Coin Race: Best & Worst Cryptos in Red April
After what has been a rather rough period for the crypto market in April, May is finally here, and it is time to take a closer look at which coins fared the worst and the best over the past month.
The losses in April followed a month of relatively good performance in March when all cryptoassets in the top 10 by market capitalization posted gains. Similarly, February was also a strong month for the crypto market, with five out of the top 10 cryptos recording double-digit percentage gains.
April, however, has been rather miserable for crypto investors. With the exception of stablecoins, all other cryptoassets in the top 10 club are down for the month. And to make things worse, this all happened during a month that is known historically to be a very strong month for the BTC market.
Top 10 coins in April
Although all of the top 10 coins by market capitalization were down for the month of April, some fared better than others.
Ignoring stablecoins, the coin that fell the least in April was BNB, formerly known as Binance coin. The crypto, which is used both as the native currency of BNB Chain and as the exchange coin on Binance, fell by almost 13% for the month to a price of USD 383.
Following BNB, ethereum (ETH) and bitcoin (BTC) came in as the second and third strongest performer in April with losses of 17% and 18%. As of the end of the month, ETH traded at around USD 2,780, and BTC traded at around USD 38,034. That compares to a price at the end March of USD 3,241 for ETH and USD 44,478 for BTC.
At the opposite side of the spectrum in April was cardano (ADA), which fell 36% for the month to a price of USD 0.7646. The sharp loss last month followed a gain of more than 15% in March, when ADA was the second-best performer among the top 10 coins.
Best from the top 50 in April
Although April was for the most part a red month, a few coins still saw gains. Among the top 50 cryptoassets by market capitalization (ranked by Coincodex.com), this was the case for only two coins (excluding stablecoins): the privacy coin monero (XMR) and STEPN (GMT), also known as green metaverse token.
GMT saw the strongest performance of the two coins, rising by 62% for the month to USD 3.53. The gains last month come after massive gains of nearly 2,000% in March, bringing the coin – which is backed by the likes of Sequoia and Alameda Research – from being virtually unknown to now being noticed by altcoin investors.
Next, the popular privacy coin XMR rose by almost 3% for the month to USD 223. The gain for XMR also followed a strong month in March, when the coin rose by close to 21%.
Worst from the top 50 in April
Moving over now to take a look at the worst performers from the top 50 for the month of April, it can be seen that the hype surrounding anything metaverse-related is now dying down.
Worst among all of the top 50 coins was MANA, the token used in the virtual world Decentraland. The coin was down by 47% for the month to a price of USD 1.45, and has now fallen about 75% from its all-time high of USD 5.9 in November last year.
Another coin in the metaverse category that also fell hard last month was the sandbox (SAND), which dropped 45% for the month to USD 1.98. The losses last month followed a nearly identical fall of 44% the month before, sending SAND down 77% from its all-time high of USD 8.49 in November.
Winners & losers from the top 100
Looking out further to cover all coins in the top 100 by market capitalization, we see that SAFE, a little-known altcoin for secure and private payments, is up by close to 120% for the month. The coin was followed by the already-mentioned GMT token with a gain of 62% and monero with its almost 3% gain.
Lastly, the biggest loser for the month of April was WAVES, the native token of the smart contract platform with the same name. The token fell by 76% for the month to USD 12.64, after rising by more than 200% the month before.
Following WAVES came zilliqa (ZIL), harmony (ONE), and axie infinity (AXS), with price crashes of 62%, 55%, and 53%, respectively.
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