The cryptocurrency market cap has reached an all-time high of $1.24 trillion, as Bitcoin price continues to surge and is on the cusp of an historic quarterly close. BTC is up 24% in the past 30 days, and 83% year-to-date, pushing crypto to end the first quarter of 2023 higher.
Crypto analyst Rekt Capital tweeted that Bitcoin is on the verge of confirming its first Quarterly Bullish Engulfing Candle since early 2020, which could be a sign of more positive gains in the months to come.
#BTC is on the cusp of confirming its first Quarterly Bullish Engulfing Candle since early 2020
Historically, Quarterly Bullish Engulfing Candles have preceded multiple quarters of upside$BTC #Crypto #Bitcoin pic.twitter.com/Hyeew5HCy0
— Rekt Capital (@rektcapital) March 31, 2023
Ethereum also saw bullish momentum this quarter, with its price jumping nearly 64% YTD. XRP, Binance Coin (BNB), Polygon (MATIC) and Cardano (ADA) are also expected to finish the first quarter of the year in the green.
Tech Stocks Struggle to Keep Up with Bitcoin’s Performance
The US stock market opened higher on Friday, with equities buoyed by the latest economic data, but the overall gains across tech stocks pale in comparison to Bitcoin. 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.
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.