Bitcoin experiences its first monthly decline since August 2023, ending a seven-month streak of gains.

The price of Bitcoin appears to be set to close down by about 12% at the end of this month, lower than its price at the beginning of the month, ending the digital asset's continuous upward trend that started in early September 2023 and lasted for 7 months. Bitcoin's price was around $70,000 at the beginning of April, but as the end of the month approaches, it is currently hovering above $61,000. According to COINGECKO data, April 2024 will be Bitcoin's first monthly decline since August 2023 and the largest single-month drop since June 2022. At that time, Bitcoin's price was around $31,000 at the beginning of the month but fell to $21,000 by the end of the month. The recent decline in the cryptocurrency market has led to more negative returns relative to positive returns, affecting traders' risk appetite. NANSEN's Chief Research Analyst AURELIE BARTHERE stated that the market is expected to recover after a period of stagnation, possibly focusing on major tokens. She noted that the peak in cross-chain fees aligns with crypto price trends, reflecting the continued growth of the crypto ecosystem, with SOLANA and BASE performing well in terms of fee market share.