First Mover: Bitcoin Flat, Ether Rises and It Wasn’t Dogeday’s Afternoon
  Everything you need to make sense of the crypto markets and beyond By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets April 21, 2021 Sponsored by  (Price data as of April 21 @11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
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Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers:
Losers:
The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.
Market Moves by Daniel Cawrey  Bitcoin Flat, Ether Rises and It Wasn't Dogeday's Afternoon The Takeaway: The bitcoin market takes a breather, ether flashes green and recent data suggests joke cryptocurrency dogecoin is more volatile than most major altcoins.  Bitcoin prices, April 20 - 21, 2021 (Source: CoinDesk)
Bitcoin's (BTC) price is relatively sideways since 0:00 UTC on Tuesday (8 p.m. ET Monday). It's a respite for a market that saw a deep dive during the weekend as record-high action in the derivatives market saw the price of the world's oldest cryptocurrency drop to $53,787 according to CoinDesk 20 data.
Katie Stockon, a technical analyst for research firm Fairlead Strategies, noted in her weekly outlook that the bitcoin market is in a "risk-off" mode, meaning investors could be pushing the sell button to move into other assets such as cash.
"There are indications that this week will see downturns in our short-term gauges," Stockton noted. "For one, risk-off positioning has become evident on the sector front in assets like gold and bitcoin."
 Bitcoin futures funding the past month with spot price superimposed in grey (Source: Glassnode)
In the derivatives market, bitcoin funding rates, reflecting what traders pay for leverage on positions, slid to 14 basis points on Monday. That's the lowest in almost a month, according to data aggregator Glassnode.
That means market interest in bull-oriented leveraged plays has evaporated. The lowest in the past month was 5 basis points March 26. Traders are waiting to see if the figure will get to that point.
Neil Van Huis, head of institutional trading for liquidity provider Blockfills, says last week's excitement from Coinbase's Nasdaq direct listing has subsided. He worries about downside risk, despite holding on to his bullish stance.
"Still looks bullish to me – breaking $38,000 or so would make me a bit more nervous," Van Huis told CoinDesk.
Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Tuesday, trading around $2,313 and climbing 6.3% in 24 hours as of 21:00 UTC (4:00 p.m. ET).  Bitcoin prices, April 20 - 21, 2021 (Source: CoinDesk)
Darius Sit, chief investment officer for quantitative trading firm QCP Capital, doesn't see any fundamental reasons why ether's performance was much higher on Tuesday when bitcoin traded relatively sideways. "Don't see anything material," he told CoinDesk.
 Ether dominance since the start of 2021 (Source: TradingView) It is clear, however, that traders are rotating out of other crypto assets and into ETH.
Ether's market dominance Tuesday, a measure of its share of the larger crypto ecosystem, was up 3.6% and at 13.1% overall according to charting provider TradingView.
 Dogecoin prices, April 15 - 21, 2021 (Source: CoinDesk) After jumping over 19% Monday, the canine-oriented meme cryptocurrency dogecoin (DOGE) was in the red roughly 20% in the past 24 hours, according to CoinDesk 20. Enthusiasts were expected to rally the price Tuesday for "Dogeday". However, dogecoin's cryptocurrency's volatility is more of a story than its price Tuesday, according to Greg Magadini, CEO of derivatives data provider Genesis Volatility.
Magadini's firm, which tracks volatility metrics for 90 different altercoin's, pegs dogecoin as the third-highest volatile digital asset it tracks on Tuesday, trailing only ziliqua (ZIL) and voyager token (VGX).
However, dogecoin is significantly more liquid than those two assets, Magadini noted, meaning there are a lot more traders and investors betting on DOGE's spot price.
"The difference with dogecoin and these other [altcoins] is DOGE actually has a sizable market cap, so this volatility is much more significant," Magadini told CoinDesk.
Dogecoin's market capitalization ranks sixth overall among cryptocurrencies at around $46 billion, according to data aggregator CoinGecko. ZIL and VGX combined only make up about $3 billion.
"Right now, the way DOGE is moving risk is greatly increasing," Magadini said.
Read the original story here: Market Wrap: Bitcoin Flat at $56.7K, Ether Rises and It Wasn't Dogeday's Afternoon
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Technician's Take by Damanick Dantes Bitcoin's Recovery Stalls; Lower Support Around $52K Bitcoin (BTC) has traded in a tight range over the past few days, which suggests buyers are losing strength. The recovery from the April 17 sell-off appears weak with a cluster of resistance levels from $56,000-$59,000. The cryptocurrency was trading around $55,000 at press time.  Four-hour chart shows BTC support and resistance levels (Source: TradingView)
Original story found here:
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