Crypto.com Monthly Research Roundup Newsletter - April 2024
Welcome to the Crypto.com Monthly Research Roundup Newsletter for April 2024!
Market Index:
For April, the monthly price and volume indices were negative at -16.45% and -32.73%, respectively. The volatility index was positive at +0.88%.
Charts of the Month:
Following Bitcoin's halving, Bitcoin Runes transactions soared, accounting for over 50% of all transactions daily in the days after halving.
The total value locked (TVL) of the DeFi sector almost doubled in the first quarter of this year compared to the previous quarter.
The floor price of 'Bored Ape Yacht Club' (BAYC) NFTs plummeted over 90% from its peak.
Monthly Feature Articles:
Tokenisation of RWAs & Yield-Bearing Stablecoins:
Tokenisation of securities, particularly tokenised treasuries, is gaining traction.
Yield-bearing stablecoins offer a bridge between US treasuries and stablecoins.
The RWA tokenisation market is forecasted to be a $16 trillion market by 2030.
Expanding Ethereum’s Frontier: The EigenLayer Ecosystem:
Restaking on EigenLayer has spurred the growth of the liquid restaking and liquid staking token finance (LRTfi) sectors.
Ether.fi and Renzo collectively control 70% of the market share in the LRTfi sector.
New Development of Bitcoin L2s:
Bitcoin has regained community interest due to various catalysts.
Sidechains and rollups are key areas of development to improve Bitcoin's scalability and functionality.
The TVL of sidechains surged by 181% year-to-date.
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Alpha Navigator:
Asset classes were mostly down in April, yet cryptocurrencies posted significant positive year-to-date gains.
BTC correlations with equities dropped in the past month. Its correlation with Gold was negative in April.
Crypto Conferences Calendar:
Check out the upcoming crypto conferences and events for networking and learning opportunities.
Economic Calendar:
Stay up-to-date with the latest economic events and their potential impact on the crypto market.
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Best regards,
Research & Insights Team
Crypto.com