Several important records were broken in the cryptocurrency world in April. Lars Hoffman, researcher at The Block, has listed these on Twitter: https://twitter.com/lars0x/status/1388488874452787200
First, the total spot market trading volume on “legitimate” cryptocurrency exchanges has risen by a whopping 49% to an all-time high (ATH) of $ 1.58 trillion. Binance was responsible for a whopping 74.3% of the total.
Second, Hoffman reports that bitcoin (BTC) and ethereum (ETH) trading volume increased 37.3% in April to $ 792.5 billion. That means that almost half of last month was traded in other crypto, a clear sign of an altcoin season. Much of this was in stablecoins trading. The volume of this type of crypto increased 31.2% to $ 504.2 billion.
The bitcoin price settled a new ATH of $ 64,800 on April 14, but declined significantly in value thereafter. Only today has bitcoin recovered to the point it started in April. Ethereum, on the other hand, has rallied sharply in recent weeks, settling another new ATH near $ 3,200 this morning.
This difference is also reflected in the income of miners. Bitcoin miners’ revenues were down 2.5% to $ 1.7 billion in April, while ethereum miners saw an increase of 19.4% to an ATH of $ 1.65 billion.
Bitcoin futures trading volume fell 11.9% in April to $ 1.9 trillion, while ether futures rose 64.1% to an ATH of $ 873 billion. Finally, Hoffman reports that the volume of Grayscale’s (GBTC) bitcoin fund continues to decline, dropping 16.9% to $ 415 million in April. GBTC’s premium price has been negative for more than two months now.
Ethereum is going to outperform bitcoin this year, according to financial research company Fundstrat, but the company is also very bullish about bitcoin.