The month of April has been relatively neutral for cryptocurrencies. While several altcoins have increased by more than 100%, Bitcoin (BTC) has dropped slightly. Furthermore, the increases are still decidedly lower than those of March, in which five coins increased by more than 500%.
The ten coins that increased the most in April are:
DOGE – 484%
BTG – 132%
KCS – 145%
ETC – 144%
SOL – 141%
ZEN – 138%
XRP – 136%
VET – 127%
MKR – 104%
MATIC – 102%
DOGE is a cryptocurrency that is based on the “doge” meme. While it was initially created as a joke, it began gaining popularity with various celebrities, including but not limited to Elon Musk, and increased considerably in April.
So far, its main use case has been for tipping in online communities such as Reddit. Despite not having an important use case nor offering anything particularly new to the blockchain industry, DOGE has been known to have significant pumps during its market cycles.
On April 25, it was listed on the Bitrue exchange.
As for its price movement, DOGE has been decreasing since reaching an all-time high price of $0.45 on April 16.
Nevertheless, it seemingly reversed its trend on April 23 and is still expected to gradually increase towards a new all-time high price.
Bitcoin Gold (BTG)
BTG is a BTC fork that was created in October 2017. The fork transpired on block 419,406.
While it shares many similar fundamentals with BTC, the main difference is the allowance of mining with normal GPUs rather than more specialized ASICs. GPU mining rewards are distributed more evenly since the barrier to entry is fairly low and quite accessible to everyone.
Therefore, BTG aims to restore decentralization to the Bitcoin network.
BTG has been moving downwards since April 11 when it reached a high of $119. So far, it has bounced at the 0.382 Fib retracement support level at $76. The next support is found at $63.
KuCoin Token (KCS)
KCS is the native token of the KuCoin exchange. It was first launched in 2017. It allows traders to draw value by sharing revenue, which is done in the form of a daily dividend. Users that hold a significant number of KCS receive daily dividends from the daily trading fees of the exchange.
The exact amount of the dividend depends on the KCS holdings and the daily trading volume on the exchange. Furthermore, users that use KCS to pay the trading fees on KuCoin are subject to significant discounts of up to 80%.
KCS has been moving downwards since April 10 but managed to bounce on April 17, potentially completing a fourth wave pullback.
Ethereum Classic (ETC)
ETC is an Ethereum fork that launched in July 2016. It was created as a result of a disagreement between participants on the ETH network. More specifically, the disagreement was about the way in which a hack should be handled and if the blockchain should be reverted or not in order to neutralize its effects.
Its initial appeal was mainly with those that were not in agreement with the response of Ethereum. However, it has since gained a wider following, as noted by the fact that it’s listed as one of the investment funds by Grayscale.
ETC has been decreasing since April 17 but managed to bounce at the 0.618 Fib retracement support level at $25 on April 23. It has been moving upwards since.
SOL was launched in March 2020, even though the idea for the project began in 2017. Similar to ETH, the SOL protocol allows for the creation of decentralized applications (dApps). One of the most unique facets of SOL is its proof-of-history consensus mechanism.
A long-term focus for the Solana Foundation remains increasing the accessibility of decentralized finance (DeFi) worldwide.
SOL has been increasing parabolically since April 17 and has moved above the 2.61 external Fib retracement resistance. It managed to reach a new all-time high price on April 27. The next closest resistance is found at $52.50.
ZEN was first launched in May 2017. It’s supported by a decentralized infrastructure of more than 40,000 nodes, which allows for the creation of multiple sidechains. While they are pegged to the original blockchain, they can run simultaneously to it.
The main chain uses proof-of-work technology while sidechains use proof-of-stake technology.
ZEN focuses on data privacy and allows businesses and entities to build their own blockchains using the aforementioned sidechain technology, known as “Zendoo.” It was listed on LBank on April 21.
ZEN has been increasing since April 18 after bouncing at the $86 support area. However, it has potentially created a double top pattern.
XRP is the native token of the RippleNet payments platform.
The aim of the company is instantaneous money transfers globally. XRP is intended to eventually act as an alternative to current payment systems such as SWIFT.
Similar to KCS, XRP seems to have completed a fourth wave pullback and is now aiming for new highs.
VeChain (VET) was initially launched in June 2016. It’s a blockchain application platform that aims to create an ecosystem to help solve important supply chain management issues.
VET is one of the two native tokens of the blockchain (alongside VTHO) that are used to create value. Its model is appealing to businesses that are looking to reduce supply chain friction.
VET has been moving downwards since April 17. While it initiated a bounce once it reached the 0.5 Fib retracement support at $0.146, it’s still trading below the $0.225 resistance area.
MKR is the governance token of Maker Protocol and MakerDAO. It allows users to manage and issue the DAI stablecoin. It was first launched in 2017.
While MKR tokens do not pay dividends, they give voting shares over the development of Maker Protocol to holders.
The Maker ecosystem was one of the pioneer projects of the DeFi scene.
MKR has been increasing since breaking out from a descending resistance line on April 12. Shortly after, it managed to reclaim the $3,050 area.
The next closest resistance is found at $5,245.
Polygon is a platform built on the Ethereum blockchain. Its uses allow for the transformation of ETH into a multi-chain system, similar to those by Cosmos (ATOM) and Avalanche (AVAX). In addition, it has the built-in advantages of Ethereum’s security and ecosystem. Furthermore, it provides its own wallet, used to store cryptocurrencies.
Polygon aims to connect different blockchain networks that are Ethereum-compatible.
MATIC, the native token, exists to help secure the system and enables governing rights.
MATIC has been increasing parabolically since breaking out over a descending resistance line on April 26. In only two days, it managed to move upwards by 134%. It reached a new all-time high price of $0.8972 on April 28.