Crypto nears $2 trillion as bitcoin is on track for the best quarter in the past 8 years alongside the surging dollar. The banks continued to count their losses right after Archegos’s sell-off so let’s find out more in our latest cryptocurrency news today.
Bitcoin was heading towards $60K before a sharp pullback and the dollar was also on a stellar start this year. Crypto nears $2 trillion with the markets enjoying another day in the green before a flash happened and big banks counted their losses. The global market cap edged 2.4% overnight and took crypto to $1.92 trillion according to the Nomics data. By most counts, this is an ATH as it surpassed the previous record of $1.8 trillion. The value of the assets is equivalent to 26% of the gold market cap with the metal dropping in value thanks to the strong US dollar.
#bitcoin looking to deliver its best Q1 in 8 years, +80%
Some other interesting stats:
– Four consecutive positive quarters with minimum performance +18% and maximum performance +168%
– Q2 is historically the best quarter, in particular when Q1 was positive pic.twitter.com/0XJxYyoVWx
— skew (@skewdotcom) March 25, 2021
This is mostly down to BTC’s resurgence in the past two days because during the European trading session, it was hovering below $60K and gained 2.5%. However, at the time of writing, BTC dropped by $1000 in a few moments. Ethereum increased as well but it is now sinking at a rapid rate as one of the biggest performers being Binance coin that gained 11.5% and cementing the position as the world’s third-biggest crypto. BNB gained quite a bit and hit $310 at the time of writing because it likely benefited from the news that one of EOS’s biggest projects is moving to the exchange.
Filecoin’s FIL token also surged 23% in less than 12 hours after adding 30% over the week. The gains appear to be connected with the renewed interest in the project right after Grayscale announced the addition of the token to the investment trust. With the first quarter closing down, the analysts reflect on the market’s performance and we can see that crypto had one of the best days in a decade according to the data from Skew. BTC is closing in on its best performance in eight years and racked up 80% gains. Historically, it represented most of the crypto’s value but its dominance slipped to 50% which is always a bullish sign.
The US dollar is also performing well as its index increased to the highest level in five months against a basket of other rival currencies. Thanks to the improvement of the American economy, the short-sellers of the dollar have started exiting their short positions.
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