari data.

ADA, which is the native token for the smart-contract blockchain Cardano, tripled in February alone as traders bet on the success of “Ethererum Killers.”

In March, Cardano received a price boost thanks to the so-called Coinbase effect. The U.S. cryptocurrency exchange giant listed ADA on both its institutional platform Coinbase Pro and more retail-centered Coinbase exchange in March, sending the price higher.

Other digital assets on the CoinDesk 20 are mostly in the green Thursday. Notable winners as of 20:00 UTC (4:00 p.m. ET):

One notable loser:

Other markets

Equities:

  • Asia’s Nikkei 225 closed in the green 0.72%.
  • The FTSE 100 in Europe was up by 0.35%.
  • The S&P 500 in the United States closed 1.18% higher.

Commodities:

  • Oil was up 3.50%. Price per barrel of West Texas Intermediate crude: $61.23.
  • Gold was in the green 1.24% and at $1728.48 as of press time.

Treasurys:

  • The 10-year U.S. Treasury bond yield fell Thursday in the red 1.687%.

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