And here we go, another month ending on the crypto market!
In one month only, the total market capitalization went from a low point to 243 billion dollars to a high point to 434 billion, a huge increase since it corresponds to a growth of 78.6%.
How has Bitcoin evolved?
During the month of April, Bitcoin went from a low point at $6434 to a high of $9777.
This movement was launched by an impressive candlestick of more than $1200 amplitude on the day of April 12th. This impulsive movement finally broke the bearish trendline that had been in place for far too long!
Nevertheless, Bitcoin is currently in a phase of symmetric triangle consolidation of top and trade at $9290.
What happened on the altcoins market?
This bullish recovery has also benefited the rest of the market. Perhaps even more if we look at the evolution of the total market capitalization, excluding Bitcoin, which has increased by 105.26% compared to 78.6%.
As a result, the dominance of Bitcoin also decreased in April, from 45.5% at the beginning of the month to 37% at its lowest.
Nevertheless, as usual during a correction period, the dominance of the BTC has risen somewhat and is now at 39%.
And from a fundamental point of view?
New evidence of ever greater acceptance of cryptocurrencies was found in April.
The Spanish bank Santander has launched its PayFX cross-border payment platform in collaboration with Ripple. This application allows the sending of funds almost instantaneously and is currently available only in Brazil, Spain, the United Kingdom and the USA.
Cryptocurrency Verge has announced a partnership with Pornhub which is good news even if it was not the partner the market was expecting.
The Coinbase exchange platform is expected to launch "Coinbase Venture" soon. It will provide financial support for promising startups.
Still in the news, the Gemini exchange platform, owned by the Winklevoss twins, announced the creation of Blocktrade. This will make too large transactions"over the counter”, and thus help to stabilize the cryptocurrency market.
On the other hand, India's central bank has decided to ban industries using cryptocurrencies and the spectrum of future regulations hovers above the crypto market as evidenced by the G20 meeting of April 19-20.
What can we expect for next month?
If Bitcoin manages to cross the $9700 to $10,000 range, then the price should go to the next resistance at $10800. This level is crucial because it will, if crossed, return to a long-term uptrend.
We therefore anticipate a breakout of the triangle as well as an overall rise in the market in May.
Nevertheless, as you all know, technical analysis is not an exact science! That's why we recommend you to be careful and above all, not to forget your stop-loss!