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1 | Crypto Market Analysis
CRYPTO
MARKET
ANALYSIS
APRIL 2024 EDITION
2 | Crypto Market Analysis
Contents
TOPICS PAGE NO.
Key Takeaways 3
Overall Market Performance 4
A Look At The DeFi Market 5
Bitcoin Market - In-Depth Analysis 6
What To Expect In The Next Few Months 7
The BTC ETF Swings 8
Rise Of BTCFi 9
Altcoins’ Overview 11
Key Developments in Ethereum 12
Ethereum’s Staking Challenge 13
NFT Market’s Outlook 14
References 15
3 | Crypto Market Analysis
Key Takeaways
TRANSACTION FEES
TO SHAPE BITCOIN’S
FUTURE
• Bitcoin needs layer-2
solutions to cross its all-time
high. With the reduction of
block rewards post-halving,
miners are less motivated to
secure the network. Future
halvings may, thus, make
mining economically unviable.
• Without miner security,
Bitcoin’s price may not rise.
Thus, transaction fees on
Bitcoin’s Layer 2 solutions
could help BTC positively.
ETHEREUM LOSES
TO SOLANA
• Solana is making significant
strides in the DeFi space,
with its market share surging
from a mere 5% in October to
almost 23%, at the time
of writing.
• Meanwhile, Ethereum’s
dominance has been
waning, dropping from
29.7% in January.
NFT MARKET SEES HOPE
• Most NFT marketplaces saw decreased volume last month, but Magic Eden stood out with a strong
$22.09 million in trading over 30 days.
USDT’S DOMINANCE
CHALLENGED
• USDe, introduced by Ethena,
has become the fastest-
growing USD-denominated
asset in crypto history, hitting
$1.5B in under 75 days.
• This swift rise has caused a
minor dip in USDT dominance,
decreasing from around
71% to 69%.
BTCFI DOMINATES
APRIL CONVERSATIONS
• The Runes protocol, newly
launched on the Bitcoin
blockchain, has challenged
the BRC20 standard.
• Right after the halving,
there was a notable surge
in Rune creation activity on
the Bitcoin network. This
drove up transaction fees to
unprecedented levels.
AMERICA LOVES
SHIBA INU
• Shiba Inu claimed the number
two spot - closely following
behind Bitcoin, as the most
popular cryptocurrency
among Americans in April.
• This surge in interest can
be partly attributed to
the Shibarium UI update
launched by the Shiba Inu
team on 18 April. This update
aimed to improve user
experience, providing a boost
to SHIB in the short term.
GAMING TOKENS DEFY
EXPECTATIONS
• Despite the cryptocurrency
market’s downturn amid the
Iran-Israel conflict, gaming
tokens showed resilience,
thriving independently.
• Among them, Axie Infinity
shined brightly, with its
Smooth Love Potion (SLP)
tokens gaining significant
traction. As of 21 April, the
game boasted an impressive
average monthly player count
of 358,861.
4 | Crypto Market Analysis
Overall Market Performance
Figure 1: How recent geopolitical tensions have impacted the crypto market
The crypto market
cap showed a
stronger reation to
the Iranian attack
on Israel compared
to the Hamas
attack.
Iran launched a
direct attack on
Israel on 13 April,
crypto market cap
in the next 4 days
fell by over 9%.
After the Hamas-led
attack on Israel, the
crypto market cap
noted a decline of
3.85% in the next
4 days.
• April witnessed an
unexpected turn of events in
the cryptocurrency market.
Despite predictions of a
sustained bull run following
the Bitcoin halving, the
month was shaped by
extreme volatility. Just a
day before the halving, the
total crypto market cap sat
28.49% below its record
high of $3 trillion.
• Three crucial
macroeconomic factors
emerged as the driving force
behind the volatile market
movements.
ISRAEL & IRAN CONFLICT
•		
On 13 April, Iran launched
a direct attack on Israel
for the first time in history,
prompting fears of World
War III. The broader market
faced an immediate impact -
From 11-14 April, the crypto
market cap dived 18.67%.
Stocks and bonds fell, while
oil and gold surged.
• As of 21 April, the
geopolitical tensions were
rife. Israel pledged to
“exact a price” from Iran
in response to missile and
drone attacks. The US
seems to be supporting
Israel, indirectly, while
Russia has warned the
Jewish nation against any
escalation.
•		
On the back of the Middle
East conflict, traders
can expect bond prices
to fall further, and the
cost of credit will rise for
companies. Because of the
reduced profitability of
the corporate sector and
heightened uncertainty, the
crypto market is likely to
continue its downtrend in
May after a brief hike.
STICKY INFLATION - NO
RATE CUTS FOR NOW
• On a year-over-year (YoY)
basis, inflation rose by a
stronger-than-expected
3.5% in March. In April,
Jerome Powell indicated
that the Fed might maintain
steady interest rates to
control inflation, citing the
lack of additional progress
on slowing down inflation.
•		
Hence, the probability of
a rate cut for June went
from 71% in the first week
of April to 50% in the
second week, to now 25%,
according to Greg Magadini,
Director of Derivatives
at Amberdata. This news
sparked a sell-off in the
crypto market, shaking
investors’ confidence.
OIL PRICES HELP THE
CRYPTO MARKET
• Oil prices and escalating
tensions in the Middle
East surged on 19 April.
This triggered some
investors to seek shelter in
cryptocurrencies, seen as
a potential hedge against
inflation.
• As a result, the total market
value of cryptocurrencies
jumped by 4.92% shortly
after Israel’s retaliation,
reflecting a temporary boost
in investors’ optimism.
5 | Crypto Market Analysis
A Look At The DeFi Market
• The total value locked (TVL)
in DeFi saw a significant
jump from $81.44 billion on
1 March to $94.41 billion on
1 April. This increase was
mainly due to rising asset
prices and the growing
popularity of liquid
restaking.
• DeFi’s TVL growth wasn’t
evenly distributed, though.
The biggest gainer in the
first quarter of 2024 was
the Ethereum L2 platform
MODE, which saw a 162%
month-on-month (MoM)
increase.
Solana’s DeFi scene saw boom in the first quarter, with daily active addresses surging by 45%
compared to the previous quarter. This surge can be attributed, at least in part, to the popularity
of memecoin trading on the Solana blockchain. In January, Ethereum’s DEX market share was
29.7%, and it has been declining since then. Conversely, Solana’s DEX market share has grown
from 5% in October to nearly 23%, at the time of writing.
Figure 2: DeFi protocols with their TVL share
Source: Messari
6 | Crypto Market Analysis
Bitcoin Market -
In-Depth Analysis
Figure 3: BTC OI-Weighted Funding Rate remained positive after 15 April
Source: Coinglass
•		
Bitcoin underwent its fourth successful halving on 19 April 2024. Just nine hours
before the halving, $1.92 million flowed into long positions, indicating bullish
bets on Bitcoin’s future price. This sentiment was further reflected in the positive
funding rate, where long holders paid a premium to short holders.
•		
Despite ongoing geopolitical tensions, the overall market atmosphere leaned
positive. Following the halving, retail investors adopted a HODLing strategy,
contributing to an initial market upswing.
•		
If crypto fails to receive ETF boosts, Bitcoin might reverse its upward trend
and start mirroring the stock market’s downturn. This unexpected shift could
disappoint those who viewed Bitcoin as digital gold. Thus, initiating a sell pressure.
•		
Hodlers with at least 0.1% of supply bought the dip, adding 19,760 BTC (>$1.2B)
to their holdings. A lot of opportunistic buying took place within the range of
$60K-62K.
7 | Crypto Market Analysis
What To Expect In The
Next Few Months
• Sharp price increases
followed past Bitcoin
halvings. BTC saw
significant gains within 12
months of the first three
halvings: over 1000% after
the first, 200% after the
second, and over 600%
after the third.
• A substantial increase in
BTC’s value can surely be
expected in the next six
months. However, claims
of Bitcoin crossing $100k
by 2024 end remain
questionable.
• Investments through
BTC ETFs will have a
bigger impact on price
compared to the halving
event. Consider this - Daily
miner Bitcoin issuance has
been competing with high
purchases of Bitcoin ETFs.
• For instance, while miners
are adding approximately
900 BTC to the market daily,
Bitcoin ETFs are adding far
more. Thus, significantly
influencing supply levels and
market liquidity.
Figure 4: Impact of past three halvings on Bitcoin
Source: Glassnode
8 | Crypto Market Analysis
The BTC ETF Swings
• Bitcoin ETFs registered a
minor outflow of $4.3 million
on 18 April, marking the fifth
consecutive trading day
of outflows. However, this
outflow was the smallest
among the previous five
trading days, potentially
signaling a change in
investor sentiment.
• Bitcoin ETFs have brought
in about $27 billion so far.
Grayscale’s GBTC has
been the dominant player,
accounting for a substantial
portion of the total inflow.
However, it also registered
massive outflows last month.
• Well, the cumulative inflow
experienced steady growth
from January to mid-March
2024. A more rapid increase
followed this in the second
half of March. Even so, the
growth slowed down
in April.
• A few experts speculate
there might be a Bitcoin
options ETF within a year,
which could push the
asset’s prices up. But some
roadblocks from regulators
like the SEC need to be
cleared first.
Figure 5: The chart shows how BTC ETF growth saturated in April
Source: Farside Investors
9 | Crypto Market Analysis
Rise Of BTCFi
•		
After the Taproot upgrade on the network, Bitcoin’s programmability has increased.
The upgrade introduced smart contract capabilities that, eventually, gave birth to
DeFi on Bitcoin (BTCFi). This allowed developers to create Inscriptions, Runes, and
BRC20 tokens on the blockchain.
• Runes and Ordinals are alike because they both let developers create and mint tokens
on the blockchain. The big difference is that Ordinals are used to create NFTs (kind of
like one-of-a-kind items), while Runes can be used to create fungible tokens. About
3544 Runes were etched as of 21 April, with a count of 57051 holders.
•		
Runes was launched at the back of the halving event. It is a new token standard
that aims to resolve the scalability issues associated with the BRC20 standard.
•		
Right after its debut, there was a significant increase in Rune creation activity on
the Bitcoin network, which led to higher transaction fees.
•		
Immediately after the halving, each block within the block heights 840000
and 840014 saw an average reward of 21.74 BTC, with approximately 18.62 BTC
coming from transaction fees.
• The first Runes project to mint was Casey Rodamor’s own UNCOMMON•GOODS,
which was announced well in advance of the halving. As of 25 April, the project
had started getting a lot of traction.
10 | Crypto Market Analysis
1
2
3
4
5
Advantages
Developers
Enjoy In BTCFi
Projects
In April, there was a drop in Ordinals transaction volume from 1,786,742 to 1,233,650. This followed
a peak of 1,911,038 transactions in February 2024. This shift suggests that investors’ focus has
been moving towards the Runes protocol recently.
High security and
reliability with
minimal cases
of glitches.
Censorship
resistance through
global node
distribution.
High liquidity,
large user base
and institutional
interest
Lightning
network and
simple coding
language for
smart contracts
BTC’s Fixed supply
and digital gold
status for stability
and growth
Figure 6: The chart presents fluctuations in Ordinals transactions volume
Source: GeniiData
11 | Crypto Market Analysis
Altcoins’ Overview
• As compared to March, there was less demand for leverage in the Ethereum
futures market in April. In the past six months, it was the first time that the ETH OI-
Weighted Funding Rate turned negative on 13 April, signalling the dominance of
bearish sentiment among derivatives traders.
• Despite the cryptocurrency market downturn amid the Iran-Israel conflict, gaming
tokens thrived independently. Notably, Axie Infinity stood out, largely due to the
appeal of its Smooth Love Potion (SLP) tokens. As of April 21, it boasted an average
monthly player count of 358,861.
•		
In the initial weeks of April, the Total Value Locked on Solana experienced a
decline, yet it regained strength as the month progressed.
•		
Among the 114 protocols hosted on the Solana blockchain, Edgevana, a liquid
staking platform, recorded the most significant one-month increase, soaring by
an impressive 588%.
• The impact of the Bitcoin halving was predominantly evident in the prices of
memecoins. Following the halving, many memecoins experienced double-digit gains
within a day, with notable examples such as BONK surging by as much as 50%.
• In April, AI tokens tracked Bitcoin’s price closely. Near Protocol and The Graph
stood out for their strong on-chain activity, particularly in terms of volume and
daily engagement.
12 | Crypto Market Analysis
Key Developments in Ethereum
• In April, the Total Value
Locked on the Ethereum
blockchain stayed relatively
high. Lido, a liquid
staking platform, held
$29.765 billion, making
up a significant portion of
Ethereum’s TVL, despite
experiencing a -9.96% 30-
day change.
•		
The SEC has until late
May to finish reviewing an
Ethereum ETF, but there’s
speculation it could be
delayed. Initially, ETH
prices dropped, but they
gained momentum after
April 19, partly attributed
to optimism around the
potential approval of an
ether-backed ETF by the
SEC.
• Development activity on
the Ethereum blockchain
saw a notable decline,
but it rebounded in April,
surpassing its previous
peak in October 2023.
• 21 April saw a plunge in
Ethereum’s “Gas used”
metric, reflecting lower
network activity and fewer
NFT mints.
Figure 7: Gas used on Ethereum declined significantly on 21 April
Source: Santiment
13 | Crypto Market Analysis
Ethereum’s Staking Challenge
• Liquid Staking, Restaking,
and Liquid Restaking saw
huge demand in the past
few months, thanks to their
newly introduced yield
opportunities. Of the total
ETH supply, 11% is held in
Liquid Staking Tokens and
2.2% in Liquid Restaking
Tokens.
• Researchers at the Ethereum
Foundation have raised
concerns that as staking
derivatives become more
common, Ethereum might
lose its role as money and
see changes in how the
network is governed.
Staking on Eigenlayer has surged since the protocol’s launch, with the TVL now over 14.2M ETH.
Eigenlayer’s locked value is mostly made up of regular staked Ethereum (over 61.1%).
The rest comes from liquid staking tokens, with Lido’s stETH being the most popular (21.5%).
The Ethereum Foundation is planning to reduce yearly token creation to deter new stakers and
slow growth.
Figure 8: Liquid restaking has been on a gradual ascent since Jan 2024
Source: Glassnode
14 | Crypto Market Analysis
NFT Market’s Outlook
Figure 9: The dominance of the Magic Eden marketplace in the NFT sector
Throughout April, Magic Eden remained the top NFT marketplace, boasting a volume
of $22.09 million. On average, there were more sellers than buyers. Unique Active Wallets
numbered 8,610 on 1 April but dropped to 212 by 21 April.
• In the past month, the
Bitcoin blockchain
recorded the highest sales
volume of $471,512,354,
with 71,556 buyers – a
67.31% increase. Sellers
also increased but by only
57%. Overall, there were
more unique buyers than
unique sellers.
• On the contrary, Ethereum
experienced a 61.52%
decrease in sales volume,
while buyers slightly
outnumbered sellers by
0.24%.
• Top NFT Collectible
Sales in April came from
CryptoPunks at 320 ETH.
The gas fees spent on the
same was 13.4093 GWEI.
Though still in the top six
for sales volume, Bored Ape
Yacht Club (BAYC) saw a
drop in buyer activity with
only 287 participating in the
past month.
15 | Crypto Market Analysis
References
1. Santiment
2. Glassnode
3. DappRadar
4. Coinglass
5. GeniiData
6. Messari
7. Farside Investors
8. Ultrasound.money
9. Crypto Slam
10. Token Unlocks
11. NonFungible.com
12. Blockchain.com
13. CoinMarketCap
PLEASE NOTE -
This report analyzes data till 21 April. It aims to provide comprehensive insights into market
developments. All data presented is intended for informational and educational purposes. It’s
crucial to note that no investment decisions should be made solely based on the information
contained within this report. Ultimately, individuals are responsible for their own investment
decisions and should conduct thorough research and analysis before making any financial
commitments.
ABOUT AUTHOR -
Manisha Mishra has been working as a Head of Research for AMBCrypto.
Armed with a Master’s in Mass Communication and a keen eye for
detail, her expertise lies in analyzing blockchain technologies and their
tokenomics. She has been involved in the crypto space since 2019.
LinkedIn | X
16 | Crypto Market Analysis
About AMBCrypto
Established in 2018, AMBCrypto cuts through crypto
noise. Their passionate journalist and blockchain
enthusiast team delivers breaking news, in-depth analysis,
and expert breakdowns on the ever-evolving crypto
world. They simplify complex technical happenings,
empowering users with clear insights.
Website | LinkedIn | X

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April 2024 - Crypto Market Report's Analysis

  • 1. 1 | Crypto Market Analysis CRYPTO MARKET ANALYSIS APRIL 2024 EDITION
  • 2. 2 | Crypto Market Analysis Contents TOPICS PAGE NO. Key Takeaways 3 Overall Market Performance 4 A Look At The DeFi Market 5 Bitcoin Market - In-Depth Analysis 6 What To Expect In The Next Few Months 7 The BTC ETF Swings 8 Rise Of BTCFi 9 Altcoins’ Overview 11 Key Developments in Ethereum 12 Ethereum’s Staking Challenge 13 NFT Market’s Outlook 14 References 15
  • 3. 3 | Crypto Market Analysis Key Takeaways TRANSACTION FEES TO SHAPE BITCOIN’S FUTURE • Bitcoin needs layer-2 solutions to cross its all-time high. With the reduction of block rewards post-halving, miners are less motivated to secure the network. Future halvings may, thus, make mining economically unviable. • Without miner security, Bitcoin’s price may not rise. Thus, transaction fees on Bitcoin’s Layer 2 solutions could help BTC positively. ETHEREUM LOSES TO SOLANA • Solana is making significant strides in the DeFi space, with its market share surging from a mere 5% in October to almost 23%, at the time of writing. • Meanwhile, Ethereum’s dominance has been waning, dropping from 29.7% in January. NFT MARKET SEES HOPE • Most NFT marketplaces saw decreased volume last month, but Magic Eden stood out with a strong $22.09 million in trading over 30 days. USDT’S DOMINANCE CHALLENGED • USDe, introduced by Ethena, has become the fastest- growing USD-denominated asset in crypto history, hitting $1.5B in under 75 days. • This swift rise has caused a minor dip in USDT dominance, decreasing from around 71% to 69%. BTCFI DOMINATES APRIL CONVERSATIONS • The Runes protocol, newly launched on the Bitcoin blockchain, has challenged the BRC20 standard. • Right after the halving, there was a notable surge in Rune creation activity on the Bitcoin network. This drove up transaction fees to unprecedented levels. AMERICA LOVES SHIBA INU • Shiba Inu claimed the number two spot - closely following behind Bitcoin, as the most popular cryptocurrency among Americans in April. • This surge in interest can be partly attributed to the Shibarium UI update launched by the Shiba Inu team on 18 April. This update aimed to improve user experience, providing a boost to SHIB in the short term. GAMING TOKENS DEFY EXPECTATIONS • Despite the cryptocurrency market’s downturn amid the Iran-Israel conflict, gaming tokens showed resilience, thriving independently. • Among them, Axie Infinity shined brightly, with its Smooth Love Potion (SLP) tokens gaining significant traction. As of 21 April, the game boasted an impressive average monthly player count of 358,861.
  • 4. 4 | Crypto Market Analysis Overall Market Performance Figure 1: How recent geopolitical tensions have impacted the crypto market The crypto market cap showed a stronger reation to the Iranian attack on Israel compared to the Hamas attack. Iran launched a direct attack on Israel on 13 April, crypto market cap in the next 4 days fell by over 9%. After the Hamas-led attack on Israel, the crypto market cap noted a decline of 3.85% in the next 4 days. • April witnessed an unexpected turn of events in the cryptocurrency market. Despite predictions of a sustained bull run following the Bitcoin halving, the month was shaped by extreme volatility. Just a day before the halving, the total crypto market cap sat 28.49% below its record high of $3 trillion. • Three crucial macroeconomic factors emerged as the driving force behind the volatile market movements. ISRAEL & IRAN CONFLICT • On 13 April, Iran launched a direct attack on Israel for the first time in history, prompting fears of World War III. The broader market faced an immediate impact - From 11-14 April, the crypto market cap dived 18.67%. Stocks and bonds fell, while oil and gold surged. • As of 21 April, the geopolitical tensions were rife. Israel pledged to “exact a price” from Iran in response to missile and drone attacks. The US seems to be supporting Israel, indirectly, while Russia has warned the Jewish nation against any escalation. • On the back of the Middle East conflict, traders can expect bond prices to fall further, and the cost of credit will rise for companies. Because of the reduced profitability of the corporate sector and heightened uncertainty, the crypto market is likely to continue its downtrend in May after a brief hike. STICKY INFLATION - NO RATE CUTS FOR NOW • On a year-over-year (YoY) basis, inflation rose by a stronger-than-expected 3.5% in March. In April, Jerome Powell indicated that the Fed might maintain steady interest rates to control inflation, citing the lack of additional progress on slowing down inflation. • Hence, the probability of a rate cut for June went from 71% in the first week of April to 50% in the second week, to now 25%, according to Greg Magadini, Director of Derivatives at Amberdata. This news sparked a sell-off in the crypto market, shaking investors’ confidence. OIL PRICES HELP THE CRYPTO MARKET • Oil prices and escalating tensions in the Middle East surged on 19 April. This triggered some investors to seek shelter in cryptocurrencies, seen as a potential hedge against inflation. • As a result, the total market value of cryptocurrencies jumped by 4.92% shortly after Israel’s retaliation, reflecting a temporary boost in investors’ optimism.
  • 5. 5 | Crypto Market Analysis A Look At The DeFi Market • The total value locked (TVL) in DeFi saw a significant jump from $81.44 billion on 1 March to $94.41 billion on 1 April. This increase was mainly due to rising asset prices and the growing popularity of liquid restaking. • DeFi’s TVL growth wasn’t evenly distributed, though. The biggest gainer in the first quarter of 2024 was the Ethereum L2 platform MODE, which saw a 162% month-on-month (MoM) increase. Solana’s DeFi scene saw boom in the first quarter, with daily active addresses surging by 45% compared to the previous quarter. This surge can be attributed, at least in part, to the popularity of memecoin trading on the Solana blockchain. In January, Ethereum’s DEX market share was 29.7%, and it has been declining since then. Conversely, Solana’s DEX market share has grown from 5% in October to nearly 23%, at the time of writing. Figure 2: DeFi protocols with their TVL share Source: Messari
  • 6. 6 | Crypto Market Analysis Bitcoin Market - In-Depth Analysis Figure 3: BTC OI-Weighted Funding Rate remained positive after 15 April Source: Coinglass • Bitcoin underwent its fourth successful halving on 19 April 2024. Just nine hours before the halving, $1.92 million flowed into long positions, indicating bullish bets on Bitcoin’s future price. This sentiment was further reflected in the positive funding rate, where long holders paid a premium to short holders. • Despite ongoing geopolitical tensions, the overall market atmosphere leaned positive. Following the halving, retail investors adopted a HODLing strategy, contributing to an initial market upswing. • If crypto fails to receive ETF boosts, Bitcoin might reverse its upward trend and start mirroring the stock market’s downturn. This unexpected shift could disappoint those who viewed Bitcoin as digital gold. Thus, initiating a sell pressure. • Hodlers with at least 0.1% of supply bought the dip, adding 19,760 BTC (>$1.2B) to their holdings. A lot of opportunistic buying took place within the range of $60K-62K.
  • 7. 7 | Crypto Market Analysis What To Expect In The Next Few Months • Sharp price increases followed past Bitcoin halvings. BTC saw significant gains within 12 months of the first three halvings: over 1000% after the first, 200% after the second, and over 600% after the third. • A substantial increase in BTC’s value can surely be expected in the next six months. However, claims of Bitcoin crossing $100k by 2024 end remain questionable. • Investments through BTC ETFs will have a bigger impact on price compared to the halving event. Consider this - Daily miner Bitcoin issuance has been competing with high purchases of Bitcoin ETFs. • For instance, while miners are adding approximately 900 BTC to the market daily, Bitcoin ETFs are adding far more. Thus, significantly influencing supply levels and market liquidity. Figure 4: Impact of past three halvings on Bitcoin Source: Glassnode
  • 8. 8 | Crypto Market Analysis The BTC ETF Swings • Bitcoin ETFs registered a minor outflow of $4.3 million on 18 April, marking the fifth consecutive trading day of outflows. However, this outflow was the smallest among the previous five trading days, potentially signaling a change in investor sentiment. • Bitcoin ETFs have brought in about $27 billion so far. Grayscale’s GBTC has been the dominant player, accounting for a substantial portion of the total inflow. However, it also registered massive outflows last month. • Well, the cumulative inflow experienced steady growth from January to mid-March 2024. A more rapid increase followed this in the second half of March. Even so, the growth slowed down in April. • A few experts speculate there might be a Bitcoin options ETF within a year, which could push the asset’s prices up. But some roadblocks from regulators like the SEC need to be cleared first. Figure 5: The chart shows how BTC ETF growth saturated in April Source: Farside Investors
  • 9. 9 | Crypto Market Analysis Rise Of BTCFi • After the Taproot upgrade on the network, Bitcoin’s programmability has increased. The upgrade introduced smart contract capabilities that, eventually, gave birth to DeFi on Bitcoin (BTCFi). This allowed developers to create Inscriptions, Runes, and BRC20 tokens on the blockchain. • Runes and Ordinals are alike because they both let developers create and mint tokens on the blockchain. The big difference is that Ordinals are used to create NFTs (kind of like one-of-a-kind items), while Runes can be used to create fungible tokens. About 3544 Runes were etched as of 21 April, with a count of 57051 holders. • Runes was launched at the back of the halving event. It is a new token standard that aims to resolve the scalability issues associated with the BRC20 standard. • Right after its debut, there was a significant increase in Rune creation activity on the Bitcoin network, which led to higher transaction fees. • Immediately after the halving, each block within the block heights 840000 and 840014 saw an average reward of 21.74 BTC, with approximately 18.62 BTC coming from transaction fees. • The first Runes project to mint was Casey Rodamor’s own UNCOMMON•GOODS, which was announced well in advance of the halving. As of 25 April, the project had started getting a lot of traction.
  • 10. 10 | Crypto Market Analysis 1 2 3 4 5 Advantages Developers Enjoy In BTCFi Projects In April, there was a drop in Ordinals transaction volume from 1,786,742 to 1,233,650. This followed a peak of 1,911,038 transactions in February 2024. This shift suggests that investors’ focus has been moving towards the Runes protocol recently. High security and reliability with minimal cases of glitches. Censorship resistance through global node distribution. High liquidity, large user base and institutional interest Lightning network and simple coding language for smart contracts BTC’s Fixed supply and digital gold status for stability and growth Figure 6: The chart presents fluctuations in Ordinals transactions volume Source: GeniiData
  • 11. 11 | Crypto Market Analysis Altcoins’ Overview • As compared to March, there was less demand for leverage in the Ethereum futures market in April. In the past six months, it was the first time that the ETH OI- Weighted Funding Rate turned negative on 13 April, signalling the dominance of bearish sentiment among derivatives traders. • Despite the cryptocurrency market downturn amid the Iran-Israel conflict, gaming tokens thrived independently. Notably, Axie Infinity stood out, largely due to the appeal of its Smooth Love Potion (SLP) tokens. As of April 21, it boasted an average monthly player count of 358,861. • In the initial weeks of April, the Total Value Locked on Solana experienced a decline, yet it regained strength as the month progressed. • Among the 114 protocols hosted on the Solana blockchain, Edgevana, a liquid staking platform, recorded the most significant one-month increase, soaring by an impressive 588%. • The impact of the Bitcoin halving was predominantly evident in the prices of memecoins. Following the halving, many memecoins experienced double-digit gains within a day, with notable examples such as BONK surging by as much as 50%. • In April, AI tokens tracked Bitcoin’s price closely. Near Protocol and The Graph stood out for their strong on-chain activity, particularly in terms of volume and daily engagement.
  • 12. 12 | Crypto Market Analysis Key Developments in Ethereum • In April, the Total Value Locked on the Ethereum blockchain stayed relatively high. Lido, a liquid staking platform, held $29.765 billion, making up a significant portion of Ethereum’s TVL, despite experiencing a -9.96% 30- day change. • The SEC has until late May to finish reviewing an Ethereum ETF, but there’s speculation it could be delayed. Initially, ETH prices dropped, but they gained momentum after April 19, partly attributed to optimism around the potential approval of an ether-backed ETF by the SEC. • Development activity on the Ethereum blockchain saw a notable decline, but it rebounded in April, surpassing its previous peak in October 2023. • 21 April saw a plunge in Ethereum’s “Gas used” metric, reflecting lower network activity and fewer NFT mints. Figure 7: Gas used on Ethereum declined significantly on 21 April Source: Santiment
  • 13. 13 | Crypto Market Analysis Ethereum’s Staking Challenge • Liquid Staking, Restaking, and Liquid Restaking saw huge demand in the past few months, thanks to their newly introduced yield opportunities. Of the total ETH supply, 11% is held in Liquid Staking Tokens and 2.2% in Liquid Restaking Tokens. • Researchers at the Ethereum Foundation have raised concerns that as staking derivatives become more common, Ethereum might lose its role as money and see changes in how the network is governed. Staking on Eigenlayer has surged since the protocol’s launch, with the TVL now over 14.2M ETH. Eigenlayer’s locked value is mostly made up of regular staked Ethereum (over 61.1%). The rest comes from liquid staking tokens, with Lido’s stETH being the most popular (21.5%). The Ethereum Foundation is planning to reduce yearly token creation to deter new stakers and slow growth. Figure 8: Liquid restaking has been on a gradual ascent since Jan 2024 Source: Glassnode
  • 14. 14 | Crypto Market Analysis NFT Market’s Outlook Figure 9: The dominance of the Magic Eden marketplace in the NFT sector Throughout April, Magic Eden remained the top NFT marketplace, boasting a volume of $22.09 million. On average, there were more sellers than buyers. Unique Active Wallets numbered 8,610 on 1 April but dropped to 212 by 21 April. • In the past month, the Bitcoin blockchain recorded the highest sales volume of $471,512,354, with 71,556 buyers – a 67.31% increase. Sellers also increased but by only 57%. Overall, there were more unique buyers than unique sellers. • On the contrary, Ethereum experienced a 61.52% decrease in sales volume, while buyers slightly outnumbered sellers by 0.24%. • Top NFT Collectible Sales in April came from CryptoPunks at 320 ETH. The gas fees spent on the same was 13.4093 GWEI. Though still in the top six for sales volume, Bored Ape Yacht Club (BAYC) saw a drop in buyer activity with only 287 participating in the past month.
  • 15. 15 | Crypto Market Analysis References 1. Santiment 2. Glassnode 3. DappRadar 4. Coinglass 5. GeniiData 6. Messari 7. Farside Investors 8. Ultrasound.money 9. Crypto Slam 10. Token Unlocks 11. NonFungible.com 12. Blockchain.com 13. CoinMarketCap PLEASE NOTE - This report analyzes data till 21 April. It aims to provide comprehensive insights into market developments. All data presented is intended for informational and educational purposes. It’s crucial to note that no investment decisions should be made solely based on the information contained within this report. Ultimately, individuals are responsible for their own investment decisions and should conduct thorough research and analysis before making any financial commitments. ABOUT AUTHOR - Manisha Mishra has been working as a Head of Research for AMBCrypto. Armed with a Master’s in Mass Communication and a keen eye for detail, her expertise lies in analyzing blockchain technologies and their tokenomics. She has been involved in the crypto space since 2019. LinkedIn | X
  • 16. 16 | Crypto Market Analysis About AMBCrypto Established in 2018, AMBCrypto cuts through crypto noise. Their passionate journalist and blockchain enthusiast team delivers breaking news, in-depth analysis, and expert breakdowns on the ever-evolving crypto world. They simplify complex technical happenings, empowering users with clear insights. Website | LinkedIn | X