Market Wrap: Bitcoin Steady Near $59K; Gains in Altcoins Push Crypto Market Cap to $2T

As altcoins rise, bitcoin’s market dominance is down to around 57% from near 73% at the beginning of the year.

AccessTimeIconApr 5, 2021 at 8:23 p.m. UTC
Updated Sep 14, 2021 at 12:36 p.m. UTC
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Bitcoin trading on Coinbase
Bitcoin trading on Coinbase
  • Bitcoin (BTC) trading around $59,002.29 as of 20:00 UTC (4 p.m. ET). Climbing 1.75% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $56,846.97-$59,243.04 (CoinDesk 20)
  • BTC trades above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.

Bitcoin opened the week with another failed attempt to break through a key psychological level at $60,000, and has been trading steadily near $59,000.

Bitcoin’s spot trading volume on eight major crypto exchanges tracked by CoinDesk was around $2 billion on Monday, mostly unchanged from the prior day.

screen-shot-2021-04-05-at-14-43-19

Meanwhile, bitcoin’s 30-day volatility has also dropped, to near 56%, a level not seen since the beginning of the year.

screen-shot-2021-04-05-at-13-46-18

The oldest cryptocurrency is now trading in “a consolidation phase,” as CoinDesk’s Damanick Dantes wrote earlier Monday, with initial support around $56,000.

Ether and altcoins

Ether trading on Kraken
Ether trading on Kraken
  • Ether (ETH) trading around $2,105.07 as of 20:00 UTC (4 p.m. ET). Climbing 2.05% over the previous 24 hours.
  • Ether’s 24-hour range: $2,005.46-$2,124.70 (CoinDesk 20)
  • Ether trades above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.

The market chatter Monday was on neither bitcoin nor ether, but on multiple alternative cryptocurrencies (altcoins), where price rallies helped pushed the total market capitalization of all cryptocurrencies to $2 trillion.

Tokens including bittorrent (BTT), tron (TRX) and tezos (XTZ) have all logged double-digit percentage gains in the past 24 hours as investors and traders seek lucrative returns from small-cap tokens, along with the higher risks.

“Bitcoin’s price has stabilized between $55,000 and $60,000, creating a bullish market environment that encourages investors to explore other cryptocurrencies in the market,” Steve Ehrlich, CEO and co-founder of Voyager Digital, said. “This has coincided with the fall of bitcoin dominance, a leading trend indicator of what market cycle we are actively in.”

According to TradingView, bitcoin’s market dominance is down to around 57% from near 73% at the beginning of the year.

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

Notable loser:

Other markets

Equities:

  • Asia’s Nikkei 225 closed up by 0.79%.
  • The FTSE 100 in Europe was closed on Easter Monday.
  • The S&P 500 in the United States closed in the green 1.44%.

Commodities:

  • Oil was down 4.34%. Price per barrel of West Texas Intermediate crude: $58.78.
  • Gold was in the red 0.39% and at $1727.70 as of press time.

Treasurys:

  • The 10-year U.S. Treasury bond yield fell Monday dipping to 1.709%.
The CoinDesk 20: The Assets That Matter Most to the Market
The CoinDesk 20: The Assets That Matter Most to the Market

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