Despite struggling to break the $60,000 resistance level and continue its journey upward Bitcoin has made history with its Q1 closing figures for 2021. The number one crypto closed with gains of around 103% in Q1.
Bitcoin’s success also rubbed off altcoins and the entire crypto market as the market capitalization ended the quarter a few thousand away from $2 trillion. Ethereum surged above $2,000, and BNB saw a brand new all-time high in the last week of Q1.
Bitcoin closing week of Q1
The number one crypto had a rather slow-closing week to Q1. Although the coin did not suffer any serial fall during the week, its upward movement was rather slow as bulls struggled to control activities in the market.
BTC began trading at around $54,000 and progressed slowly but steadily through the week. On Monday, the price skyrocketed to above $58,000 before another leg up Tuesday, which saw the price testing $60,000. Unfortunately, as of yet, it was unable to decisively break above it, and we are yet to see if it will be able to conquer the coveted level.
The entire Q1 for BTC in 2021 saw only green candles each month for a combined quarterly rise of over 100 %.
Also, data published by analytics resource Bybt as Q1 2021 came to an end showed that BTC/USD gained more in the first three months of the year.
Anticipation for the next few months is already building. Q2 is traditionally the strongest time of the year for Bitcoin
Altcoin’s time to shine
In Q1, despite BTC’s outstanding achievement, it was altcoins season to shine. BTC’s dominance was reduced to 57.3% as major, mid, and small-caps took off. Ethereum is up by a whopping 23% as it currently trades above $2,000, setting a new ATH at around $2,080. Binance Coin (BNB) is up by more than 30% and also painted a fresh all-time high.
Another altcoin that experienced a sporadic rise in Q1 is Polkadot surging to a new all-time high at $46.45 during the business quarter and recorded over 100% price surge during Q1. DOT also broke into the top 5 cryptos and currently sits atop XRP.
Retail traders still in control amidst more institutional entry in Q1
In Q1 2021, the crypto world experienced an influx of institutional investors into the space as new names joined MicroStrategy in the bitcoin-on-balance-sheet movement. Famous traditional financial institutions also announced plans to roll out crypto services.
At the same time, Q1 also saw the emergence of retail investors as a market driver. Activity on more retail-focused exchanges surged along with institutional ones, hinting at growing leverage, and on-chain metrics showed some large holding profit-taking supported by a surge in small holders, a CoinDesk quarterly review explains.