Home Cryptocurrency Bitcoin set to close first ‘red’ April in 6 years as Ethereum keeps hitting all-time highs

Bitcoin set to close first ‘red’ April in 6 years as Ethereum keeps hitting all-time highs

by Gordon James

Bitcoin (BTC) is not worrying analysts with its recent decline, but it will likely end its first negative April in six years this week, despite hitting a new all-time high in two weeks.

Data from monitoring source Bybt shows that April 2021 was the worst April in history for bitcoin, at -8.3%, and the first time bitcoin has suffered a loss since 2015.

April Bitcoin as another

These figures contrast with March, which is traditionally a bad month for bitcoin, but has instead seen growth of nearly 30% this year.

The first quarter also saw three consecutive months of growth – something that hasn’t happened since 2013 – 2021 continues to outperform many BTC price trends.

Comparison of monthly bitcoin returns. Source: Bybt

At the time of writing, with less than two days to go in May, BTC/USD was trading at around $54,600 and spiked briefly to $56,200 on rumors that Facebook had acquired bitcoin in the first quarter. These rumors were reported by the mainstream media, but turned out to be unfounded.

As always, bitcoin’s biggest names were not impressed by the lack of a clear adoption miracle in Facebook’s first quarter earnings report.

If you sold bitcoin because Facebook didn’t buy it in the first quarter and you also consider yourself a GMI, I have bad news for you, Travis Kling, CEO of crypto asset manager Ikigai, told his Twitter followers.

READ MORE: Facebook bought 0 bitcoins for a total price of $0 as part of a business strategy to have fun while staying poor.

– TEXAN HODL (@TexanHodl) April 28, 2021

Ethereum’s price rise sparks conversation about an inverse correlation

Meanwhile, according to Cointelegraph, the perception among traders is that bitcoin will cool further after six months of epic growth.

During this period, which is expected to last until the fall, the focus will be on altcoins, which have already captured the lion’s share of the cryptocurrency market.

Ether (ETH), the largest altcoin, which reached new all-time highs this week, appears to be particularly decorated from bitcoin in the current environment.

Not only are they uncorrelated, which would be 0, but they have entered the realm of inverse correlation, according to famed trader Scott Melker in a summary of the results in his latest Wolf Den newsletter.

Note that we have seen significant growth in ETH/BTC against the backdrop of BTC’s decline.BTC/USD vs ETH/USD (orange) day candles (Bitstamp). Source: View of the shop

However, as the fourth quarter approaches, bitcoin is expected to wake up and continue its upward trend.

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