In April, cryptocurrency markets experienced a significant consolidation, with some major tokens plummeting from their 2022 highs. The total market capitalization of cryptocurrencies has dropped by approximately $400 billion.
Cardano (ADA) had the poorest month of the top-10 cryptos, shedding a third of its value as investors worried about the blockchain’s long-term prospects.
Bitcoin, which had previously recaptured the $40,000 mark, has now lost it once more. It remains a powerful resistance level, with bears continuing to wipe its gains, leading the digital asset to dip.
If investor mood remains negative and no fresh money enters the market, bitcoin might retest the $35,000 milestone very soon.
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Traders discovered value in lesser tokens as larger tokens such as Bitcoin and Ethereum fell roughly 18 percent over the month.
ApeCoin (APE) and STEPN (GMT), both newcomers to the top-100 cryptos, were outstanding performers, with the latter recently breaking into the top-50 cryptos.
STEPN, based in Solana, was by far the greatest performer in April, rising more than 90% as markets welcomed a new partnership with ASICs, a running shoe manufacturer. Binance and Coinbase have recently introduced the token to their platforms.
Additionally, OpenSea, an NFT marketplace, has introduced support for STEPN’s shoe NFTs, which are an important part of the project.
The majority of ApeCoin’s gains occurred in the last two weeks, as the inventor Yuga Labs’ new metaverse, Otherside, was widely anticipated. In the last two weeks, the token has roughly doubled in value, and it is up around 65 percent in April.
“Otherside” will begin selling virtual land for a predetermined price of 305 ApecCoin per plot. The token’s demand was so great that Binance had to stop lending it owing to a supply shortage.