Both traditional and crypto markets had negative movements in April. Bitcoin and stock indices moved sharply downward this month with returns of -17.3%, -9.1%, and -13.5% for BTC, S&P500 and Nasdaq respectively.
Cardano experienced the largest losses following a 33.8% price drop to $0.76. This is the lowest month-end price for the cryptocurrency in the last 12 months. None of the digital assets referenced in this report saw positive returns in April.
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Key takeaways:
- Bitcoin’s market capitalisation fell 17.3% in April from $865bn to $716bn – the lowest it’s been in 2022. The decline in April saw Bitcoin move below its 50-day MA of $41,972, which it had breached the month prior.
- Ethereum fees jumped 21.0% to $513mn in April, breaking a three month downward trend. This was the largest monthly increase in fees since November 2021 when it rose 34.6% to $685mn. As a result, the average transaction fee also rose in April, increasing 30.4% to $15.8, up from $12.1 in March.
- On April 30th, Solana’s Mainnet Beta cluster stopped producing blocks resulting in a seven-hour outage when the network failed to reach consensus. According to the outage report published by Solana, the interruption was the result of a huge influx of transactions (roughly 6 million per second) which flooded the network.
- In April, the amount of ADA staked in proportion to total supply remained stable – 71.7% of all ADA in circulation is currently being staked, an increase from 70.0% at the start of the year. As more ADA holders stake their coins, the staking yield provided has fallen.
ETH Only Asset To Record Positive Returns Over 3 Month Period
Over the last three months, ETH is the only asset featured in our asset report which has recorded positive returns, up 1.4%. BTC has traded largely flat, (down only -2.2%), with all three other assets suffering larger losses, the worst of which being ADA, which is down 28.1% from February 1st.
Bitcoin Market Cap Falls by 17.3% in April
Bitcoin closed the month at $37,650, a 17.3% decline from the month prior. Bitcoin saw a steady price decline throughout the month. This downward move saw its price fall below its 50-day MA, which closed the month at $41,972.
Ethereum Fees Reverse Downward Trend
In April, fees spent on the Ethereum network increased by 21.0% to $513mn. Average fee per transaction also rose by 30.4% to $15.8.
