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Bitcoin (BTC) Only Asset That Recovered From February Market Collapse, Analysts Say

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Fri, 05/08/2020 - 11:26
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Vladislav Sopov
Bitcoin (BTC) has started its rally and market sentiment has changed to bullish with signs of FOMO appearing. Data by Messari shows that it may not be groundless
Bitcoin (BTC) Only Asset That Recovered From February Market Collapse, Analysts Say
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Bitcoin's (BTC) 17% upsurge over the past seven days has inspired the global crypto community and turned market fear into market greed. Furthermore, it is the first days of May when the crypto king fully recovered from its bloodiest massacre.

Losses erased

According to data from Messari on-chain analytical tools, the Bitcoin (BTC) price is up again compared to levels before the February and March sell-offs. That said, it has managed to mitigate all of the losses caused by the numerous painful events of turbulent Q1, 2020.

As per data, Bitcoin (BTC) has erased both the Black Thursday dramatic drop and the PlusToken scam sell-off. Tonight it even returned to the five-digit zone for 15 minutes on major spot exchanges but was rapidly rejected by bears.

So, if we take February 19, 2020, as the basic point of the ongoing market collapse, the Bitcoin (BTC) price is up 3.1% which is unprecedentedly good amidst the overall trading bloodbath.

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According to seasoned trader and analyst Willy Woo, Bitcoin (BTC) has mitigated all losses not only in terms of price performance, but also in whale accumulation interest.

What about altcoins?

This data contradicts the recent Coingecko Q1 2020 Market Report. This amazing paper highlights that Bitcoin (BTC) appeared as the worst performer of all of the crypto behemoths. Bitcoin SV (BSV) outperformed all of the top-10 altcoins, even after its painful halving event.

Related
Bitcoin Uncertainty, Stablecoin Rise, DeFi Fragility: Thoughts on CoinGecko Q1 Report

New data reveals that all top coins demonstrate double-digit losses against both Bitcoin (BTC) and the U.S. Dollar. Bitcoin Cash (BCH) and Litecoin (LTC) are the worst performers inside the Top-10 with about a 30% price decrease.

Bitcoin SV (BSV), the surprising star of the Coingecko report, has lost 29.5% compared to the flagship cryptocurrency. 

At press time, Bitcoin (BTC) is changing hands around $9,900 levels on major spot exchanges.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)