Thomas Stearns Eliot might have been right regarding April 2018 being a very cruel month, but April was indeed a great month for the crypto market. At the beginning of April, the general market capitalization for digital currencies was soaring at $263 billion. There were also threatening rumors that Bitcoin – the original digital currency that accounts for a greater percentage of the total volume of trade in the crypto market – was nearing a bottom.
The Contagious Decline in Value
The dramatic decline in values was an infection that spread from Bitcoin to other digital currencies. The value of Ethereum went below the $400 mark (which is its lowest value since November last year), and Ripple (the third leading and valuable digital currency) also experienced a historical decline. Tax-related sell-offs by traders greatly contributed to this issue.
The Survival of the Crypto Market
After all the challenges, the crypto market survived, and April’s ending looks happier. According to coinmarketcap.com, the total market value for digital currencies is $424 billion, as of May 1, 2018. On the basis of percentage, the total amount translates to an upsurge of 61 percent within the month of April.
That value appears to be impressive and appealing when you consider that the crypto market lost 40.3 percent of its total value in the month of March. The value of Bitcoin has scaled over $9k, a value it crossed in December last year. Other digital currencies are also experiencing an upward trajectory. Even the trading value of Bitcoin’s futures recently broke records on Cboe.
Is It Time To Start Celebrating?
It is not yet time to start celebrating. The reversal in fortunes in the crypto market doesn’t have the same momentum upsurge in the market last year December – when the value of Bitcoin skyrocketed to $20,000. In fact, besides the little increase on the 12th of April, the values of digital currencies have moved carefully as the negative sentiment waves surrounding bitcoin, as well as other digital currencies, subsides.