April 2021 – Market Commentary

Bitcoin finally printed a down month of -1.7% after six consecutive months of upward momentum. While a ~2% loss is more or less flat in the world of crypto, April marks three months of consolidation in the $50k to $60k range. Many other cryptocurrencies continued to consolidate while Ethereum had a major breakout ending the month up 44.5%.

We frequently write about the nascent state of cryptocurrency and the degree to which outcomes remain so uncertain despite confident proclamations of many of the industry’s commentators. Ethereum becoming more “sound money” than Bitcoin through its upcoming network upgrade EIP-1559 or Doge, a cryptocurrency originally created as a joke for memes, gaining mass adoration and becoming the currency of choice for transactions with a professional sports team (Dallas Mavericks) are exactly the type of outcomes few saw coming just a few months ago let alone years ago.