Author: Frank, PANews

After experiencing a severe market adjustment in the early stages, the cryptocurrency market in April seems to be blowing a warm breeze. Although mainstream assets like Bitcoin are still seeking direction within a range, the altcoin sector has shown certain signs of recovery, and market sentiment has eased compared to before. In this month (from April 1 to April 28, 2025), how did various tokens perform during the market rebound? Which sectors and ecosystems are more resilient? PANews analyzed the data from mainstream USDT spot trading pairs on Binance to reveal the true picture of the recent market.

Data Explanation: This study is based on USDT spot trading pairs on Binance, combined with basic information such as token classification and market capitalization provided by CoinGecko, including a total of 397 valid tokens for analysis. The time frame is from April 1 to April 28, 2025. The price change is calculated based on the starting price (opening price on April 1) and the ending price (closing price on April 28) during this period.

Over 70% of Tokens Increased, but Overall Growth is Mild

From the overall data, the market in April indeed showed a certain pattern of broad-based growth. Among the 397 tokens we analyzed:

The average increase was 13.11%, with a median of 7.73%. This indicates that while the upward trend is the main theme, the overall increase is not strong, and most tokens have limited growth.

The proportion of increasing tokens reached 74.1%, with nearly three-quarters of tokens rebounding in April. The proportion of decreasing tokens was 25.7%.

However, looking at the overall increase, the tokens that experienced significant growth were still in the minority, with most tokens rebounding within a range of less than 50%. The proportion of tokens with an increase exceeding 100% was only 3.0%, totaling 12 tokens, and among them, 6 were newly listed on Binance in April, so their price changes are calculated based on the opening price, making their growth appear higher than it actually is. The proportion of tokens with an increase between 50% and 100% was 3.3%. The highest proportion of tokens, at 67.8%, had an increase between 0% and 50%.

This set of data reflects that while market sentiment has warmed, it is still a distance away from a comprehensive "altcoin season" frenzy. The increase in most tokens is relatively restrained, and structural opportunities in the market seem to outweigh the broad-based growth.

Observing the growth rankings, several characteristics can be noted:

Small Market Cap Tokens Dominate: A large number of tokens in the top 20 belong to the small market cap (under 1 billion) or mid-market cap (1 billion-10 billion) categories, indicating that funds are seeking higher elasticity.

Signs of DeFi Recovery: DeFi projects like ALPACA, TURBO, and FIS appeared at the top of the rankings.

AI and Meme Popularity Remains High: VIRTUAL (AI), BABYUSDT (Meme), and PENGUUSDT (Meme) performed well, continuing the previous market enthusiasm.

Infrastructure and DEX: Several tokens from the infrastructure and DEX sectors also made the list.

Specific Ecosystems: The Solana ecosystem and BNBChain ecosystem contributed a significant number of tokens with high growth this month.

Yearly Differences: New Tokens Show Greater Growth, Older Projects Perform Worst

Additionally, this round of rebound has shown a trend where the market continues to "buy new, not old." The data shows that new coins launched in 2025 performed the best on average, with an average increase of 33.66%, significantly higher than other years. This indicates that the market's preference for new assets still exists. Tokens launched in 2023 and 2022 performed next best. Interestingly, although the number of tokens launched in 2024 was the highest at 63, their average increase was only 11.25%, performing mediocrely this month, with an average increase even slightly higher than older coins from 2019 and 2020. The tokens from 2017 had the lowest average increase, while those from 2021, the previous bull market, ranked second to last in terms of growth, possibly due to the larger bubble of bull market tokens or other reasons.

From this data distribution, tokens launched during the bear market of 2022-2023 seem to have more potential for future growth, while tokens from the bull market appear to lack long-term viability.

Infrastructure and AI Stand Out

From the sector classification, wallets, infrastructure (average increase of 27.38%), and AI (average increase of 21%) became the three sectors with the highest average increases this month. However, the wallet sector had only 4 tokens in the sample, and the overall increase was mainly driven by WCT, a newly launched project, suggesting that the true increase in the wallet sector may only be around 5%. Following closely are Meme and DEX, which correlates with the distribution of tokens at the top of the growth rankings.

DeFi, as one of the largest sectors, performed reasonably well on average. The Smart Contract Platform category, despite having many tokens, lagged in overall growth. The recently spotlighted RWA sector performed mediocrely this month. The worst performers were the Metaverse and Oracle sectors, although these two sectors had a relatively small sample size in this analysis.

Sui, Base, and Solana Ecosystems Show Greater Average Increases

Among different blockchain ecosystems, the Sui ecosystem had the highest increase. Although the number of Sui ecosystem tokens listed on Binance is small, the overall market data indicates that Sui indeed performed the best in this round of rebound. Following Sui are the Base ecosystem, Avalanche ecosystem, and Solana ecosystem, which showed relatively stronger average increase data in April. However, due to the limited data for Base and Avalanche, the actual performance of Base ecosystem tokens likely experienced a significant rebound, while Avalanche's true performance may be far below this data. The Arbitrum ecosystem follows closely behind. Meanwhile, Ethereum and BNBChain, despite having the most tokens, performed close to or slightly below the market average. The Polygon, Cosmos, and Polkadot ecosystems performed relatively poorly this month. However, this data only includes tokens listed on Binance, which may differ significantly from the overall data of tokens in each ecosystem.

Mid to Large Market Cap Tokens Perform Better on Average

In this analysis, PANews also included a dimension regarding the performance of tokens of different market capitalizations during this round of increase. Interestingly, contrary to the common perception that small market cap tokens have greater elasticity, the data from April shows that mid-market cap (1 billion-10 billion) and large market cap (over 10 billion) tokens had slightly higher average increases than small market cap (under 1 billion) tokens. This may suggest that in this round of rebound, funds are more inclined to flow into assets with a certain foundation and consensus rather than purely pursuing high-risk, high-elasticity small tokens. In terms of quantity, the majority of tokens on Binance are still small market cap tokens under 1 billion, totaling 242, accounting for 60%. Mid-market cap tokens follow with 116. Tokens with a market cap exceeding 1 billion are only 28. From this perspective, the overall token market remains relatively dispersed.

Overall, in this round of rebound in April, at least in terms of overall increase and the number of tokens with high increases, it may not have welcomed the major reversal that people hoped for. Another interesting phenomenon is that new tokens seem to gain more market favor, while tokens launched during the previous bull market are less favored. Additionally, mid to large market cap tokens generally had larger increases, but small market cap tokens seem to be more capable of generating high multiples of growth (among the top 20 tokens by increase, 12 tokens had a market cap below 1 billion). For investors, the current market may be more suitable for selecting specific tokens and sectors rather than expecting a comprehensive "altcoin season" broad-based growth.

(This article is based on historical data analysis and does not constitute any investment advice. The cryptocurrency market is highly volatile, and investment should be approached with caution.)

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