The market cap for cryptocurrency was approximately $1.24 Trillion as Bitcoin price reclaimed $28,500. Crypto is poised to finish the first quarter of 2023 with a higher level. BTC prices were up 24% over the last 30 days and 83% year-to-date.
Rekt Capital is a crypto analyst says Bitcoin is set for a historic quarterly close which could give rise to an upward impetus in the next few months.
#BTC It is close to confirming its first Quarterly Bullish Engulfing Candle since the early 2020s
Quarterly Bullish Engulfing Candles have historically preceded several quarters of upside.$BTC #Crypto #Bitcoin pic.twitter.com/Hyeew5HCy0
— Rekt Capital (@rektcapital) March 31, 2023
The bullish momentum that has been building over the last three months has seen Ethereum prices jump almost 64% YTD. ETH will close March 15 percent higher if its daily close is at current prices. The outlook is the same for most altcoins, with XRP (BNB), Polygon(MATIC) and Cardano [ADA] all set to end Q1, 2023 lower.
Bitcoin and tech stocks rise YTD
Although the US stock markets opened higher on Friday because of the latest economic data, overall gains among tech stocks pale in comparison to Bitcoin. The S&P 500 was up 6.7% YTD at 11:01 ET, while the Dow Jones Industrial Average was 0.4% lower and the tech-heavy Nasdaq Composite 16.7%.
Bitcoin and other tech stocks outperformed almost all other assets this quarter. BTC/USD has risen 83% YTD, and is likely to close the quarter with more that 80% of its gains. At the time of writing Tesla (TSLA was 86% higher than Meta Platforms (META), which was +63% YTD.
Apple (AAPL), while Amazon (AMZN), was up more than 20% this quarter.
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