Crypto Wrapped: April 18th-24th
An early fall in market prices was followed by a midweek rally across a good proportion of crypto markets this week, including the ever-popular Bitcoin and Ethereum. However, this only tells half of the story of the week, with markets falling back to their previous positions, and below, come the beginning of this new week. It was a period of volatility that we have all grown accustomed to with cryptocurrency, with opportunities for short term day traders proving more fruitful than any medium term holding currently.
Another volatile week for Bitcoin manifested in a peak price of $42,870, and a low price of $38,800 — the latter coming well before the former that arrived midway into the week. Recent price history shows that Bitcoin really doesn’t like Mondays, however anybody buying the dip on that day could well have benefited significantly from the price surge — provided they then sold their positions before another fall on Friday evening. Bitcoin has entered the new week less than 1% up on where it started last week at $39k+, which is by no means the full story of the crypto’s week, and is not reflective of the wild ride holders continue to go on in the short term with the world’s most popular cryptocurrency.
Just as the Bitcoin market had mixed fortunes, Ethereum followed suit. Falling below $2,900 on Monday morning, ETH rallied to $3,170 come Thursday afternoon — but has since crashed back to below $2,900 again. That said, the second most popular cryptocurrency spent a good deal of the midweek trading steadily above the $3k mark — however, the $3k landmark price discussed last week has become somewhat normalized for Ethereum to be trading beneath.
Generally, markets were bouncing between +/-5% for the trading week, with a couple of notable exceptions. Notably, Terra experienced the slight dip in price that most of the crypto world did on Monday morning, however it bounced back with consistency and stability. Falling to $76.50 at the beginning of the week, LUNA then traded above $90 for the vast majority of the remaining week, and is a solid 18% up on its week on week position. Remember — Terra was trading close to $120 just a few weeks ago, so it has plenty of ground to potentially make up. It is currently on the right track if it can maintain said stability.
Resident memecoins Shiba and Doge both rode the wave of the market, however their midweek peaks were shorter than some of their counterparts. Dogecoin is currently trading over 5% lower than its week on week position, with Shiba approximately 3% down also. Shiba had a particularly dramatic week, trading above its Monday morning position for a very small fraction of Wednesday only, and spending the rest of the week short of its starting price. While opportunities would have been available for day traders to make some small gains, longer term holders will be feeling the pinch of another volatile week.
A note must be made, in the midst of the market’s customary volatility, to Apecoin. Beginning the week at just under $12, APE is up almost 50% today, peaking as high as $18 at times on the weekend. APE of course has a lot of maturing to do, however in its short history it has been able to trade positively without too many major price falls. Traders entering the Apecoin market at the beginning of last week would have seen immediate returns that would have been sustained throughout the week — not many markets could boast such a performance over the same time period.
As we head into a new week in crypto, markets are again suffering from Monday blues. While this will be welcome for traders looking to sell short, crypto needs some kind of resurgence for confidence to come back into the market. Judging by early insights, there is little optimism for this materializing — but then, it wouldn’t be crypto without the potential for a considerable surge in the market, would it?