In April, it's worth keeping an eye on BTC, XRP, ADA, SHIB, and HBAR, as they are among the top cryptocurrencies. The global crypto market currently sits at a $1.1 trillion valuation. However, this year, the market cap of all cryptocurrencies except Bitcoin has lagged behind due to the impressive performance of Bitcoin's price. Despite this, technical indicators suggest that the total crypto market cap may see positive movement.
Altcoins are expected to catch up to Bitcoin's growth rate, which could lead to substantial price increases in April 2023 for XRP, Cardano, Shiba Inu, and Hedera Hashgraph. The bullish divergence suggests that there is potential for an increase in the market cap of all cryptocurrencies. For a more comprehensive understanding of the potential cryptocurrency trends in 2023, we recommend reading a detailed analysis.
Bitcoin (BTC) ：
currently boasts a market cap of $549 billion and a 24-hour trading volume of $16 billion. The world's most prominent cryptocurrency has surged to a ten-month high, reaching levels of $29,000 and maintaining a steady trading price above $28,400 as of the time of writing. However, once Bitcoin failed to overcome significant resistance levels, its price began to decline. Despite this setback, BTC has rebounded to the immediate resistance level of $29,000 and is presently trading in the $28.5K to $28K range.
Ripple (XRP) presently holds a market cap of $26 billion, with a 24-hour trading volume of $2 billion. The Ripple vs. SEC case has gained significant attention from Crypto Twitter and the XRP community, with the focus on the winning strategy. While the top cryptocurrencies have been trading in the red, altcoins' prices have surged, making them the best performers over the past two weeks.
In addition, there has been a significant increase in whale activities near XRP. As a result, XRP has reached a ten-month high of $0.58, a price point it hasn't achieved since May 8, 2022. Furthermore, the XRP community's market dominance has experienced a notable surge.
Cardano (ADA) currently holds a market cap of $13 billion and a 24-hour trading volume of $573 million. The bullish activity in the ADA market is driving significant price increases in the global cryptocurrency market. Additionally, the 4th largest altcoin is heading towards becoming a top chain that is compatible with the Ethereum Virtual Machine. This is due to the upcoming release of a new feature that will enable users to use an EVM contract directly from any ADA wallet with ease.
Shiba Inu (SHIB)
Shiba Inu (SHIB) currently holds a market cap of $6 billion and a 24-hour trading volume of $192 million. Despite the anticipation of a meme token price surge from the SHIB army, the coin's performance has been underwhelming. However, there is potential for a bull run in the near future due to a recent on-chain development. On March 20, SHIB experienced the largest spike in token age consumed this year, indicating positive market activity.