- April has been a great month for cryptocurrencies as major digital currencies are riding the wave of the bullish market to make significant gains.
- Despite the uptrend, some cryptocurrencies have failed to make any gains and have instead slumped significantly since the start of the month.
- THETA, Klaytn, Kusama, Hedera Hashgraph are among the popular coins that have made losses since the end of March.
- Lesser-known coins like Olyseum and Sting have continued on their poor run into April, recording huge losses.
The crypto space has been enjoying a major boom in prices and virtually all the top cryptocurrencies have gained significant value in April. The spike in prices has left the market capitalization of the industry at a mind-boggling $1.90 trillion, almost scratching the $2 trillion mark.
The massive interest by large corporations like Tesla (NASDAQ:TSLA) and Wall Street investment banks and the growing number of retail investors in the industry has resulted in the recent price rally.
Despite the optimism, some cryptocurrencies are experiencing a major blight as they have failed to capitalize on the forward momentum of the general market. The following cryptocurrencies have all made losses of over 10% of their market value since the start of April.
Olyseum
Olyseum (OLY), the collaborative platform that allows fans to earn rewards for their engagements with celebrities tops the list of the biggest losers amongst cryptocurrencies after it notched losses of 92.63%.
The substantial losses recorded by Olyseum saw the coin trade at $0.06142 to reach its all-time low 5 days ago. At the moment, Olyseum has a market capitalization of only $113,813.47, threatening to sink further.
Hedera Hashgraph
Hedera Hashgraph’s drop in prices by as much as 22.06% has seen the coin rank at 48 amongst cryptocurrencies by market capitalization. At the moment, Hedera Hashgraph trades at $0.3308 and market activity around the falling coin hovers around $243 million in the last 24 hours.
With a market capitalization tightly pegged at $2.6 billion, the network that allows users to create decentralized applications will be hoping to turn around this negative streak.
On the Flipside
- BitTorrent tops the list of performing cryptos with a gain of 238.93% in April.
- Lesser-known coins outside the top 20 top cryptocurrencies such as Cashhand, KIMCHI.finance and DREP recorded jaw-dropping gains of 38,751%, 21,295% and 10,231% respectively.
- Canada’s success with the Bitcoin ETFs could be a major incentive for the US to follow suit.
- A number of firms have applied for the license to float their Bitcoin ETFs by the Securities and Exchange Commission.
Kusama
Hot on the heels of Hedera Hashgraph is Kusama (KSM), who recorded a streak of negative 22.05% since the start of April to trade at $440.35.
The slump in prices for the experimental version of Polkadot has caused trading volume to fall by as much as 35% since the early days of April to $266 million, with a current market capitalization of $3.7 billion.
THETA
THETA has failed to make significant gains during the recent price rally of major cryptocurrencies. Instead, the crypto has gone on to record losses of 13.21% just after hitting an all-time high of $14.99 11 days ago.
At the moment, THETA trades at $11.77 and has a market capitalization of $11.7 billion placing the coin at a respectable 12th place among other cryptocurrencies.
Klaytn
Klaytn’s recent impressive run of form seems to have come to an abrupt end after it reached its new all-time high of $4.38 four days ago. Since then, things have spiralled out of control for the revolutionary crypto as it has gone on to shed 11.77% of its market value.
At the moment, Klaytn is ranked as the 18th largest cryptocurrency with a total market cap of $8.9 billion and is battling with Tron for 17th place.