Key Takeaways:
- Bitcoin rally loses steam amid low volume trading
- The digital asset’s market share drops to 55%, from 70% at the start of the year
Bitcoin’s Rally Pauses
Bitcoin’s rally halts. As the largest of all cryptocurrencies has paused its way to new heights after the price could not hold above the $60,000 mark in the first couple of days of April. Soon after bitcoin topped $60,000 on Apr 2, the price subsided and has remained largely muted so far. On Tuesday, the price hovers around $59,000 while low trading volumes are keeping a lid on the digital asset.
Low volumes have played a role in the recent price reversal because the upward trend needs higher levels of volumes in order for the buying momentum to be sustained and t
Bitcoin, the largest of all cryptocurrencies, has paused its way to new heights after the price could not hold above the $60,000 mark in the first couple of days of April. Soon after bitcoin topped $60,000 on Apr 2, the price subsided and has remained largely muted so far. On Tuesday, the price hovers around $59,000 while low trading volumes are keeping a lid on the digital asset.
he asset could continue moving to the upside. As the price has receded and the rally has lost steam after hitting the $60,000 mark for a second time, the market seems to be waiting for new developments and increased demand that could provide a boost to higher price levels.
A Battle of the Cryptos
While bitcoin remains the undisputed leader in the cryptocurrency market, it has been losing its market share this year. In January, bitcoin held about 70% of the total cryptocurrency market value. Today, bitcoin has a market share of 55%, meaning that other crypto assets are growing while bitcoin is shrinking. The total market cap pushed past $2tn on Monday, of which nearly $1.2tn goes to bitcoin.
The world’s oldest and leading crypto asset has been on a tear this first quarter. The rally was backed by institutional investors who embraced the volatile asset. Now bitcoin represents a portion of the portfolio of a number of large hedge funds and professional money managers. Alongside, investment banks have been working over the clock to allow access to bitcoin-related products as client demand is surging.
Morgan Stanley to Offer Bitcoin Products
Morgan Stanley is the latest Wall Street investment firm to allow its wealthiest clients to add bitcoin products to their portfolio. Last week, the banking giant announced it is adding bitcoin to 12 of its institutional funds. Mastercard, Visa, and PayPal have also onboarded the crypto bandwagon by enabling clients to hold and use select cryptocurrencies.
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