Cryptocurrency markets focused on April 12! What is going to happen?
In the crypto money ecosystem, which started 2023 with decreases, the first quarter made the investor smile. Supported by bank failures in March, Bitcoin approached the level of 30 thousand dollars and completed the first quarter with a 72% rise.
According to the table seen at the end of the first quarter, Bitcoin increased by 20.66% and Ethereum by 9.62% in March. The total market value of BTC and ETH, which are considered to be the two largest assets of the crypto money ecosystem, has exceeded $ 750 billion with current increases. Looking at the correlation used to determine the relationship of investor trends in different asset types and investment instruments, it was noted that the correlation between the S&P 500 and Nasdaq indices and Bitcoin was reduced to the 30% band, and the correlation between gold and Bitcoin reached the 50% level, the highest peak in 2 years.
Cryptocurrencies showed sudden drops last years
Considering the sudden drops earlier years cryptocurrencies now focus on showing positive signs. There is an interesting date as well. The long-awaited Ethereum update, called Shanghai on the mainnet and Chapella or Shapella on the consensus network, will take place on April 12. This update means the unlocking of 17.6 million ETH worth $32 billion locked (stacked) for ETH 2.0.
Bitcoin suppresses other cryptocurrencies
The rise of Bitcoin's dominance in the market to 47% showed that it suppressed other cryptocurrencies, the largest crypto asset called altcoin. Altcoins like Metis and Maker finished the quarter with losses of over 20%, while the number of active addresses on the Bitcoin and Ethereum networks increased by 10% and 5%, respectively. In this process, the crypto ecosystem, especially Ethereum investors, was locked on April 12.
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