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Binance Report: Total Cryptocurrency Market Cap Dropped 11.3% in April

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2024-05-07 07:12:37
On May 7, Binance Research Institute released its April crypto market report, with the following key points:
The total cryptocurrency market cap fell by 11.3% in April, mainly due to changes in interest rate cut expectations, geopolitical risks, and a slowdown in spot Bitcoin ETF traffic.
The total supply of dollar-anchored stablecoins has reached a two-year high. The supply of USDT and USDC has been steadily increasing, indicating continued capital inflows into the crypto market.
Most of the top ten tokens by market cap ended the month in decline, while TON and BNB were up 1.0% and slightly down 1.4% respectively. ETH and BTC both lost around 8% in April, and XRP and SHIB were down 17.1% and 19.2% respectively this month. DOGE, ADA, SOL, and AVAX were down around 30% at the end of the month.
In April, the overall TVL of DeFi decreased by 0.7%. Among the top ten blockchains, Merlin Chain TVL grew the fastest, increasing by 1000%, and TVL exceeded $1 billion;
The NFT market also declined in April, with total monthly sales down 21% to $1.11 billion. Four of the top five NFT series by sales that month belonged to the Bitcoin ecosystem.
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