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The month of April brought with it a scenario of retraction in the cryptocurrency and non-fungible tokens (NFTs) market. The data points to a period of slowdown in digital asset transactions.

With reduced trading activities, major crypto players and platforms have faced substantial drops in transaction metrics, indicating a reconfiguration in market dynamics.

Data from centralized exchanges (CEXs) revealed a significant drop in spot trading volumes, which decreased by 35.7% from March to April, totaling US$1.6 trillion.

Binance, the sector leader, was responsible for 43.7% of this volume, equivalent to approximately US$699.25 billion.

At the same time, the NFT sector also suffered a slowdown, with sales reducing to US$1.15 billion in April, a drop of 31.26% compared to the previous month.

Slowdown in NFT sales

NFT sales also faced a significant drop, totaling $1.15 billion in April, a 31.26% decrease compared to the previous month.

Furthermore, the number of active buyers and sellers of NFTs has decreased considerably, with a drop of 51.88% and 45.72%, respectively. However, even in crisis, Bitcoin emerged as the leader in NFT sales, generating US$597.62 million in transactions. However, there was a decrease of 4.3% compared to March.

On the other hand, Ethereum and Solana experienced steeper declines, with sales of Ethereum-based NFTs falling 56.8% and Solana-based sales falling 39.4%.

Certain Bitcoin collections bucked the general trend, with a 16.91% increase in sales for the Uncategorized Ordinals collection and an exponential 25,796% growth in sales for the Bitcoin-based WZRDs collection.

Additionally, Ethereum had the most expensive sale of the month, with Cryptopunk #635 raising $12.4 million.

Drop in NFT sales reflects current market

Although April was a challenging month for the crypto market, it is important to note that some collections and blockchains saw increases in sales. This dynamic suggests that despite temporary dips, demand for digital assets could recover over time.

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