Bitcoin on cusp of historic quarterly close
The cryptocurrency market cap was around $1.24 trillion as Bitcoin price reclaimed the $28,500 level, with crypto poised to end the first quarter of 2023 higher. BTC price was up 24% in the past 30 days, and 83% up year-to-date.
Crypto analyst Rekt Capital says Bitcoin is poised for a historic quarterly close, which could inform upward impetus over the next several months.
#BTC is on the cusp of confirming its first Quarterly Bullish Engulfing Candle since early 2020
Historically, Quarterly Bullish Engulfing Candles have preceded multiple quarters of upside$BTC #Crypto #Bitcoin pic.twitter.com/Hyeew5HCy0
— Rekt Capital (@rektcapital) March 31, 2023
Meanwhile, bullish momentum over the past three months has also seen Ethereum price jump nearly 64% YTD. ETH with a daily close at current prices will see it end March 15% higher. The outlook for most top altcoins is the same, with XRP, Binance Coin (BNB), Polygon (MATIC) and Cardano (ADA) set to end Q1, 2023 higher.
Bitcoin and tech stocks higher YTD
While the US stock market opened higher on Friday, with equities buoyed by the latest economic data, the overall gains across tech stocks pale when compared to Bitcoin. For instance, the S&P 500 was 6.75% up YTD at 11:30 am ET, the Dow Jones Industrial Average was 0.4% down over the period and the tech-heavy Nasdaq Composite was 16.7% up.
However, Bitcoin and some tech stocks have outperformed most other assets this quarter. As noted above, BTC/USD is 83% up YTD and will likely close the quarter with more than 80% in gains. Tesla (TSLA) was 86% up at the time of writing, while Meta Platforms (META) was +63% YTD.
The Apple (AAPL) stock was +30% YTD on Friday, while Amazon (AMZN) had gained more than 20% this quarter.