In the last six years, the cryptocurrency market has depicted varying behaviours on the first day of April. In *BTC* and *ETH* cases, both showcased a mix of red and green performances. By observing this crypto historical data, an investor can assume the overall market’s movements and potential trends on that particular day. When it comes to Bitcoin, which is the leading cryptocurrency, it can be seen that April 1st has been a busy day in terms of the candle’s action.
Ethereum’s April 1st Performance Mirrors Bitcoin’s Mixed Pattern
In 2018, the candle turned red, meaning that the price dropped slightly. In 2019, on the other hand, a green one appeared, meaning that the price went off a few margins. This pattern continued in 2020, and the candle was green. However, the color shifted in 2021, which saw a red candle form due to a slight decline. Finally, in 2022, the candle was red, followed by a streak of green ones in 2023.
The candles of the second-largest cryptocurrency, Ethereum, also have a pattern of 3 red and 3 green. While the candles indicate fluctuations in prices for April 1st, they have been fairly short for both cryptocurrencies, which means that the prices shifted slightly. Since the total cryptocurrency market cap is estimated to be at $2.7 trillion, the dominance of 51.37% for Bitcoin equates it to $1.36 trillion of the market. All of the 1-day candles were ‘doji’ coins meaning that there was not much volatility in the past of 1st of April.
Bitcoin and Ethereum’s Combined Dominance at 66.15% of Crypto Market Cap
Most importantly, Bitcoin is the largest cryptocurrency in the market, and its actions play a big role in shaping the whole market. It is $426 billion in Ethereum’s hands, and this is a vast amount of the industry’s movements. Therefore, the two assets form 66.15% of the entire crypto market cap. The whole performance on April 1 target date would be crucial for setting the general market mood. Nevertheless, one must be careful and evaluate several other issues.
As historical data has always been a mixture of red and green, several factors seem to impact the price of cryptocurrencies. Cryptocurrencies are undoubtedly volatile by design and are largely influenced by technology, regulations, and popular trends. However, the prices can differ based on macroeconomic and investor sentiments, both logically and emotionally.
Consequently, the way prices of cryptocurrencies have acted in previous Aprils will predict their future behavior. Until the cryptocurrency market stabilizes, and the price truly shows a more data-based pattern. Moreover, investors will need to change their strategies depending on the current situation.
