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Alternative cryptocurrencies shone brightly in April, as the markets regained poise following a miserable first quarter.
In a sign of that recovery, the value of the total crypto market increased by 63 percent to $ 431 billion, according to CoinMarketCap, and as the final tallies trials, there were gains to be experienced.
While bitcoin appreciated by 32 percent, the bitcoin dominance rate, which tracks the largest cryptocurrency's share of the total market, fell from 45 percent to 36.9 percent.
Still, big-name coins like ethereum (ETH), Ripple (XRP) and litecoin (LTC) more or less flatlined, meaning money was probably rotated out of large-cap cryptocurrencies and into shallower markets.
Bigger from the decline.
Monthly top performers
EOS
Monthly performance: +193 percent
All-time high: $ 22.89
Opening price on April 1: $ 6.00
Closing price on April 30: $ 17.58
Current market price: $ 17.58
Rank as for market capitalization: 5
EOS almost scored at April 22, beating the previous record of $ 18.67 on Jan. 13. Daily trading volume also surged 915 percent month-on-month in April, adding credence to the rally in prices.
The cryptocurrency gave all the right signals in April. The price is expected to be lower than the month of the year.
Further, the Block.one joint venture and the talk of Upbit – one of the biggest cryptocurrency exchanges in South Korea, may have been added to the positive sentiment.
TRON
Monthly performance: +176 percent
All-time high: $ 0.30
Opening price on April 1: $ 0.033955
Closing price on April 30: $ 0.093777
Current market price: $ 0.090563
Rank as for market capitalization: 9
Tron's (TRX) near 90-degree rally in April could be associated with the increased interest in the investor community about a blockchain upgrade, one that could see Tron finally migrated from age to long-awaited TRX mainnet.
Tron founder Justin Sun believes's TRX will pose a serious threat to larger, although investors stand divided on the issue. Nevertheless, the mainnet
Additionally, on April 21, Tron representatives announced to 30 million TRX airdrop to the ethereum community, although it is not clear if the news pushed up TRX prices.
As of writing, TRX is changing hands at $ 0.09 on Bitnance. Break in the technical chart below.
Cardano
Monthly performance: +126 percent
All-time high: $ 1.33
Opening price on April 1: $ 0.15
Closing price on April 30: $ 0.34
Current market price: $ 0.369254
Rank as for market capitalization: 6
Cardano (ADA) picked up bids in early April, tracking the broader market recovery and outperforming most of its peers.
As the reasons for the cryptocurrency exchanges – and to notable nod from CNBC, which highlighted the coin for investment.
Further, cryptocurrency exchange Binance added cardan-binance coin (ADA / BNB) and cardan-tether (ADA / USDT) trading pairs on April 19.
Skydivers via Shutterstock
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