Welcome to our April 2024 monthly crypto market recap!
In the past month, the cryptocurrency market has been notably volatile, with Bitcoin’s price dropping to as low as $60K. This downturn affected many altcoins, resulting in significant losses in value across the board. Despite these fluctuations, Bitcoin showcased its resilience by steadily regaining its value over time. This recovery underscores the inherent volatility of the digital asset sector, demonstrating the rapid pace at which market conditions can shift and stabilize within this dynamic environment.
The Bitcoin halving event had a significant impact on the crypto market. This event aims to decrease the reward for Bitcoin miners, subsequently slowing down the token inflation rate. Simultaneously, regulatory scrutiny from the SEC persisted, with ongoing legal actions against prominent entities such as Coinbase. Furthermore, there are expectations that the SEC will deny spot Ether ETFs next month, as indicated by a recent report.
On the macroeconomic front, the latest data showed U.S. GDP growth at 1.6% quarter-over-quarter, missing projections and stirring concerns of stagflation—a scenario of sluggish growth coupled with high inflation. This was further compounded by a notable rise in the Core PCE Price Index, which climbed to 3.7%, underscoring ongoing inflationary pressures. Additionally, geopolitical tensions between Iran and Israel added layers of uncertainty, influencing the broader financial landscape and impacting investment decisions and market stability.
Come along as we explore the intricate market in April and the narratives that drove the gains behind the month’s top performers. Additionally, keep up-to-date with our comprehensive monthly market recaps at Treehouse Insights and our daily market analysis with Treehouse Daily. Stay informed to navigate the twists and turns of the crypto landscape!
Core (CORE) ⏶61.76%
Core ($CORE) is an EVM-compatible Bitcoin layer-one blockchain aiming to address the blockchain trilemma with its “Satoshi Plus” consensus. This method merges Bitcoin’s security with Ethereum’s scalability, aiming to boost Core’s efficiency and adoption in the Web3 space.
In April, Core’s price was significantly lifted by a $50 million investment from Bitget. This capital injection boosted market confidence and was accompanied by a slew of enhancements including new DeFi protocols, strategic blockchain partnerships, and substantial infrastructure upgrades aimed at improving system performance and security.
In addition, Core also introduced a 6-month incentive program at the beginning of the month, which is open to all participants. Activities such as bridging assets, interacting with dApps, and inviting friends can significantly boost participants’ scores and potential rewards within the program.
They also introduced non-custodial BTC staking on the Core chain allowing Bitcoin holders to earn yields by participating directly in Core’s consensus mechanism without relinquishing custody of their BTC.
Moving forward, Core is set to introduce Zk-rollups and explore a transition to a layer 0 protocol, enhancing its role as a central hub for blockchain interactions.
XT.com (XT) ⏶42.33%
XT.com tokens are the native tokens of XT.com exchange, a centralized exchange that aims to be the gateway to Digital Assets. Established in 2018, XT.com provides various asset management services and quantitative development in the digital currency market.
The increase in XT.com token price on 8th April coincided with its appearance at the Hong Kong Web3 Festival on the same day. With XT.com’s presence in this key Digital Asset event, the exchange has extended its reach to a larger audience base, bringing attention to its native token. The second surge in XT.com token price occurred on 14 April, which likewise coincided with another Web3 event in Tokyo, whereby XT Labs were the Silver Sponsors for the event. The price of XT.com tokens continued to rally until 24 April, with XT’s presence at the Blockchain Life event in Dubai from 15 to 16 April, which attracted over 8000 attendees from more than 120 countries. Additionally, the Token2049 Dubai event took place from 18 to 19 April, where XT’s global vice president delivered the opening remarks on XT exchange.
Moving forward, if AI trading strategies and memecoins continue gaining adoption by the Digital Asset industry, we can see XT exchange being a leader in this space with its momentum in listing memecoins and providing AI trading strategies for traders. Subsequently, this would dictate the price direction of their native token, $XT.
WhiteBIT Coin (WBT) ⏶18.09%
$WBT is the native token of WhiteBIT, one of the largest cryptocurrency exchanges in Europe. Established in 2018, WhiteBIT has become one of the leading crypto exchanges with over 4 million users worldwide.
One notable update from WhiteBIT during the month was the introduction of the vesting mechanism for Ready To Fight (RTF) tokens, which marked a significant development for both boxing enthusiasts and crypto traders. This new phase in the SocialFi platform combines decentralized finance with social networking, offering a unique experience tailored specifically for the boxing community. With RTF backed by renowned figures like Oleksandr Usyk and Mike Tyson, its credibility and appeal are significantly enhanced. Beginning 24 April, RTF tokens will be available for trading, following a structured vesting schedule that commenced with a signup deadline on 22 April. This initiative not only provides the WhiteBIT platform with opportunities for professional skill monetization and community engagement but also ushers in a new era for fans to interact within the boxing world through WhiteBIT’s platform.
In addition, the partnership between FC Barcelona and WhiteBIT was highlighted again on 14 April when the club tweeted “Another W” tagging WhiteBIT, following their victory over Cadiz. This public acknowledgment by a high-profile football club boosted the visibility of WhiteBIT and had a positive impact on the exchange’s token price.
Bitget Token (BGB) ⏶14.46%
$BGB is the native token of Bitget, a crypto derivative and copy trading platform that provides a range of trading features. Using BGB tokens, the user can not only enjoy lower trading fees but also gain access to new token launches on the Bitget platform.
The bulk of the price appreciation occurred during the first half of April, coinciding with Bitget’s active participation in prominent events such as Talendland, Paris Blockchain Week, Web3 in Bloom Tokyo, and the Dubai Blockchain Life Conference, where Bitget was nominated in various categories. These events significantly boosted Bitget’s visibility, attracting traders interested in the platform’s ecosystem and its native token, BGB. Additionally, Bitget launched several launchpools in early April, featuring highly anticipated projects such as Ethena, ChatAI, DOPE, and Merlin. These launchpools allowed users to stake BGB in exchange for the respective tokens, driving demand for BGB tokens. Particularly, ChatAI attracted 7 million BGB staked, while DOPE saw 29 million BGB staked, indicating substantial demand for BGB staking across various projects.
In addition, Bitget has forged significant collaborations and conducted interviews with prominent projects such as BuildersTribe, Cointelegraph, and Epoca Negocios. These partnerships not only enhanced confidence in Bitget but also expanded the reach of its ecosystem to a broader audience. Additionally, Bitget introduced a new trading product called “Pre-market Trading”, enabling traders to engage in trading activities with new tokens before their official listings. This innovative feature adds value to Bitget’s native token, BGB, further solidifying its position in the market.
Neo (NEO) ⏶10.36%
Neo is a blockchain platform for building decentralized applications. It enables developers to digitize and automate the management of assets through smart contracts, with multi-language support that allows developers to use familiar languages. NEO tokens are the governance tokens for the network.
The announcement of Neo X Beta TestNet has acted as a significant catalyst for its token price this month. Neo X is a sidechain designed to combat Miner Extractable Value (MEV) issues prevalent in blockchain transactions. The Beta TestNet introduces key features such as multi-node governance and a native bridge to Neo N3 TestNet, enhancing the decentralization and interoperability within the Neo ecosystem. This development not only promises improved security and network efficiency but also increases user engagement through mechanisms like voting and GAS token staking for governance. The potential for increased transaction volume and network participation due to these updates has likely contributed to a positive sentiment among investors, driving the token’s price upward.
Closing Remarks
The evolving macro environment is increasingly solidifying Bitcoin’s dual role as both “digital gold” and a speculative asset, evidenced by Bitcoin’s rising correlation to gold during recent inflation concerns. The stablecoin market, crucial to decentralized and centralized trading platforms, also continues its robust growth, with USDC and USDT issuance reaching new highs.
We are eagerly anticipating several key events in the cryptocurrency and blockchain industry. Among them is Consensus 2024, scheduled for 29 to 31 May in Austin, Texas. Known as one of the largest gatherings in the crypto and blockchain space, this event, presented by CoinDesk, will feature a variety of discussions and workshops with industry leaders focusing on the future trends in cryptocurrency, blockchain, and Web3.
As we anticipate the month ahead, our steadfast commitment to delving into the dynamic realm of cryptocurrency remains unwavering. We are dedicated to providing comprehensive analysis and expert guidance through the fluid landscapes of this evolving sector. Stay tuned for our ongoing in-depth explorations of the crypto sphere through the Treehouse Daily Newsletter and Treehouse Insights Research, where we will deliver the latest and most enlightening updates. This dedication underscores our position as a vital resource for deciphering the intricacies and potential within the continually shifting crypto market.
Disclaimer
This publication is provided for informational and entertainment purposes only. Nothing contained in this publication constitutes financial advice, trading advice, or any other advice, nor does it constitute an offer to buy or sell securities or any other assets or participate in any particular trading strategy. This publication does not take into account your personal investment objectives, financial situation, or needs. Treehouse does not warrant that the information provided in this publication is up-to-date or accurate.
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