For Bitcoin, despite the lack of volume support, this is the sixth consecutive day up, the most positive streak since the beginning of the year. To find a similar trend, one has to go back to the end of December.
The uptrend is driving the entire sector. The positive sign continues to prevail today. In addition to Bitcoin, Ethereum has also risen, returning to within a step of the absolute records of mid-February.
Among the big names, Polkadot (DOT) is back on the upswing, gaining 8% on a daily basis and returning to $40. The day’s best performer was Polygon (MATIC), which rose more than 35%.
Basic Attention Token (BAT) is also doing very well, posting its highest peak in years. In fact, the price of BAT grows over $0.87, regaining the prices of the early days of its launch (January 2018).
The market cap surpasses $1.7 trillion, just under $50 billion away from the all-time high recorded on February 21st. Trading volumes under $500 billion daily remain below the average of the last month. This is the only sign that is missing to support this week’s excellent performance.
Both Bitcoin and Ethereum, the most traded, record half the trades compared to their February peaks.
DeFi climbs above $42 billion. Today, the number of locked ETH is growing again while the haemorrhage of tokenized bitcoin used in decentralized finance services continues. Maker remains the leader of DeFi projects, returning above $7 billion for the first time in about 20 days.
Bitcoin (BTC), volumes lacking
With the climb of the last few hours above $56,000, Bitcoin revisits the highs of mid-February. The ascent which now becomes a real short-term rise is not accompanied by buying volumes. This is the only signal that is missing to support a solid rise.
On the other hand, the holding of the supports and the demonstration of wanting to return to review the historical highs begins to suggest a break in the closure of the two-month cycle. The week continues to prove decisive for the continuation of the bullish trend.
Ethereum is no different, with a jump from the lows at the end of February that sees it recover over 40% of its value. The consolidation above 1,500 dollars and the push that in less than three days has brought the price back above 1,800 dollars is a positive sign.
Ethereum also lacks confirmation of major new purchases and is a necessary element for the continuation of the current uptrend. Under current conditions a negative signal would only come with a return below $1,600.