It’s been a rollercoaster of a ride for the cryptocurrency market this past month, with the overall valuation rocketing towards $200 billion before tragically getting knocked back down again.
April started off exceptionally well, with Bitcoin (BTC) surging over 30 percent from $4,000 to over $5,000 in the space of just two days. Over the next week, it continued to grow, eventually reaching $5,380 on April 11th. The rest of the market followed suit, with Ethereum (ETH) climbing from $140 to over $180 and XRP jumping from 30 cents to 36 cents.
Since then, however, a series of setbacks have slowed the meteoric rise that many hoped would mirror the epic bull run of 2017.
China Investigates Banning Crypto-mining
On April 10th, China revealed that it may consider an outright ban on cryptocurrency mining due to the lack of regulations and ever-increasing energy requirements. The Chinese National Development and Reform Commission (NDRC) will make a final decision regarding the matter on May 7th.
Soon after, on April 12th, the cryptocurrency market shed almost $20 billion, with Bitcoin dropping to around $5,000. The bulls fought back, though, and an extended upward trend slowly dragged the market towards $180 billion with BTC briefly touching $5,600.
The New York Attorney General investigates Bitfinex
On April 26th, major cryptocurrency exchange Bitfinex was accused of using Tether (USDT) tokens to cover up to $850 million worth of missing client funds linked to a Panamanian money-laundering scandal. Despite mounting evidence, Bitfinex has repeatedly denied the allegations and the investigation is ongoing.
The crypto market responding by collapsing back down to $160 billion, with Bitcoin losing 20 percent and almost falling below $5,000 again. It has since managed to regain a level position around $5,200.
So who are the biggest winners and losers?
Throughout the month, Bitcoin Cash (BCH) has managed to secure the most gains, growing from a monthly low of $165 on April 1st to an incredible high of $336 a few days later. It has since retraced to current levels of approximately $257 but still maintains the highest monthly gains out of all the top 10 coins, with an incredible 53 percent growth.
Stellar (XLM), on the other hand, has had the worst month out of the top 10 coins. The asset has consistently struggled to hold on to its place in the top 10, fighting with Cardano and Tron for ninth and tenth position. While it now sits happily in ninth place, it is down by almost ten percent since the month began. After an impressive start that saw the price grow from $0.10 to almost $0.14 on April 9th, XLM started dropping and hasn’t stopped since. It has now fallen below the $0.10 level and is fighting to hold itself just above $0.09.