The first quarter of 2022 was not too stellar for most cryptocurrencies. Unfortunately, Q2 isn’t off to a better start, as April was a pretty abysmal month. Bitcoin, Ethereum, and other popular currencies have much work to do in the weeks ahead.
Weak Crypto Performance Continues In April
It is always unfortunate to see the crypto markets continue their weak performance. Although losses during Q1 2022 remained somewhat limited, Q2 will need an injection of capital to turn things around. April 2022 has been a bearish month for all markets, primarily due to geopolitical tensions, financial concerns, and overall market unease.
Traditionally, political and financial unease is beneficial to the price of Bitcoin, Ethereum, and other crypto assets. This year shapes up to be a bit different, which can be either good or bad. April has yielded a net 15.5% loss where the Bitcoin price is concerned, but it is not the first time such a loss has been recorded either. In 2021, Q2 yielded a net 40.8% decrease for Bitcoin, followed by a much better second half of the year. Similar dips occurred in Q4 2018 and Q3 2019, confirming the market is still more than healthy today.
Bitcoin is not the only currency to suffer, though. Whereas the BTC value dropped by just over 1% in Q1 2022, ETH lost 10.8%. Moreover, Ethereum’s price is down by another 14.5% in April, making one wonder when this market will return to $4,000 and above. It seems plausible to assume that the price will be reached again, although it may not happen this quarter. Much of Ethereum’s price momentum hinges on what happens to Bitcoin.
Historically, Q2 is a pretty decent year for Bitcoin, It has noted solid gains between 7.72% and 16.7% six out of nine years. However, BTC has lost between 7.77% and 40.8% in 2013, 2018, and 2021. For Ethereum, Q2 has always been a strong green zone, with gains ranging from 9.31% to 489.4%. The quarter continues to shape up as an exciting one to watch, even if the outcome remains rather uncertain.
What About LUNA and SHIB?
Two of the other “hot” currencies on the market are Terra’s LUNA and Shiba Inu’s SHIB. While both are much younger than either Bitcoin or Ethereum, they still provide some decent historical data. Interestingly, LUNA was up by 21.2% in Q1 2022, while Bitcoin and Ethereum lost momentum. However, April has caught up to Terra, too, with an 18.8% loss. So far, Q2 has not been too great for LUNA historically, with losses of up to 65.7%. However, the year it went green, the currency gained 48.7%.
Shiba Inu is in a lot of trouble in the price department this year. The meme coin cannot sustain the stellar gains throughout 2021, and the currency closed Q1 with a 22.6% deficit. Moreover, April triggered a 22% loss, pushing the SHIB value down even further. There is only one row of historical data to go by, which saw SHIB rise by 628.9% in Q2 2021. It seems unlikely that momentum will be repeated. However, stranger things have happened in the cryptocurrency world over the years.
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