Bitcoin (BTC) is still unable to make a foothold after the latest correction and, after several months of positive all-time highs and good news, the leading crypto currency could post an unhappy milestone in the next few hours.
At the close of this note, the price of BTC is USD 52,709, with a daily decline of more than 3%. If the numbers continue like this through Saturday, it will be the worst April in six years.
April 2015, that was the last time that BTC posted a monthly low in the fourth month of the year. So far, although BTC accumulates an annual growth close to 80% in just four months, the monthly yield is in the red: -8%. If it does not recover at least partially between today and tomorrow, BTC will close the worst April in its history.
Against all historical forecasts, BTC knew how to close the month of March with a jump close to 30%, which seemed to deepen this month. However, the correction and search for support took longer than expected, as did the price recovery.
Regardless, the crypto market has other monthly milestones to celebrate, and that’s where Ethereum (ETH) jumps onto the scene. The leading altcoin hits new all-time highs in recent hours; as of press time, its price is USD 2,757.
Specialists suggest that in recent days an “inverse correlation” has been observed between the two highest crypto currencies in the market, which have historically shared bullish and bearish periods.
“Not only are they uncorrelated, which would be a 0, but they have entered the realm of inverse correlation,” explained analyst Scott Melker.
In line with ETH, the rest of the crypto market presented green numbers. Binance Coin (BNB) and XRP jumped more than 5%, reaching $ 582 and $ 1.39 respectively. To a lesser extent (4%), Cardano (ADA) also had a good day and rose to $ 1.35.
Lastly, Dogecoin (DOGE), Polkadot (DOT), and Litecoin (LTC) are up nearly 1% and are trading at $ 0.30, $ 33.58, and $ 254 respectively.