Solana

Bitcoin

Momentum

Base

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin seems to face its first monthly loss after seven months of consistent growth.</li>
 <li>Multiple factors are affecting Bitcoin’s bullish momentum, but market recovery is anticipated.</li>
</ul>
<p>Bitcoin, the largest digital asset in terms of market capitalization, seems to be on track for its first monthly loss. This could potentially end a seven-month streak of closing each month with a higher value than it started.</p>
<p>In April, Bitcoin began with a price of around $70,000. However, as the month nears its end, it is hovering just above the $61,000 mark, indicating a monthly decline of over 12%.</p>
<h2 id="bitcoin-s-momentum-faces-challenges">Bitcoin’s Momentum Faces Challenges</h2>
<p>A combination of several factors has dampened the bullish momentum that propelled Bitcoin at the start of the month. These include a slowdown in demand for spot exchange-traded funds, the prospect of higher-for-longer interest rates, and a broader risk-off sentiment pervading equity markets.</p>
<p>According to Aurelie Barthere, a Principle Research Analyst at Nansen, the recent downturn in the cryptocurrency market has resulted in a disproportionate number of negative returns relative to positive ones, affecting traders’ risk-on sentiments.</p>
<h2 id="market-recovery-anticipated">Market Recovery Anticipated</h2>
<p>Despite the downturn, the analyst at Nansen anticipates a market recovery following a period of subdued activity. This recovery could potentially focus on major tokens.</p>
<p>“Our on-chain analysis reveals sustained growth in the crypto ecosystem, exemplified by the peak in cross-chain fees aligning with crypto price movements. Notably, Solana and Base exhibit promising gains in fee market share,” she noted.</p>
<p>Over the past 24 hours, the price of <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> has decreased by around 1.45%, trading at $61,689. The GM 30 Index, representing a selection of the top 30 cryptocurrencies, has decreased by 2.6% to 126.45 during the same period.</p>

Bitcoin’s Value Heads for First Monthly Decline Since August

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