During the first half of April, major crypto assets such as BTC, ETH, ADA, DOGE, DOT and others hit their all-time highs before correcting in the second half of the month. The market sell-off caused a record-breaking $10 Billion futures positions being liquidated on 17 April.
As is usual with major corrections, a swift recovery followed, which stabilized Bitcoin above the $56,000 price level. Throughout the month, BTC’s dominance was gradually diminishing. It started the month at 56.74% and ended it at a 3-year low of 48.03%. The shift of the market dominance indicates that market participants are favoring DeFi assets and other altcoins over Bitcoin in the current phase of the market cycle.
The DeFi market outperformed the rest of the crypto market, posting a 19.80% return in April. The DeFi market also sparked interest among institutional firms in the past month. On 13 April, ConsenSys raised $65 Million from JP Morgan, Mastercard and UBS to build DeFi Infrastructure, exposing DeFi assets to professional investors as well.