CryptoFinance Metrics | 04.20.2021

BlockchainIST Center

Published in

BCISTCenter

4 min readApr 20, 2021

Social Media: LinkTree

Bitcoin’s market capitalization is only 10X away from flippening Gold.

Why is this metric important?

At the end of Q1 2021, the crypto market cap reached $1.9 trillion dollars with a 146% growth relative to Q1 2020.
In Q1 2021 Binance Coin (BNB) had the best performance with a 710% gain, followed by Cardano (ADA) and Polkadot (DOT) at 555% and 294% respectively.
In Q1 2021, on average 55% of the market capitalization belongs to Bitcoin.

Further Reading: Coingecko

Latest Headlines

PayPal-owned Venmo will now let its 77 million Venmo users buy and send crypto.
Robinhood and Coinbase grabbed the top two spots in Apple’s App Store last week as Americans turn their attention to stock and cryptocurrency markets.
Swedish Central Bank governor says Sweden may have a central bank digital currency (CBDC) in five years, and five years is a reasonable target.
According to a new report by PricewaterhouseCoopers (PwC), the country with the most advanced central bank digital currency (CBDC) project is the Bahamas, with its Sand Dollar.

Technical Analysis

BITCOIN [BTC] — 64,340.22 USD

Bitcoin started the day with a 2.6% loss at $ 54,000. Due to the weakening of the risk appetite in the general market, we see that the buyers are not long-termed. However, we do not have enough data to say that there is a trend transformation. Judging by the unrealized profit/loss ratios, the market is still at the point of resistance as it throws over its high leverage. On the other hand, the fact that liquid and whale accounts increase their Bitcoin assets, the increase in the amount of BTC withdrawn from the exchanges and the fact that technically we remain in the channel is positive in terms of outlook. The news of the regulation on Bitcoin in South Korea may leave the market abstaining at this stage. However, these expectations based on news have not yet turned into action. The news came from China that Bitcoin is an alternative investment tool can also create a positive effect.

When we consider BTC / USD technically, the upward channel that has been formed since October continues. Withdrawals were also met within this channel. The lower band of the 30-day Bollinger band goes through channel support. Therefore, this intersection at $ 51,900 makes the current level the main support point. The outlook is weak in the daily period. However, as long as the holding on its support continues, reaction movements may come. The $ 55,000 level is our resistance zone in this sense. The general situation poor, the process looks horizontal.

Resistance Levels: 57.117 / 59.296 / 61.093
Support Levels: 53.141 / 51.344 / 49.165

ETHEREUM [ETH] — 2,377.75 USD

Although Ethereum has been moving within the bullish channel that has existed since the beginning of the year, it has been progressing weakly for the past two days due to the loss of risk appetite in the market. While we haven’t seen any clearer market recovery data yet, continuing declines in Ethereum may trigger it to go out of the channel in the future. ETH 2.0 staking is at a record level. ERC transfer fees did not drop sharply after the Berlin hard fork. However, given the Ethereum premiums and the amount of Ethereum removed from exchanges, it gives us the signals that these decreases may not be long-lasting.

When we consider the ETH / USD pair technically, short-term pressures persist. Still, the medium-term rising channel level is at $ 2050, and if this support is broken, we can talk about $ 1930. However, as we have reached the main support level, possible reactions will remain temporary as long as these do not rise above $ 2200 and may move towards support again.