Thu. Sep 21st, 2023

The past month saw the cryptocurrency market capitalization drop nearly 18 %, to 1.72 trillion from $2.09 trillion. 

The crypto market witnessed roller-coaster events in April. The month turned out to be a bearish for the cryptocurrency industry as Bitcoin made a U-turn following two successive months of increment. BTC welcomed the month hovering at $45,538 and closed April at $37,714, reflecting a 17.18% decline. 

For now, the crypto marketplace remains bearish. Meanwhile, enthusiasts can watch these cryptocurrencies this month.

Bitcoin (BTC) 

Though the crypto industry sustains declines, Bitcoin whales see the future bright as they accumulate BTC. Meanwhile, trends that started in February extended into April as Luna Foundation led the charge, continued to accomplish its pledge to purchase $BTC worth $10 billion for UST, its algorithmic stablecoin. 

Meanwhile, Glassnode analysts believe plummeting transaction volumes within the crypto space contribute to the ongoing market declines. The report stated that the Bitcoin network settled at $5.5 billion – $7.0 billion in daily value, nearly 40% down from the $9.5 billion – $11 billion per day recorded amid bullish peaks. Nevertheless, the volumes stayed higher than 2019/2020 $2.0 billion, indicating a new surge in network usage. 

BTC traded at around $37,714.88 as the month ended.

Cardano (ADA)

Cardano is among the leading blockchain platforms to successfully employ the Proof-of-Stock (PoS) mechanism, a consensus that consumes less energy than the PoW (Proof-of-Work) (used by Bitcoin). Though Ethereum awaits an upgrade to PoS, the transition will occur gradually. 

So far, Cardano seems to fulfill its promises. While publishing this blog, the blockchain leads BTC and ETH’s network as far as transaction volume within the past 24 hours is concerned. This trend has dominated the previous three months as the ADA platform ensures substantially low transaction charges than Ethereum and Bitcoin. 

Also, DeFi Llama data shows Cardano’s TVL has surged 65.73% to end the month near $188.7 million from $113.9 million. That reflects increased individuals using the platform and new DEXs such as WingRiders launching on the Cardano platform. 

ADA ended April near $0.76. 

Ethereum (ETH)

Ethereum experiences lots of gloomy news. CoinShare’s recent data shows faded interest by institutional investors in the leading altcoin. The report indicated that institutional players scooped ETH competitors, loading about $3.5M worth of Algorand (ALGO), Terra (LUNA), Solana (SOL), and Avalanche (AVAX) funds. On the other side, capital outflows from Ethereum products amounted to $16.9 million. 

Meanwhile, Ether products sustained outflows over three consecutive weeks, translating to $59.3 million. The crypto’s YTD discharges at 35%, indicating $169 million from Ethereum’s blockchain. Moreover, ETH products saw outflows amounting to $68.5 million over the previous ten weeks, signaling bearish trends triggered by institutions. 

Though that prints a prim picture for ETH’s future, IntoTheBlock’s data shows more than 30% of all Ethereum exchange withdrawals in 2022 emerged in March. For instance, more than 180,000 Ether left the trading network on 15 March, leading to weekly outflows of over $500 million by 18 March. Also, the Chainalysis report shows similar readings, indicating that ETHs could have fled exchanges at nearly 120,000 units each day this week, an optimistic signal. 

ETH traded near $2,730 as the month ended. 

ApeCoin (APE) 

The native token by BAYC, ApeCoin, climbed to the top 30 crypto list by market cap about a month after its inception, ranking 24th in this publication. APE’s remarkable rally had the crypto overtaking Decentraland (MANA), becoming the leading metaverse coin, its market cap hovering near $5 billion. Moreover, ApeCoin attracted attention within the Metaverse sector as it dominates in terms of transaction volume, holders, and traction. 

APE retained a bullish strength despite the downturn in the broad market. That emerged amid anticipations and excitement as the project’s creator Yuga Labs, announced launching the Otherside Metaverse platform. ApeCoin became the favorite token for the top 100 Ethereum whales as the group accumulated more than 2.3 million tokens, worth approximately $39.8 million at this publication. 

APE traded at $20.01 at the previous month ended. 

Which other crypto is worth consideration? Comment below.

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