Cryptocurrency markets saw a sharp consolidation in April, with several major tokens tumbling from 2022 highs. Total crypto market capitalization sank by nearly $400 billion.
A bulk of this consolidation can be blamed on jitters over rising inflation, slowing economic growth and and end to the last two years of low interest rates. Heavy losses were not limited to just the crypto market, with equities also falling sharply. The S&P 500 is down nearly 9% in April.
But while major tokens such as Bitcoin and Ethereum sank around 18% through the month, traders found value in a crop of smaller tokens. Newcomers ApeCoin (APE) and STEPN (GMT) were standout performers in the top-100 cryptos, with the latter recently breaking into the top-50 cryptos.
STEPN, APE blaze past Bitcoin in April
Solana-based STEPN was by far the best performer in April, up more than 90% as traders cheered a new tie-up with running shoes maker ASICs. The token was also recently added to major exchanges Binance and Coinbase.
Additionally, NFT marketplace OpenSea also added support for STEPN’s sneaker NFTs, a key component of the project.
A bulk of ApeCoin’s gains came in the last two weeks, amid rampant speculation over the release of creator Yuga Labs’ upcoming metaverse, Otherside. The token nearly doubled in value in the past two weeks, and is up about 65% in April.
Otherside is set to begin selling virtual land at 9:00 PM EST today, and will charge a fixed price of 305 ApecCoin per plot. Demand for the token was so high that Binance suspended lending of the token due to a supply crunch.
Apart from the two, Monero (XMR), Frax Share (FXS) and Kava were the few other tokens trading positive in April. Most other tokens in the top-100 cryptocurrencies slumped.
WAVES the worst monthly performer
But April’s worst performer, by a wide margin, was the WAVES protocol. Concerns over an artificial boost to WAVES prices saw the token plummet nearly 74% from record highs. While the token has now stabilized, the future of the Waves project remains uncertain.
Cardano (ADA) was the worst performer among the top-10 cryptos in April, losing a third of its value as investors fretted over the blockchain’s long-term prospects.
Among the top 100 tokens, Ethereum Classic (ETC) shed 40%. Play-to-earn game Axie Infinity (AXS) slumped 50% after a hack stole $600 million from the project– the biggest crypto hack to date.
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