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.
April Highlights
- April also saw sharp falls in Bitcoin’s market capitalisation, falling 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 finally broke its downward trend from February as total monthly fees jumped 21.0% to $513mn in April. This was the largest monthly increase in fees since November 2021 when it rose 34.6% to $685mn
- 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.