News recap: the crypto market is up by 55% since the beginning of the year

Crypto market in numbers

Between 31st March and 9th April, the crypto market capitalisation fluctuated in a narrow range of $1.160-$1.200 trillion. On 10th April, the indicator rose by 5% to $1.240 trillion, the levels observed in May/July 2022. Currently, the market cap is in the range of $1.216-$1.240 trillion.

In early April, trading activity remained average. Average daily trading volumes stood at around $40 billion. On 6th April, the indicator fell by 37.5% to $25 billion. However, since 10th April, trading volumes have increased by 66% to $40-$50 billion.

The Cryptocurrency Fear & Greed Index remained in the “Greed” zone. The indicator finally gained a foothold above 60 points and even managed to rise to a local high of 68 points. These are the highest levels since November 2021.

The volatility of cryptocurrencies began to decline. Between 31st March and 13th April, Bitcoin’s 30-day volatility index fell by 42.8%, from 3.43% to 1.96%. Similarly, the indicator for ETH declined by 40%, from 2.99% to 1.79%.

In early April, the main cryptocurrencies were trading sideways, as the market was waiting for fundamental driving factors. Since 10th April, digital assets have shown impressive growth, since market participants began buying crypto in anticipation of the US inflation data. This facilitated the liquidation of short positions and the subsequent price surge.

Inflation data turned out to be better than expected. Annual inflation in the US fell to 5% in March, beating forecasts of 5.2%. The growing demand for cryptocurrencies has also been the result of the liquidity inflows from Asian tech giants, which had accounts with Silicon Valley Bank. After the bank’s collapse, they are looking for new places to deposit funds.

Gainers (31st March – 12th April)

Losers (31st March – 12th April)

Easily track gainers and losers within the Simple trade section on EXMO.com. Check real-time updates in the last 24 hours, week and month.

Most traded coins (31st March – 12th April)

Top crypto market driving factors

Overall crypto market

▼ 01.04.2023 – The U.S. government sold roughly 9,861 BTC for more than $215 million.

▼ 03.04.2023 – China’s authorities called on international regulators to tighten crypto supervision worldwide.

▲ 04.04.2023 – ​Santiment analysts recorded a surge of bullish sentiment in the crypto market.

▲ 04.04.2023 – According to the 2023 Global ETF Investor Survey released by financial services firm, Brown Brothers Harriman, institutions remain highly interested in crypto ETFs.

▲ 06.04.2023 – According to CCData, trading volumes on centralised crypto exchanges reached $3.81 trillion in March, the highest since September 2022.

▼ 12.04.2023 – Venture capital investments in blockchain and crypto companies declined by $11 billion yearly in Q1 2023, with metaverse businesses suffering the most.

▲ 12.04.2023 – US annual inflation slowed to 5% in March, the lowest level since May 2021.

Bitcoin (BTC)

▲ 03.04.2023 – The number of known Bitcoin addresses that hold 1 BTC or more has hit a new all-time high of 991,000.

▲ 04.04.2023 – Bitcoin miners generated over $755 million in revenue last month, a 20% increase over February.

▲ 05.04.2023 – MicroStrategy bought an additional 1,045 bitcoins. Now, the company holds 140,000 BTC, acquired for about $4.17 billion at an average price of $29,803 per bitcoin.

▲ 07.04.2023 – As a result of the latest recalculation, bitcoin mining difficulty increased by 2.23%, hitting a new all-time high of around 47.89 T.

▲ 07.04.2023 – Bloomberg Intelligence: confidence in Bitcoin grows as it passes its first major liquidity stress test in Q1 2023.

▲ 10.04.2023 – Bitcoin is a top 4 trending word in the crypto sphere following its jump above $30,000 for the first time in 10 months.

▲ 11.04.2023 – According to Santiment analysts, the Bitcoin market shows signs of euphoria after BTC hit $30,000.

▲ 12.04.2023 – The number of new BTC addresses reached an even higher high of 512,000.

▲ 12.04.2023 – Bank of America: Bitcoin outflows from cryptocurrency exchanges to personal digital wallets suggest strong support for the first cryptocurrency.

▲ 13.04.2023 – Bitcoin enters the top 10 most valuable assets, surpassing Visa and Meta.

Ethereum (ETH)

▲ 31.03.2023 – Currently, only 10.31% of the existing ETH supply is held on exchanges, which is the lowest level since July 2015.

▲ 06.04.2023 – More than 30 Ethereum projects have collaborated to launch MEV Blocker RPC, a tool designed to protect users from various MEV attacks.

▲ 08.04.2023 – On-chain data reveals that crypto whales are actively accumulating ether right ahead of the upcoming Shapella upgrade.

▼ 10.04.2023 – Ethereum staking deposits have declined slightly in recent weeks due to increased regulatory pressure and the upcoming Shapella (Shanghai) upgrade.

▲ 11.04.2023 – Fortune debuted the “Fortune Crypto 40” – a list of the best crypto companies based on data and reputation in eight categories. Ethereum tops the list of best protocols.

▲ 11.04.2023 – Ethereum burns $5.5 billion worth of ETH annually (1,827,000 ETH) ahead of the Shapella hardfork.

▼ 11.04.2023 – On-chain analysis from Glassnode estimated that roughly 170,000 Ethereum (ETH) could be withdrawn and sold after the Shanghai upgrade.

▲ 13.04.2023 – Ethereum’s Shapella upgrade is live, allowing users and validators to withdraw staked ether for the first time.

Ripple (XRP)

▲ 31.03.2023 – According to Santiment, open interest in XRP surges to new highs.

▼ 10.04.2023 – Ripple CTO, David Schwartz, said there is no inverse correlation between XRP units and price.

▼ 11.04.2023 – XRP’s four-week rally was led by retail investors, while whales or entities with ample capital supply were selling their tokens.

Cardano (ADA)

▲ 31.03.2023 – Addresses holding 10,000 or more ADA have accumulated nearly 1.03 billion Cardano in the past five months.

▲ 03.04.2023 – Over the past month, whales with balances between 1 million and 10 million ADA have added approximately 150 million coins worth $57 million to their holdings.

▲ 08.04.2023 – Vanessa Harris, Web3 product lead and crypto advisor, said that the upcoming improvement to Ouroboros Leios will make transactions on the Cardano network 10x faster.

▲ 10.04.2023 – According to Messari, Cardano is ahead of Bitcoin and Ethereum in terms of transaction activity.

▲ 10.04.2023 – Over the past 2 weeks, Cardano whales have scooped up 560 million ADA tokens, valued at $218.4 million.

Dogecoin (DOGE)

▲ 03.04.2023 – Santiment analysts reported that addresses holding over 10 million DOGE accumulated 1.47 billion coins since the beginning of the year.

▲ 03.04.2023 – Dogecoin spiked by about 30% to $0.10 after Twitter CEO, Elon Musk, changed the app logo from its blue bird to a Shiba Inu dog, a symbol often associated with the coin.

▲ 04.04.2023 – Online searches for ‘Dogecoin’ on Google skyrocketed by 1,992% after Elon Musk changed Twitter’s bird logo to Dogecoin’s Shiba Inu.

▼ 05.04.2023 – Dogecoin experienced an 8.2% drop in value after Twitter restored its iconic bluebird logo.

Solana (SOL)

▲ 06.04.2023 – Solana has released state compression, a new solution aiming to reduce the cost of on-chain storage drastically.

Polkadot (DOT)

▲ 05.04.2023 – Polkadot has filed a trademark registration for what appears to be a blockchain-based messaging application.

Litecoin (LTC)

▲ 10.04.2023 – Litecoin developers are preparing a new major release to Litecoin Core that includes P2P support for Light clients, viewing keys, payment proof and much more.

Toncoin (TON)

▲ 04.04.2023 – Orbs has developed a single-nominator smart contract for validators on the TON network.

EXMO news

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