Bitcoin [BTC] and other cryptocurrencies in the Market have been on a roller coaster ride this month, with several coins recording significant growth, when compared to the beginning of the year. One of the most significant events of the year was Bitcoin, the largest cryptocurrency, breaching the $5000 mark. Skew Markets, a data analytics platform, released a report on April’s events, pertaining to the cryptocurrency market on Twitter.
The tweet read,
“Healthy dispersion of returns: Large cap top 3: BCH +51%, BTC +26%, BNB +24% Large cap bottom 3: BSV -17%, ONT -18%, MKR -25% Strong month overall with BTC leading into Consensus. Worth noting, ETH is having a timid year, +11% this month, +17% YtD”
According to Skew Markets, the two main events pertaining to the trading of Bitcoin [BTC] and other cryptocurrencies were the short squeeze, and the NY AG Bitfinex/ Tether investigation.
Further, Skew Markets also reported that the realized volatility of the Bitcoin market for the month was 71 percent, approx. to 3.73 percent average daily volatility. While the one-month realized volatility of Ethereum was 80 percent, the daily average recorded was 4.21 percent. It stated, “One 20% move at the start of the month and then very little leads to an average month in terms of bitcoin volatility.”
11/. Worth noting the ETH / BTC six months implied spread is trading at nearly flat which seems to be a function of poor liquidity on the ether options side.
Market currently sees ETH as volatile as BTC over the next six months. pic.twitter.com/HgbJyGgCvL
— skew (@skew_markets) April 30, 2019
Further, the analytics platform stated that the cryptocurrency market took the news that Tether was not completely backed by reserves “reasonably well,” adding that USD Coin [USDC], TrueUSD [TUSD] and Paxos [PAX] were “benefiting marginally.”
On the DiFi side of the space, the report stated that DAI, a leading stablecoin, found it difficult to maintain its 1 DAI = 1 USD pegging, mainly due to rising concerns surrounding the sustainability of the stabilization mechanism. Skew Markets stated, “Not a good month overall for Maker Dao after a great run!”
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