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Ether Holds Up Despite Correction in CoinDesk 20: CoinDesk Indices Market Update

Apr 29, 2024

As a researcher with experience in the cryptocurrency market, I find the recent bi-weekly market update by CoinDesk Indices (CDI) both intriguing and concerning. The CoinDesk 20 Index (CD20), which tracks the top 20 digital assets, experienced a significant setback over the past week, losing 6.8% and bringing its monthly loss to a substantial 21%. Each asset in the index faced downward pressure, with Tuesday’s soft launch of spot bitcoin and ether ETFs in Hong Kong seemingly adding fuel to the fire.

Each bi-weekly edition of CoinDesk Indices (CDI) showcases the latest developments in the CD20 Index (the group of twenty leading cryptocurrencies in the benchmark CoinDesk 20 Index) and the CoinDesk Market Index (CMI), providing insights into the top performers and underperformers.

As a financial analyst, I’ve observed that CoinDesk 20 experienced a setback of 6.8% within the last week. Consequently, its total loss for April has escalated to 21%. All 20 assets in this index have followed suit with declines over the past seven days. The unexpectedly soft debut of spot bitcoin and ether ETFs in Hong Kong on Tuesday further intensified the downward trend.

Among the coins in the CoinDesk 20 index, Ether (ETH) experienced the least amount of decrease over the last week, with a loss of only 0.5%.
Ether Holds Up Despite Correction in CoinDesk 20: CoinDesk Indices Market Update
In contrast, it was the alternative Layer 1 platforms that suffered the greatest losses. Specifically, Solana (SOL), Cardano (ADA), and Aptos (APT) each saw declines of over 10%, positioning them as the least resilient in this sector.
Ether Holds Up Despite Correction in CoinDesk 20: CoinDesk Indices Market Update

CoinDesk monitors around 20 leading digital assets that can be invested in through various platforms. The entire CoinMarketInsights (CMI) index encompasses approximately 180 tokens, grouped into seven primary categories: currencies, smart contract platforms, Decentralized Finance (DeFi), culture and entertainment, computing projects, and digitization solutions.

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2024-04-30 19:09