Bitcoin closes April with a depreciation for the first time in six years

Although Bitcoin (BTC) has not worried analysts with its recent price drop, it looks like it will close April with negative returns for the first time in six years, despite having set a record two weeks ago.

According to Bybt’s data, April 2021 is closing April with a loss of -8.3 percent for the first time since 2015.

A rare month of april

Bitcoin’s April performance contrasts with March, which is often a bad month for BTC but saw a gain of close to 30 percent.

Bitcoin had shown an unprecedented upward performance in the first quarter of the year since 2013.

Bitcoin Price Index: How much is 1 Bitcoin in TL? (BTC TL)

Comparison of Bitcoin’s monthly returns. Source: Bybt

BTC / USD hovers around $ 54,600 as of the time of translation release, less than two days before the end of April. Although the crypto currency recently climbed to $ 56,200 due to rumors that Facebook would announce that it was buying BTC, these rumors turned out to be unfounded and Bitcoin depreciated.

Ether fueling the “inverse correlation” debate

Investors think that Bitcoin, which has been rising continuously for six months, will remain calm for a while. On the other hand, altcoins could take over the scene until autumn.

The largest altcoin Ether (ETH) broke the record again this week, and its correlation with Bitcoin has steadily declined under current conditions.

Popular investor Scott Melker said, “Not only are their correlations decreasing, they have become inversely correlated.” he summed up.

1-day candlestick chart of the BTC / USD pair and ETH / USD (orange) (Bitstamp). Source: TradingView

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