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Top 5 Cryptocurrencies to Watch in April

Top 5 Cryptocurrencies to Watch in April

A dynamic macro landscape and various events to consider, ranging from hard forks to lawsuit settlements, make the market particularly hectic. Here's 5 cryptocurrencies that you should absolutely keep track of in April.

Bitcoin and Ethereum: Macro Factors, Performance and Upgrades

Investors have been seeking safe havens amid ongoing inflationary and macroeconomic headwinds in March, and the demand for Bitcoin and other cryptocurrencies as stores of value has been growing. Bitcoin (BTC) has seen a significant increase in value, recently trading at around $28,500, up over 21% this month. BTC has outperformed traditional assets like the S&P 500 and Nasdaq, with the tech-focused Nasdaq rising just over 4% for the month.

Macro Landscape Driving Alternative Money

According to Greg Magadini, director of derivatives at crypto analytics firm Amberdata, the macro landscape has been “extremely constructive for ‘alternative money’ in March.”

BTC and gold have both seen explosive upside volatility as a result of recent events in the market. Magadini believes that the recent volatility in BTC’s options market following the implosion of crypto-friendly banks, such as Silvergate and Silicon Valley banks, differs significantly from the more dramatic shifts following the collapse of exchange FTX and other crypto calamities last year.

Ethereum Network Upgrade

The Ethereum network is set to undergo the Shapella network upgrade on April 12 at epoch 194048. This upgrade will enable validators to withdraw their stake from the Beacon Chain back to the execution layer, which could cause a large number of ETH to become unstaked. The Ethereum price has been moving decisively bullish, with the price rising rapidly since March 10 and reclaiming the $1,700 support area on March 17. The daily RSI has broken out from its bearish divergence trend line and moved above 50.

Price Movement of Ethereum

If the increase in price continues, the ETH price could move toward $2,000. However, if the price closes below $1,700, it would invalidate the bullish structure and could cause a drop to the $1,450 support.

The growing demand for cryptocurrencies, particularly Bitcoin and Ethereum, as safe havens amid economic uncertainty has led to their impressive performance this month. While Bitcoin continues to experience explosive upside volatility, Ethereum’s upcoming Shapella network upgrade and bullish price movement have investors optimistic about its potential.

EOS: Launch of Ethereum Virtual Machine (EVM) with $20M Investment

The EOS Ethereum Virtual Machine (EVM) will launch on April 14, allowing instant access to code libraries and popular toolkits. EOS Network Ventures has committed $20 million in capital to develop applications and gaming products on the EOS network after the launch. The EVM will offer more than 800 swaps per second, making it the most performant EVM available. With this new development, EOS EVM and GameFi projects will have the most funding available for builders, attracting more developers to the EOS blockchain.

EOS Price Analysis

The EOS price follows a descending resistance line in place since August 2022. If it breaks out, it could move to the next resistance at $1.50. However, if the price gets rejected again, a drop to the short-term ascending support line at $0.96 could follow.

READ MORE: Bitcoin’s Ups and Downs: A Look at Price Movements and Market Trends

XRP: Uncertainty over SEC v. Ripple Lawsuit Outcome

XRP holders are uncertain about the outcome of the SEC v. Ripple lawsuit. XRP holders in the community expected a ruling on the case on March 31, based on the prediction of legal counsel Stuart Alderoty. However, Ripple proponent John Deaton informed the XRP Army that the ruling may come two months later. Deaton ranked the different outcomes in the SEC v. Ripple lawsuit from best to worst for the payment firm, with an outright win for Ripple being the best and Judge Torres granting a summary judgment in favor of the SEC being the worst.

XRP Price Analysis

After yielding nearly 21% gains for holders over the past week, the XRP price nosedived to support at $0.51. The altcoin’s recovery could push it back to the $0.54 level, the 24-hour high for XRP. Interestingly, there was a massive surge in XRP trade volume across Korean exchanges Bithumb, Upbit, and Korbit, ahead of this decline. Whale holdings for the altcoin increased consistently, signaling that large wallet investors are “buying the dip,” which can be perceived as a bullish sign.

IoTeX: Hard Fork to Go Live on April 4th

IoTeX, a blockchain network that provides decentralized infrastructure for the Internet of Things (IoT), is set to undergo a hard fork on April 4th. The hard fork will be activated at block height 22,991,401, and it is expected to introduce a range of new features to the network.

Introducing Soulbound Tokens for Community Governance

IoTeX has become one of the first blockchain networks to introduce the use of Soulbound Tokens (SBT) to reward their community members for participating in DAO Governance proposal voting. This new development is a significant milestone for the network as it rewards community members for participating in the decision-making process and ensures that the network is governed by a diverse range of stakeholders.

READ MORE: AI Ethics Group Files Complaint with FTC Against OpenAI’s GPT-4

Staking IOTX Tokens for Enhanced Network Security

In a recent proposal vote, community members staked more than 141 million IOTX (approximately $3.5 million) in favor of the network’s IIP-13 to increase the IOTX staking ratio to enhance network security by expanding the number of validators that process transactions and maintain the blockchain. The proposal, which was voted in by 97% in favor, included natively adding support to represent staking buckets as non-fungible tokens so that liquid staking protocols can manage stakes through smart contracts.

Increasing Network Use Case for Developers

According to IoTeX CEO and Co-Founder Raullen Chai, this proposal vote was yet another step forward in his team’s commitment to continuing as Decentralized Physical Infrastructure Networks (DePIN) infrastructure providers. It follows the recent launch of W3bstream, the world’s first off-chain compute framework for smart devices and real-world data. The addition of liquid staking to the network potentially increases the staking ratio and improves the network’s use case for developers.

IOTX Price Analysis

The IOTX price bounced at the $0.022 horizontal support area on March 10 and has increased since. If the upward movement continues, the price could increase to the long-term descending resistance line at $0.030. However, if the digital currency closes below $0.022, it could decrease to a new all-time low.

Andrey Kunev

Reporter at CoinsPress

Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.

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