Interdax’s overview of fundamental metrics, technicals and sentiment for bitcoin and ether.
April has historically been the best month for bitcoin returns (see our study on BTC-USD seasonality here), but will this remain true in 2020? BTC has had a solid start to the month, gaining 14% so far on April’s open. The leading cryptocurrency has yet to reach levels seen prior to ‘Black Thursday’(around $8,000).
However, BTC seems to be following gold higher, with the yellow metal returning to its levels prior to the market-wide crash on March 12th-13th. Along with the block reward halving in early May, this could provide another boost to BTC-USD over the long-term.
The first ever block reward halvings for Bitcoin Cash and Bitcoin SV are due on April 8th and 10th, respectively. It will be interesting to see if enough miners can weather out the storm of an overnight doubling of costs, as it could have implications for the security of these networks. We can monitor the hash rate and mining profitability of these two networks going forward to assess whether BCH and BSV are adversely affected by these events.
Looking at the fundamental metrics above, all are negative this week for BTC. On the other hand, ETH displayed positive growth across all metrics over the past seven days. XRP and BSV have both seen a significant increase in the number of transfers, while BCH has experienced sharp declines in the average transaction fees, number of active addresses and the number of transfers.
The 7-day average of USD transaction value for BTC has reversed and looks to be heading higher after posting a low at $1.4 billion on April 1st. We also observe this pattern is for the top altcoins (ETH, XRP, BCH, and BSV), which could suggest that the direction will most likely be upwards until this metric makes a reversal to the downside.
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