April is Historically ‘Very Strong Month’ for BTC; AVAX & LUNA Show Potential - Analysts
April has historically been one of the strongest months for the crypto market, with bitcoin (BTC) rising by 46% on average, according to major crypto exchange Kraken. However, there are also other ecosystems to look out for, with Avalanche (AVAX) and Terra (LUNA) being among the most promising, argued crypto trading platform ByBit and the on-chain analytics platform Nansen.
According to Kraken’s latest monthly market report, April is “historically a very strong month” for bitcoin. Since 2011, the bitcoin price has risen by a median of 27% and an average of 46% during the month of April.
In terms of average price performance, April has historically been the second-best month for bitcoin after November, when prices have risen by 48% on average.
Looking at the median price performance, April has historically been the best month of all by a pretty wide margin.
Meanwhile, Martha Reyes, Head of Research at digital asset exchange BEQUANT, said in a comment today that volatility rose slightly across the crypto market in March, along with a continued fall in the correlation between BTC and other asset classes.
“Bitcoin’s correlation to markets and BTC-related equities peaked in January as volatility rose but it has since waned, with gold expressing a negative correlation to BTC since,” Reyes said.
She added that bitcoin’s correlation to other asset classes “is not usually strong or long-lasting,” and said this is what makes it “appealing for diversification purposes for sophisticated retail and institutional investors alike.”
The comments came after BEQUANT published a report that said the correlation between bitcoin and traditional markets such as the US S&P 500 stock index, the Nasdaq stock index, and gold, all peaked in January
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