Bitcoin Closes its Best Quarter in 8 Years, With 103% Gains
Bitcoin is now ready for its best second month amidst an uptrending dollar and weaker gold.
Bitcoin has entered April with a marvelous performance in Q1. With nearly 103% gains, the $1.1 trillion market cap cryptocurrency had its best quarter since 2013.
Q1 of 2021 ended with Bitcoins’ closing price of $58,793, the highest ever, of course, after starting the year around $28,500.
This also marks four consecutive positive quarters, following a 10.58% loss in Q1 of 2020, with a minimum of 18% performance and a maximum of 168% performance.
Interestingly, the next quarter calls for even a more bullish month as Q2 has been historically the best quarter for Bitcoin prices, especially when Q1 has been positive. And a repeat of Q1 would easily take us above $100,000 per BTC by the end of the quarter second.
Although the market sees Bitcoin following the 2016 cycle, which was much crazier than 2017, if BTC follows the last bull market's movement, enthusiasts are calculating BTC to be worth about $550k by the end of this year.
While Bitcoin is up 103.57% so far in 2021, Ether has recorded a performance of more than 160% during the same period.
In these past three months, the leading cryptocurrency had a blast but many altcoins did even much better. Against BTC, in the last 90-days, the notable winners have been PundiX (2,113%), Terra (1,329%), HOT (1,139%), Chiliz (1,094%), RARI (959%), SOL (441%), FIL (388%), BNB (310%), Avalanche (290%), ADA (239%), UNI (212%), ZRX (164%), ROOK (148%), DOT (126%), and ETH (32%).
Unlike the altcoins, the traditional market’s performance was nowhere near Bitcoin’s as S&P 500 reported a mere 5.77% gains YTD. WTI managed to recover from the deep losses from last year to end up with a 29.45% increase this year.
Gold is having the worst start of the year at 9.89% losses.
The US dollar, meanwhile, has managed to see an uptrend of 2.15%, consolidating its first-quarter gains above 93 level. Despite the new $2 trillion government spending plan, the dollar is holding near multi-monthly highs against major currencies.
On the other hand, a new lockdown, the third one in France, is weighing on the euro. Yen is also selling due to Japanese companies’ foreign direct investment coming back after a slowdown because of the pandemic last year.