After the crypto carnage on March 12, the overall crypto market capitalization lost nearly $190 billion from the high of mid-February. Since hitting this low, which was last seen in early February 2019, the crypto market has added over $90 billion.
This has been on the back of Bitcoin climbing above $7,000. The asset which is still mirroring the stock market, surged yet again in line with the equity market after the coronavirus outbreaks started to stabilize in some of the worst-affected countries like Italy and Spain.
While Bitcoin recorded considerable losses alongside the S&P 500, the crypto asset has recovered the majority of its losses. It actually outperformed the largest banks and payment processors.
We compared the price performance of #Bitcoin vs the largest incumbent financial institutions. As shown, bitcoin has outperformed the large banks and payment processors throughout this volatile period. pic.twitter.com/QrQzHhuNM8
— TradeBlock (@TradeBlock) April 6, 2020
Now, the flagship cryptocurrency could climb to $7,500 level, according to Craig Erlam, a senior market analyst at Oanda.
“It’s struggling to gather the momentum required to break the barrier down but as we know with Bitcoin, that can change dramatically in a heartbeat,” Erlam said. “If it breaks through those levels, then we could be looking at a healthy surge and another run towards $10,000.”
But it’s not just bitcoin but altcoins are also recording gains, following the leading cryptocurrency.
— Charlie Morris (@AtlasPulse) April 7, 2020
Among the top ten cryptocurrencies, Tezos (XTZ) has emerged as the winner as it makes its way to the 10th position after surging 11.36%. The past week, it jumped nearly 25% and is up over 51% YTD.
Ethereum is another asset that saw significant gains, up 27% in the past week and 30% YTD. However, Ether’s realized price is much higher at $202.
“Ethereum's MVRV Ratio, a metric used to assess if price is above or below “fair value”, currently sits at 0.8 – indicating that it is currently undervalued,” noted Glassnode.
Interestingly, since late 2019, ETH exchange balances have increased by over 21%, 16% of Ether’s circulating supply, to a level last seen in December 2016, as per IntoTheBlock.
Chainlink is another asset that remains the best performing crypto asset, spiking almost 13%. This crypto asset has risen 390% in the past year. On April 6th, the total number of LINK addresses surpassed 300,000.
Meanwhile, on a year-to-date basis, BSV emerged as the winner with 100% gains. In anticipation of its halving this week, BSV investors accumulated the digital asset that has the number of addresses with a balance in BSV reaching an all-time high of 18 million.