SUPERNEWS

Crypto

NEAR Soars 24%, Leads CD20 Amid Market Swings

NEAR and SHIB lead gains in resilient crypto market, despite Bitcoin and Ether's downturn amid regulatory uncertainties.

By Bill Bullington

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4/26, 13:32 EDT
Bitcoin / U.S. dollar
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Key Takeaway

  • NEAR led CoinDesk 20 gainers with a 24% increase, highlighting its growth in the decentralized AI sector.
  • The CoinDesk 20 Index rose by 2.1% despite five tokens closing lower, showing overall positive market momentum.
  • Aptos was among the underperformers, losing 5.1%, indicating varied performance across digital assets.

Market Resilience Amid Volatility

The CoinDesk 20 Index (CD20) and the broader CoinDesk Market Index (CMI) have shown notable resilience in the face of market volatility. Despite choppy price action, the majority of assets within the CD20 closed higher than the previous week, with an overall gain of 2.1%. This performance underscores the underlying strength in the crypto market, even as individual tokens experience fluctuations. Near Protocol (NEAR) led the gains with a remarkable 24% increase, attributed to its recent initiatives in the decentralized AI space. Conversely, Aptos (APT) faced a downturn, shedding 5.1% of its value, alongside Filecoin (FIL) and Bitcoin Cash (BCH), which also saw declines.

Spotlight on Bitcoin and Ether

The crypto market witnessed a significant movement with Bitcoin dropping 4% to fall below the $64,000 mark. Ether followed suit, experiencing a 6% decrease. These movements reflect broader market trends, as the CoinDesk 20 Index also recorded a 6% loss. The downturn in Bitcoin and Ether prices came amid reports of the U.S. Securities and Exchange Commission's (SEC) expected denial of applications for spot ether exchange-traded funds (ETFs), further contributing to market uncertainties. This development, coupled with a decline in tech stocks after Meta's earnings report, has put additional pressure on the crypto market.

ETFs and Regulatory Developments

The performance of crypto-related exchange-traded funds (ETFs) has been mixed, with BlackRock's spot bitcoin ETF (IBIT) experiencing its first day without investor inflows since its launch, breaking a 71-day streak of inflows. Meanwhile, Fidelity's FBTC and the ARK 21Shares Bitcoin ETF (ARKB) saw inflows, contrasting with Grayscale's GBTC, which faced significant outflows. These movements highlight the shifting investor sentiment and the competitive landscape among crypto ETFs. Additionally, U.S. House Representative Maxine Waters' comments on the progress of a stablecoin bill indicate a potential regulatory shift that could impact the crypto market, emphasizing the importance of investor protection and the backing of stablecoins.