It then lost steam and returned to the $54,000 level but was at $54,925 as of press time.
Over-the-counter crypto trader Alessandro Andreotti says bitcoin’s stagnant market is due to investors continuing to explore other cryptocurrencies.
Alternative cryptocurrencies, or “alts,” are certainly shining.
“You can see bitcoin dominance has been steadily decreasing over the last day and week,” added Andreotti.
In the derivatives space, open interest in bitcoin futures across major venues is way down so far this week.
David Streltsoff, chief revenue officer for quantitative trading firm Efficient Frontier, says the lack of BTC market action might simply be newer investors looking elsewhere for quick profits given the low returns bitcoin is putting out.
Bitcoin is down over 6% so far in April, according to spot data from Luxembourg-based exchange Bitstamp.
The highest day for ether spot volumes in 2021 occurred last week, hitting $68 billion across major exchanges April 23, according to CoinDesk Research data.
“ETH is much more correlated to DeFi even though BTC is technically DeFi, too.” As of press time, 9.9 million ETH is locked in DeFi, worth over $27.1 billion.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.