Outperforming Dogecoin: The Most Profitable Cryptocurrency in Early April 2023

The value of the cryptocurrency Dogecoin surged approximately 30% on Monday, April 3, 2022. This surge occurred after Twitter CEO Elon Musk changed the Twitter logo to an image of a Shiba Inu dog, which is the Dogecoin logo.

However, in the week leading up to this, Dogecoin's strengthening was less significant compared to Solar.

According to CoinMarketCap data, in the week leading up to April 4, 2023, at 12:00 WIB (Western Indonesian Time), the value of the Solar cryptocurrency had increased by 190%.

Meanwhile, Dogecoin only strengthened by approximately 31% in the same week.

Other cryptocurrencies that strengthened significantly during the same period include Injective, Frax Share, Stellar, Conflux, Hedera, Render Token, Lido DAO, and THORChain, with details as shown in the graph.

Throughout March 2023, Bitcoin was the top gainer in the global cryptocurrency market, strengthening by 19.2% in one month.

According to analysts from Forbes Advisor, the cryptocurrency market in March 2023 was heavily influenced by sentiment surrounding the crisis affecting major banks in the United States and Europe.

"In March, the crisis involving Silicon Valley Bank, Signature Bank, Silvergate Capital, and Credit Suisse sparked concerns about the stability of the banking system. The banking crisis also dramatically altered investor expectations regarding interest rates," said a Forbes Advisor analyst in the April 2023 Crypto Market Forecast on Monday, April 3, 2023.

Macroeconomic issues are also predicted to continue influencing the cryptocurrency market throughout April 2023.

"For April, cryptocurrency investors will focus on monitoring liquidity issues in the financial sector, regulatory developments, and developments in inflation and labor market data," they added.