April turned out to be a bad month for altcoins and the broader cryptocurrency market in general. EXANTE's XAI index of popular altcoins fell 21,7% last month, amid a broader 18,3% decline in total cryptocurrency market capitalization to around $ 1,7 billion.
Concerns about tightening central bank monetary policy to tame inflation have seen major developed market government bond yields rise, increasing the opportunity cost of holding unprofitable assets such as cryptocurrencies.
Meanwhile, rising bond yields amid fears of a central bank tightening, as well as broader concerns about inflation and closures in China, weighed heavily on risk assets, with global equities plunging. This, in turn, weighed heavily on the still very risk sensitive cryptocurrency market.
But some alternative cryptocurrencies have, nevertheless, been able to counter the downward trend. Here is a list of ten of the most notable outperformers.
APE, the governance and utility token of Yuga Lab's APE ecosystem, surged in April ahead of Yuga Labs' launch of the “Otherside” metaverse on April 30. ApeCoin will function as the currency that powers the digital economy of the new metaverse.
APE / USD gained 57% from under $ 13 per token, to finish the month close to $ 20 per token.
However, it was a bad start to the month for ApeCoin, with the token already down more than 20% and back close to $ 15 per token.
Cryptocurrency analysts said traders were aggressively shedding long positions in the cryptocurrency after Yuga Labs announced details of how it would sell digital earth in the Otherside metaverse.
Non-fungible digital earth (NFT) tokens would cost 305 APEs (around $ 4.600, at the time of writing) instead of being sold in a Dutch auction, and traders said this reduced the need to hold ApeCoin as a result.
While APE / USD may be in trouble in the short term, investors will closely monitor the success of the new metaverse. If user numbers look promising in the coming weeks, investors may want to buy the APE / USD drop.
APE currently has a market cap of $ 4,38 billion.
2. KNC of Kyber Network
The governance and utility token of the Kyber Network liquidity aggregator, KNC, rose nearly 50% in April, from lows of less than $ 3 per token, to finish the month near $ 5.
Crypto analysts have cited the continued growth in total value of blocked trades (TVLs) within the Kyber Network ecosystem since the beginning of the year as the source of much of the recent token hike.
While April was strong, the KNC bulls will be disappointed that just two days into May, KNC / USD has already dropped more than 8% and it looks like it will soon test the $ 4 level.
KNC's market cap is currently just under $ 750 million.
3. GMT of STEPN
GMT, the native governance token of the popular and fast-growing move-to-earn platform STEPN - where attendees can by NFT trainers and then have their movement tracked to earn crypto - gained more than 40% in April.
STEPN saw massive growth in its daily active user (DAU) numbers last month, solidifying its status as the most popular name in the move-to-earn genre. He also managed to secure an NFT sneaker collaboration with ASICS.
GMT is now listed on most of the major cryptocurrency exchanges. GMT investors will remain focused on SAD numbers continuing to trend in a positive direction. If so, it may be a matter of time before GMT / USD rallies from current levels just below $ 3,50 per token to last week's highs just above $ 4,50.
GMT's market cap is currently just over $ 2 billion.