2 key metrics point toward further downside for the entire crypto market
The total crypto market capitalization has been holding a slightly ascending trend for the past 3 months and the $1.75 trillion support was most recently tested on April 27 as Bitcoin (BTC) bounced at $38,000 and Ether (ETH) at $2,800 on April 27.
The crypto market’s aggregate capitalization showed a 3.5% decrease in the last 7 days and notable losers were a 18.8% loss from XRP, a 10.2% loss from Cardano (ADA), and 9.7% drop in Polkadot (DOT) price.
Analyzing a broader range of altcoins provides a more balanced picture, that includes 25% gains from some gaming and Metaverse projects in the same time period.
Apecoin (APE) rallied 44% due to the upcoming Otherside metaverse land auction scheduled for April 30. The Otherside is being developed by Yuga Labs, Animoca Brands and the Bored Ape Yacht Club NFT team and NFT investors have high expectations for the project.
The native tokens of move-to-earn lifestyle app STEPN (GMT) rallied 28% after the U.S.-based crypto exchange Coinbase announced plans to list the token.
Nexo gained 15% after crypto and derivatives exchange Binance announced its listing on April 29 and Nexo also revealed plans to issue a credit card that accepts crypto as collateral rather than selling the holders’ assets.
Zilliqa (ZIL) price has been adjusting after the token pumped 380% in late March and this follows the project’s March 25 announcement of a metaverse service that will utilize Nvidia technology.
Meanwhile, data from DappRadar shows that play-to-earn unicorn, Axie Infinity (AXS) plunged to its lowest level in 9 months after the number of users and transactions declined by 15% over the last 30.
The OKX Tether (USDT) premium gauges China-based retail demand and it measures the difference between the
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