Bitcoin and Ethereum Quarterly Analysis: A General Overview

In Q2, Bitcoin marked a quarterly return of -12%, and Ethereum a return of -5.08%. Both were low compared to Q1.

Bitcoin and Ethereum, the two leading cryptocurrencies, had a contrasting performance in Q2. While Bitcoin’s quarterly return was -12%, Ethereum’s return was -5.08%. Both returns were lower compared to Q1, where Bitcoin registered a return of +68.7% and Ethereum a return of +59.8%.

In April, Bitcoin recorded the lowest monthly return of Q1 at -14.7%, and in June, it was -7.02%. However, in May, Bitcoin showed an impressive return of +11.1%. This performance in May helped prevent the quarterly return from falling below -12%.

In the case of Ethereum, the situation was similar. In May, it recorded an excellent return of +24.7%. But, in April, it was as low as -17.2%, and in June, it was just above -8.64%. In the absence of Ethereum’s extreme performance in May, the quarterly return would have fallen far below the current return of -5.80%.

Notably, in Q2, the Bitcoin Closing Price was $62,743. Compared to the Q1’s closing price of $71,262, it was over $8519 lower. There was not much difference in the case of Ethereum. Its closing price also saw a fall of nearly $209. The Q1’s closing price of ETH was $3,645, and in Q2, it dropped to $3,436.

The data indicates that Q2 was not as good as Q1 for both Bitcoin and Etheruem. It demands an in depth analysis of those events that influenced the price movements of BTC and ETH in Q2. Once we are done with that, we will be able to better understand the situation. And, this process may give some valuable insights on what we can expect in Q3. In this case, it is perfect to do a month-by-month analysis. Ready? Let’s start with April.

Bitcoin and Ethereum: April Price Sentiment Analysis

On the first day of April, the price of BTC was just around $71,263, which was much lower than the new all-time peak of $73,037 touched on March 13, 2024. By the end of that month, the price slipped to $60,617 – lowest the price touched in April. Clearly, the month of April was a period of decline for Bitcoin. The month opened with a red candlestick. Though in the beginning of the month the price made an attempt to recover, after 8th of April, it dropped sharply until 17th of April. In the mid April, it made another attempt to climb up, but post 22nd April, it sharply fell, showing no sign of recovery.

One of the major events happened in April was Bitcoin Halving. It took place on 20th April. The event clearly contributed a positive sentiment. At least two days before the event, the price started the fight against the ongoing downfall, and the momentum lasted till 22nd April, when the BTC price touched $66,810. In those five days alone, the price made a rise of around $5,564.

The case of Etheruem was not different in April. In the beginning of the month, it was around $3,645.56. On the last day of that month, it slipped to as low as $3,015.41. Like what we saw in the Bitcoin market, in early April, the price made an attempt to climb high. It even reached the monthly peak of $3,693.22. But, the momentum could not last long. Between 9th April and 17th April, the market witnessed a strong selling pressure. Between 11th April and 13th April alone, a decline of 13.85% was recorded. On 17th April, it touched the monthly lowest of $2,985.40. On April 18th, a strong buying pressure emerged. The positive pressure lasted till 28th April, when the price saw a high of $3,262.53.

The two prime events which influenced the Etheruem price sentiment in April were the Middle East crisis and the Bitcoin Halving. The impact of the Middle East crisis was reflected in the form of price fall between 9th and 17th April – especially between 11th and 13th April. The positive momentum witnessed after the 18th April might be the reflection of the Bitcoin Halving.

Bitcoin and Ethereum: May Price Sentiment Analysis

For Bitcoin, the month of May,