In order to help users of encrypted assets understand the constantly fluctuating crypto market, the global crypto asset exchange platform Kraken recently released its April 2021 “Crypto Market Observation” monthly report.
This 22-page report concisely records the wide range of Bitcoin, Ethereum and other cryptographic targets (such as Uniswap (Uni), Binance Coin (BNB), Dogecoin (Doge), Cardano (ADA), XRP, etc.) in the global market. Bullish and bearish sentiment, as well as NFT performance and DeFi trading activity over the past four weeks.
According to Kraken, generally speaking, April means a positive year for the crypto world. Almost all the top five crypto assets have recorded gains and reached impressive historical highs. The Kraken report briefly explains as follows:
What can we learn from BTC’s April performance?
According to this report, BTC experienced a very volatile April. Just this month, this groundbreaking cryptocurrency ended a six-month winning streak. Earlier this month, BTC broke another landmark market value record of $65,000, which opened the eyes of users. Then, four days before the end of April, BTC dropped an astonishing 28% to a minimum of $47,000.
In three years, BTC got rid of its dominance of 50% of the market for the first time, and several major cryptographic targets have faced challenges in a booming season. All these indexes indicate that there is a trend revolution in holding BTC, and most of the new buyers are large long-term investors and large companies interested in holding assets.
Compared with short-term holders, Bitcoin may no longer be a suitable asset choice for investors looking for short-term appreciation and rapid liquidation, because crypto assets and their new batch of important market holders are less likely to increase and increase in the long-term. Satisfied with the rebound.
In order to conduct a comprehensive comparative analysis, BTC’s activities must be compared with other important cryptographic targets in the market.
Ethereum’s illusory show
Ethereum experienced seven consecutive months of winning streak in April. As of the end of April, the all-time high price of ETH has reached $2,800, making it the second most successful crypto asset in the crypto market, with its trading volume increasing by 60%.
This is not surprising, because Ethereum provides flexibility and security for encryption applications, and Ethereum is still the most commonly used blockchain.
The Berlin hard fork appeared in Ethereum, and now the London hard fork has been developed, as well as Canadian ETFs, all to meet the growing needs of traditional banks and other financial companies. It can be said that Ethereum was a busy April and a successful April this year, setting the tone for the continued success of May.
Will Cardano be better?
Relying on the success of its founding company IOHK and the Ethiopian government’s historic cooperation, just before the end of the first half of this month, Cardano joined the high-value asset alliance at the highest price of US$1.55.
At the same time, its trading volume has also doubled, an increase of 155%.
Dogecoin’s moon expedition
The result of a 500% increase in value was that the crypto asset was only 5 steps away from hitting the moon in April. This time the value rushed to a pleasing market value record of $42 billion, especially during the preparations for the infamous Dogeday celebration on April 21.
By the end of April, Doge had become the most prosperous of all crypto assets, whether in terms of value growth, market value or observation rankings. The only thing worth noting is that only 107 people hold 65% of Dogecoin in circulation.
Are there any clues for Polkadot?
Like Bitcoin, Polkadot experienced a lot of ups and downs in April. In the first few days of late April, the all-time high price reached a shocking $48.53, but then fell to a 60-day low of $26.50. .
Polkadot gained huge market attention and announced several huge advancements in its project. Including a series of funds worth 16 million US dollars, it is the beneficiary. At the same time, Polkadot has established a temporary stable partnership with USD Tether.
What about Uniswap?
Another strong-performing cryptocurrency is Uniswap (UNI), the largest exchange based in France, which broke the peak of $44 and finally reached a new high of $40.66.
UNI was active during the most prosperous week of April, marking its 1650% success in six consecutive months. With the help of transaction fees, the revenue of this target exceeds 117 million US dollars. We expect that with the launch of the v3 version on the Ethereum native mainnet blockchain, UNI will usher in more prosperous weeks in May, and There may be continuous growth.
How does NFT perform?
Kraken’s report shows that, in sharp contrast to the rapid growth in March, the hype bubble surrounding technology has begun to dissipate, and this highly lively art theme is showing a deflationary trend.
Despite the downward trend, many institutions are still interested in NFT. Binance and Crypto.com have launched their own dedicated NFT trading platforms. At the same time, IBM hopes to launch its NFT subject patents.
to sum up
The report shows that the crypto market continues to show potential and reveals a potential trend that short-term liquidity Bitcoin owners are converting their assets into highly volatile cryptographic targets. Because its short-term trading is not good, the BTC market will continue to test people’s endurance.
Depending on the risk-return outlook, capitalization, and other activities surrounding encrypted assets, there are a range of target and DeFi options to choose from. The crypto market is forming a model that can be analyzed at the same time as the traditional market to understand the mutual influence between the two.
According to Kraken, the final choice of the market is the user’s choice, and the market is preparing for an impressive upward trend in May.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.