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

On May 7, Binance Research Institute released its April Crypto Market Report. The main points are as follows:

The total cryptocurrency market value dropped 11.3% in April. The main reasons for this include changes in expectations for interest rate cuts, geopolitical risks, and slowing spot Bitcoin ETF flows;

The total supply of USD-pegged stablecoins 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 value were in decline at the end of the month, with TON and BNB rising 1.0% and falling slightly by 1.4%, respectively. ETH and BTC both fell by about 8% in April, and XRP and SHIB fell by 17.1% and 19.2% this month, respectively. DOGE, ADA, SOL, and AVAX fell by about 30% by the end of the month;

DeFi's overall TVL fell by 0.7% in April. Among the top ten blockchains, Merlin Chain TVL grew the fastest, with an increase of 1,000% and a TVL of over $1 billion;

The NFT market also declined in April, with total monthly sales falling 21% to $1.11 billion. Four of the top five NFT series in terms of sales that month belonged to the Bitcoin ecosystem.