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Crypto market and trends analysis May 2024

Isabella S. | May 9, 2024

Web3 Developments: April 2024 Recap and Outlook for May

As we bid farewell to April, it’s time to reflect on the key developments in the Web3 ecosystem and anticipate what May has in store. April 2024 was a mixed bag for crypto, DeFi, and NFT markets, with ups and downs defining the landscape.

Crypto Market Performance in April 2024

April was challenging for crypto, marked by an 11.3% decrease in total market capitalization. Shifts influenced this downturn in rate-cut expectations, geopolitical risks, and a slowdown in spot bitcoin ETF flows. Despite these challenges, there were also positive developments.

Following regulatory approval, six spot crypto-based ETFs commenced trading in Hong Kong on April 30. Moreover, the total supply of USD-pegged stablecoins hit a two-year high, indicating sustained capital inflows into the crypto market.

While most of the top ten coins by market capitalization closed the month in negative territory, TON and BNB showed relative resilience. TON gained 1.0%, while BNB experienced a slight decrease of 1.4%. TON’s robust performance can be attributed to the increasing traction of its ecosystem, achieving all-time highs in monthly active addresses and total value locked (TVL) in the network. BNB has also been a consistent top performer in recent months.

ETH and BTC both saw declines of around 8% in April. However, approving three spot BTC ETFs and three spot ETH ETFs in Hong Kong marked a positive milestone for the two leading cryptocurrencies. XRP and SHIB experienced larger price declines, dropping 17.1% and 19.2% over the month. DOGE, ADA, SOL, and AVAX demonstrated the weakest performances among the leading pack, falling by around 30% by the end of the month.

Decentralised Finance

April was relatively quiet for the DeFi sector, which saw a 0.7% decrease in total value locked (TVL). However, Merlin Chain, a native Bitcoin layer-2 solution, emerged as the top gainer with a 1000% monthly gain and a TVL exceeding $1 billion. In terms of protocols, Pendle and Hyperliquid stood out. Pendle’s TVL reached $5 billion, with a cumulative trading volume exceeding $15 billion. Hyperliquid’s TVL surpassed $435 million, outpacing Aptos, Near, and Cardano.

Non-Fungible Tokens (NFTs)

The NFT market also experienced a decline in April, with total sales volume decreasing by 21% to $1.11 billion. Bitcoin collections dominated the spotlight, with four of the top five collections by sales volume being Bitcoin-based. These collections, including Ordinals, PUPS, WZRD, and NodeMonkes, collectively recorded a sales volume of $423 million. Meanwhile, sentiment toward Ethereum collections remained relatively poor.

Regarding NFT sales volumes across the top chains, Bitcoin led with $567 million, Ethereum with $241 million, and Solana with $153 million. However, Bitcoin saw a 5% decrease in total volume, while Ethereum and Solana experienced significant declines, close to or exceeding 50%. These figures suggest a recent shift in collector focus toward Bitcoin-based offerings.

As we move into May, the Web3 ecosystem continues evolving, presenting challenges and opportunities for market participants. Stay tuned for more updates and insights as we navigate the dynamic world of crypto, DeFi, and NFTs.


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