Market Wrap: Cryptos Rise as Bitcoin Returns Above $40K

BTC rose by 4% over the past 24 hours, compared with a 12% rise in RUNE.

AccessTimeIconApr 13, 2022 at 8:19 p.m. UTC
Updated May 11, 2023 at 3:54 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Most cryptocurrencies advanced on Wednesday, shaking off some of the bearish sentiment over the past few days.

Bitcoin (BTC), the world's largest cryptocurrency by market cap, returned to above $40,000, while alternative cryptos outperformed. For example, THORChain's RUNE token rallied by 12% over the past 24 hours, compared with a 4% rise in BTC over the same period. AAVE, GRT and AVAX were all up by more than 8% on Wednesday.

Just launched! Sign up for Market Wrap, our daily newsletter explaining what happened today in crypto markets – and why.

Stocks also traded higher on Wednesday while the 10-year Treasury yield pared earlier gains. Still, gold, a traditional safe haven asset, ticked higher, indicating some uncertainty among investors.

In crypto, some buyers have remained on the sidelines despite recent price bounces. "Investor spending behavior appears to be switching from dominance of loss realization, towards a modest amount of profit taking – 58% of bitcoin transaction volume is currently realizing a profit," Glassnode, a crypto data firm, wrote in a blog post.

Latest prices

Bitcoin (BTC): $41104, +4.47%

Ether (ETH): $3090, +3.82%

S&P 500 daily close: $4447, +1.12%

Gold: $1981 per troy ounce, +0.45%

Ten-year Treasury yield daily close: 2.69%

Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index (XBX); Ether is the CoinDesk Ether Price Index (ETX); Gold is the COMEX spot price. Information about CoinDesk Indices can be found at

No cycle low yet

The chart below shows bitcoin's net unrealized profit/loss indicator (NUPL), which is used by some analysts to spot inflection points in BTC's price.

In theory, the market tends to approach a price low when a majority of BTC traders' positions are in a loss (token price has decreased below cost basis). The opposite is true when BTC trades far above the average traders' cost basis.

Currently, the NUPL indicator is neutral, similar to mid-2018 and mid-2020. The last major cycle high was seen around the January and November 2021 price peaks, which preceded the latest 50% sell-off in BTC's price. A price low, however, has not been triggered, which previously occurred on high volume down moves far below the average traders' cost basis around $30,000-$40,000 BTC.

For now, upside could be limited despite short-term price jumps.

Bitcoin net unrealized profit/loss (CryptoQuant)
Bitcoin net unrealized profit/loss (CryptoQuant)

Altcoin roundup

  • Ethereum merge no longer expected in June: After a few weeks of speculation, Ethereum core developer Tim Beiko confirmed in a tweet Tuesday that the long-awaited Ethereum Merge will come later than expected. Instead of June, Beiko said that the network's transition to proof-of-stake is more likely to come “in the few months after.” In a tweet he said: “It won't be June, but likely in the few months after. No firm date yet, but we're definitely in the final chapter of [proof-of-work] on Ethereum,” according to CoinDesk’s Sam Kessler. Read more here.
  • Terra's anchor protocol to launch on Polkadot DeFi hub Acala: Terra’s popular decentralized finance (DeFi) protocol Anchor is coming to Polkadot’s Acala network. The partnership comes as Polkadot looks to grow its DeFi adoption and Anchor expands into new blockchains. According to a press release, Acala and Karura, a Polkadot parachain, will expand Anchor’s collateral options for the UST stablecoin with liquid DOT (LDOT) and liquid KSM (LKSM), according to CoinDesk’s Tracy Wang. Read more here.
  • Tether’s USDT stablecoin enters Polkadot ecosystem with Kusama launch: Tether (USDT), the largest of the dollar-pegged stablecoins with a market capitalization of over $80 billion, is launching on Kusama, a system of parallel blockchains that serves as Polkadot’s “canary network.” Stablecoins are a hot topic right now, with recent news of BlackRock (BLK), the world’s largest asset manager, taking an interest in USDC, Tether’s closest rival in terms of circulating supply, according to CoinDesk’s Ian Allison. Read more here.

Relevant reads

Chinese Banking Associations Target NFTs: As the market heats up, the tokens are increasingly under the microscope in China.

Other markets

Most digital assets in the CoinDesk 20 ended the day higher.

Top Gainers

Asset Ticker Returns Sector
Bitcoin Cash BCH +14.8% Currency
Litecoin LTC +6.2% Currency
EOS EOS +5.8% Smart Contract Platform

Top Losers

There are no losers in CoinDesk 20 today.

Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive, and standardized classification system for digital assets. The CoinDesk 20 is a ranking of the largest digital assets by volume on trusted exchanges.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Damanick Dantes

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.

Angelique Chen

Angelique is a market contributor at CoinDesk.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.