• Bitcoin price reclaimed the $28,500 level and was up 24% in the past 30 days.
• Ethereum price jumped nearly 64% YTD, while other top altcoins also had strong gains.
• Bitcoin and tech stocks have outperformed most other assets this quarter.
Crypto prices: Bitcoin to end first quarter on a bullish note
The cryptocurrency market cap is around $1.24 trillion as Bitcoin (BTC) price reclaims the $28,500 level, with crypto poised to end the first quarter of 2023 higher. Crypto analyst Rekt Capital believes that Bitcoin is on the cusp of confirming its first Quarterly Bullish Engulfing Candle since early 2020.
Bitcoin Price Performance
In the past 30 days, BTC price has been up 24%, and 83% up year-to-date. Meanwhile, bullish momentum over the past three months has also seen Ethereum (ETH) price jump nearly 64% YTD with a daily close at current prices seeing it end March 15% higher than its starting point for Q1 2023. Other top altcoins such as XRP, Binance Coin (BNB), Polygon (MATIC) and Cardano (ADA) are also set to end Q1 2023 higher than where they started at the beginning of January this year.
Tech Stocks vs Crypto
The US stock market opened higher on Friday with equities buoyed by latest economic data, however overall gains across tech stocks pale when compared to Bitcoin’s performance over the same period of time. The S&P 500 was 6.75% up YTD at 11:30 am ET; Dow Jones Industrial Average was 0.4% down over the period; while Nasdaq Composite was 16.7% up YTD – all pale in comparison to BTC/USD which is 83% up YTD and will likely close out Q1 2021 with more than 80% in gains alone! Tesla (TSLA), Meta Platforms (META), Apple (AAPL) and Amazon (AMZN) have all performed well this quarter but are still no match for crypto’s stellar performance over this period of time .
Outlook for Crypto Prices
Historically Quarterly Bullish Engulfing Candles precede multiple quarters of upside which suggests that crypto may be in line for another strong few months ahead if BTC can successfully close out Q1 2021 on an upwards trajectory as expected currently by analysts and traders alike..
Conclusion
It appears that despite some headwinds from traditional markets towards BTC/USD , crypto prices remain strong heading into April 2021 as we come to a conclusion on what has been an incredibly bullish start to 2021 after a 2020 filled with uncertainty due largely to Covid19 pandemic lockdowns worldwide .