With Kraken’s latest report, will the global crypto market continue its upward momentum in May?

To help crypto asset users understand the ever-volatile crypto market, global crypto asset exchange platform Kraken recently released its monthly Crypto Market Watch report for April 2021 .

To help crypto asset users understand the ever-volatile crypto market, Kraken, a global crypto asset exchange platform, recently released its monthly Crypto Market Watch report for April 2021.

This 22-page report succinctly documents the broad bullish and bearish sentiment in the global market for Bitcoin, Ether and other crypto markers (e.g. Uniswap (Uni), Binance Coin (BNB), Dogecoin (Doge), Cardano (ADA), XRP, etc.), as well as the performance of NFT and four weeks of DeFi trading activity.

According to Kraken, April in general meant a positive month for the crypto world, with almost all of the top five crypto assets recording gains and reaching impressive all-time highs, as briefly described in the Kraken report below.

What can we learn from BTC’s April performance?

According to this report, BTC experienced an extremely volatile April. It was during this month that the groundbreaking cryptocurrency ended a six-month winning streak. Early in the month, BTC broke another milestone market cap record of $65,000, wowing users, before dropping a staggering 28% to a low of $47,000 just four days before the end of April.

With Kraken's latest report, will the global crypto market continue its upward momentum in May?

For the first time in three years, BTC has shed its dominance of 50% of the market, with several major crypto markers rising to the challenge in a booming boom season. All of these indices point to a trending revolution in holding BTC, with most new entrant buyers being large, long-term investors and large companies interested in holding the asset.

And relative to short-term holders, Bitcoin may no longer be the right asset choice for investors seeking short-term appreciation and quick liquidation, as crypto assets and their new cohort of significant market holders are comfortable with small growth and incremental long-term rallies.

For a full comparative analysis, BTC’s activity must be compared to other important crypto markers in the market

Ether’s Unreal Show

Ether experienced a seven-month winning streak in April. By the end of April, ETH had reached an all-time high of $2,800, the second most successful crypto asset in the crypto market, and its volume had increased by 60%.

With Kraken's latest report, will the global crypto market continue its upward momentum in May?

This is not surprising, as Ether offers flexibility and security for crypto applications, and Ether is still the most commonly used blockchain .

Ether saw the Berlin hard fork and now the development of the London hard fork, as well as the Canadian ETF, all to meet the growing needs of traditional banks and other financial companies. It’s safe to say that Ether has had a busy April and a successful one this year, setting the tone for continued success in May.

Will Cardano be any better?

With the success of its founding company IOHK’s historic partnership with the Ethiopian government, Cardano joined the High-Priced Asset Alliance with a top price of $1.55 moments before the end of the first half of the month.

With Kraken's latest report, will the global crypto market continue its upward momentum in May?

At the same time, it doubled its volume, growing by 155%.

Dogcoin’s Lunar Expedition

A 500% rise in value resulted in this crypto asset being just 5 steps away from hitting the moon in April. This time the value surged to a delightful market cap record of $42 billion, especially in the run-up to the infamous Dogeday celebration on April 21.

With Kraken's latest report, will the global crypto market continue its upward momentum in May?

By the end of April, Doge had become one of the most prosperous of all crypto assets, both in terms of value growth, market cap and watch rankings. The only thing of note is that the number of people who hold 65% of the Doge coins in circulation is only 107 .

Does Polkadot have a clue?

Like Bitcoin, Polkadot has seen its fair share of ups and downs in April, reaching an all-time high of an astounding $48.53 in the first few days of late April, yet then falling to a 60-day low of $26.50.

With Kraken's latest report, will the global crypto market continue its upward momentum in May?

Boca has gained tremendous market attention and announced several great advances in its programs . These include a $16 million investment series fund, of which it is the beneficiary. At the same time Polka established a temporary stable partnership with USD Tether.

What about Uniswap?

Another strong performing cryptocurrency is Uniswap (UNI), the largest exchange based in France broke through a peak of $44 and eventually reached a new high of $40.66.

With Kraken's latest report, will the global crypto market continue its upward momentum in May?

UNI had an active week in April’s most prosperous month, marking its 6th consecutive month of success with 1650%. With the help of transaction fees, this marker generated over $117 million in revenue, and we expect more boom weeks and possibly sequential growth for UNI in May with the launch of v3 on the Ether native mainnet blockchain .

How is NFT performing?

Kraken’s report shows that in sharp contrast to the high growth performance in March, the hype bubble around technology is starting to dissipate and this highly buzzed about art-themed underlying is showing a deflationary trend .

Despite the downward trend, many institutions have taken an interest in NFT, with Binance and Crypto.com launching their own dedicated NFT trading platforms, while IBM looks to launch its NFT-themed proprietary.

Summing up

The report shows that the crypto market continues to show potential and reveals an underlying trend where short-term liquidity bitcoin owners are converting their assets to highly volatile crypto underlyings. Because its short-term trading is not favorable, the BTC market will continue to test people’s endurance.

There are a range of underlyings and DeFi available depending on the prospect of risk-reward, capitalization and other activity around crypto assets. The crypto market is developing a model that can be analyzed alongside traditional markets to understand the interplay between the two.

According to Kraken, the ultimate choice of the market is the choice of the user and the market is preparing for an impressive upward trend in May .

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/with-krakens-latest-report-will-the-global-crypto-market-continue-its-upward-momentum-in-may/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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