Crypto market cap fell 17.34 percent from $2.09 trillion to $1.73 trillion in April. Specifically, the altcoin market has experienced similar dips, losing over 19% from around $1.22 trillion in February to currently $988 billion at the end of the month. Here is the outlook for May…
Here are the 4 altcoin projects pointing to May
Cardano (ADA) currently ranks Bitcoin and Ethereum in terms of trading volume in the last 24 hours as of this writing. leaving it behind. This has been in trend for the past 3 months as Blockchain offers significantly less transaction fees than Bitcoin and Ethereum. Also, data from DeFi Llama shows that Cardano TVL grew 65.73% from $113.9 million to $196.5 million at the end of the month. This growth is a result of increased participation in Cardano and newer DEX platforms such as WingRiders (WRT) launched on the platform.
There is a lot of disheartening news surrounding Ethereum (ETH). Data from CoinShares’ latest Digital Asset Fund Flows report hints that institutional investors are no longer interested in ETH. The report highlights $3.5 million worth of institutional investors’ investments in Avalanche (AVAX), Solana (SOL), Terra (LUNA) and Algorand (ALGO), while revealing a total of $16.9 million in capital outflows from Ethereum products.
Just over a month after its launch, ApeCoin (APE), the native token of the Bored Ape Yacht Club (BAYC), one of the most prestigious NFT collections in the world, ), entered the top 30 in terms of market capitalization and ranked 24th. This was due to excitement and anticipation as the platform’s developer community, Yuga Labs, hinted at releasing its main metaverse project ‘Otherside’. The Yuga Labs team has announced that APE collected from auction events will remain locked for one year. According to the announcement, BAYC and MAYC holders will be able to request NFTs for 21 days immediately after the auction.
STEPN (GMT), distinctive with Solana-based GameFi elements is a “Web3 lifestyle app”. Users purchase NFT sneakers that they can use to earn in-game currency while walking, running or jogging. The Green Metaverse Token (GMT) has gained 24,500% since the token sale on Binance on March 9.
Recently, Coinbase, one of the largest cryptocurrency exchanges, announced its plans to list GMT and GST. Although M2E (move-to-win) is relatively new, it continues to attract the attention of the cryptocurrency space as its market cap is currently $2.4 billion. As I have covered in the cryptokoin.com analysis, a mysterious Twitter analyst nicknamed “Light” warns that the GMT price will see a major correction.
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