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Binance Research: Total cryptocurrency market value fell 11.3% in April, and total supply of US dollar stablecoins reached a two-year high

Binance Research: Total cryptocurrency market value fell 11.3% in April, and total supply of US dollar stablecoins reached a two-year high

CointimeCointime2024/05/07 06:43
By:Cointime

Binance Research released its April cryptocurrency market report, with the following key points:

The total market value of cryptocurrencies in April decreased by 11.3%, mainly due to changes in interest rate expectations, geopolitical risks, and a slowdown in spot Bitcoin ETF flow;

At the same time, the total supply of USD-pegged stablecoins reached a two-year high. The supply of USDT and USDC has been steadily increasing, indicating continued capital inflows into the cryptocurrency market;

Most of the top ten coins by market capitalization were in a downward trend at the end of this month, with TON and BNB rising by 1.0% and falling slightly by 1.4%, respectively. ETH and BTC both fell by around 8% in April, while XRP and SHIB fell by 17.1% and 19.2% respectively. DOGE, ADA, SOL, and AVAX all fell by about 30% by the end of the month;

The overall TVL of DeFi in April decreased by 0.7%. Among the top ten blockchains, Merlin Chain had the fastest TVL growth, with an increase of 1000% and a TVL exceeding $1 billion;

The NFT market also experienced a decline in April, with total monthly sales falling by 21% to $1.11 billion. Four of the top five NFT series by sales in that month belonged to the Bitcoin ecosystem.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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