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Cryptocurrency market forecasts Ethereum to be as volatile as Bitcoin over next 6 months, claims Skew Markets

Priya

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Market currently sees Ethereum [ETH] as volatile as Bitcoin [BTC] over the next six months, says Skew Markets
Source: Unsplash

Bitcoin [BTC] and other cryptocurrencies in the market have been on a roller coaster ride this month, with several coins recording significant growth, when compared to the beginning of the year. One of the most significant events of the year was Bitcoin, the largest cryptocurrency, breaching the $5000 mark. Skew Markets, a data analytics platform, released a report on April’s events, pertaining to the cryptocurrency market on Twitter.

The tweet read,

“Healthy dispersion of returns: Large cap top 3: BCH +51%, BTC +26%, BNB +24% Large cap bottom 3: BSV -17%, ONT -18%, MKR -25% Strong month overall with BTC leading into Consensus. Worth noting, ETH is having a timid year, +11% this month, +17% YtD”

Source: Skew Markets | Twitter

Source: Skew Markets | Twitter

According to Skew Markets, the two main events pertaining to the trading of Bitcoin [BTC] and other cryptocurrencies were the short squeeze, and the NY AG Bitfinex/ Tether investigation.

Source: Skew Markets | Twitter

Further, Skew Markets also reported that the realized volatility of the Bitcoin market for the month was 71 percent, approx. to 3.73 percent average daily volatility. While the one-month realized volatility of Ethereum was 80 percent, the daily average recorded was 4.21 percent. It stated, “One 20% move at the start of the month and then very little leads to an average month in terms of bitcoin volatility.”



Source: Skew Markets | Twitter

Source: Skew Markets | Twitter

Further, the analytics platform stated that the cryptocurrency market took the news that Tether was not completely backed by reserves “reasonably well,” adding that USD Coin [USDC], TrueUSD [TUSD] and Paxos [PAX] were “benefiting marginally.”

Source: Skew Markets | Twitter

Source: Skew Markets | Twitter

On the DiFi side of the space, the report stated that DAI, a leading stablecoin, found it difficult to maintain its 1 DAI = 1 USD pegging, mainly due to rising concerns surrounding the sustainability of the stabilization mechanism. Skew Markets stated, “Not a good month overall for Maker Dao after a great run!”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?

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Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?
Source: Unsplash

Bitcoin’s price rally in a parabolic curve led most of the community to believe that this was the bull rally, however, the correction of this surge was due, which began on May 16.

The correction wave, as expected by many prominent traders was approximately 30-40%, which would put the price of Bitcoin $5,000 to $5,800. However, the correction seems to have finished as the price of Bitcoin surged by more than 7% in less than an hour.

Source: TradingView

The market cap of Bitcoin, at press time, was $136 billion and most the volume for Bitcoin was coming from BitMEX exchange via trading BTC/USD derivatives. BitMEX contributed a total of $3.38 billion in terms of trading volume, which is 12% of the total trading volume.



A Twitter user @DoveyWan suggested a head and shoulder pattern for Bitcoin:

CNBC suggested something similar, however, the pattern doesn’t seem to be holding. A Twitter user @thecryptomonk, tweeted:





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