Bitcoin and Ethereum Wait For Stock Market Indication – Cardano Clear Week Winner
Bitcoin followed up it’s worst week since March (it traded near $58k last Sunday) with a somewhat subdued weekend where the most popular cryptocurrency traded near the $46k mark and looked like it was waiting to see how stock markets will trade after a selloff for tech.
Ethereum, which last week touched $2,000, lost more than 20% in the past week, but seemed to have found support near the $1,500 price point.
Crypto is clearly tied with positions in the tech markets for the moment and therefore stock market indication could predict the price and heading of crypto this week as well.
Bitcoin saw an exceptional January and February run stopped when none other than Elon Musk noted ten days ago that its price was probably “too high”.
When US Treasury Secretary Janet Yellen reminded everyone the Monday after that about her dislike for crypto, all bets were off and we found ourselves in the midst of a correction.
By Wednesday of last week Bitcoin was able to regain $50k but even that has now been lost. At the moment of writing, Satoshi Nakamoto’s invention trades around the $47k price point. Still a very healthy growth for the year of course.
Bitcoin’s price has fallen all the way back down to a 50% year to date return in 2021.— Pomp 🌪 (@APompliano) February 28, 2021
Yes, the digital currency is still up 50% in dollar terms in the last 58 days.
As we head into March, analysts are keen to remind all that this is one of the most bearish months for crypto from a historical perspective. Given that crypto is only 12 years old, not too much history to refer to, but indeed a point which has to be made.
Vitalik versus Charles
Over in the broader CoinMarketCap top 10 we can only conclude that Cardano is the past week’s clear winner. Charles Hoskinson is seeing his popularity surge as ADA has overtaken the top three spot from Tether (which settled a New York lawsuit last week) and his coin might just turn out to become a clear competitor for Ethereum indeed.
The old Vitalik Buterin versus Charles Hoskinson competition which grew from the latter leaving Ethereum might come back to haunt the former after all.