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Cryptomarket in May

Margareth Nail

This May Bitcoin kept disappointing investors. The price of the main cryptocoin firstly came to the psychological threshold of $10000 and then lowered to $7500 by the 31st of May. Obviously, Bitcoin’s loss in value automatically decreased the price of the rest big altcoins. How will we remember this crypto May, read in this article by Bitnewstoday.

The market has sunk

Over the past month, the cryptomarket capitalization decreased almost by one-third and by the 1st of June, amounted to $328,7bn. Moreover, on May, 29 the aggregate value of all coins fell below $305bn level.

Pic. 1 Cryptocurrency capitalization dynamics
Source: coinmarketcap

Altcoins’ capitalization excluding Bitcoin also declined by 30%.

Pic. 2 Altcoins capitalization dynamics
Source: coinmarketcap

Despite the price decline, Bitcoin increased its share on the market from 37,18% to 38,68% over the past month. Ethereum’s share grew up too, from 15,71% to 17,39%. But Ripple, Bitcoin Cash and EOS receded their positions a bit. In this month these coins’ shares lowered by respectively 0,49 p.p., 0,33 p.p.and 0,16 p.p.

How much had Bitcoin and big altcoins lost in value?

At the moment of writing, Top-10 of the biggest cryptocurrencies include Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, TRON.

Pic. 3 Cryptocurrency market structure
Source: Bitnewstoday based on the data from coinmarketcap

Among the biggest cryptocurrencies, the TRON coin had the biggest loss, its price lowered by almost 55%. Cardano lost more than a half of its price too. Ethereum (-16,1%) and IOTA (-12%) survived this May with less damage.

Pic. 4 The biggest cryptocurrencies value decrease in percentage
Source: Bitnewstoday based on the data from coinmarketcap

Some experts, relying on predictions from the world-famous analyst Tom Lee, a founder of Fundstrat Global Advisors, expected the rise of Bitcoin up to at least $15000 during the most important conference in cryptosphere - Consensus 2018. But the main cryptocurrency had almost no reaction to this big event.

May 2018: the main events

This May was quite eventful for the crypto industry. Let’s remember the most important of them.

  1. Vitalik Buterin, Ethereum’s founder, declared that they will perform sharding (network scaling) soon. Some experts predict the growth of Ethereum coin’s value by more than 20 times this year.
  2. The office of the Upbit crypto exchange was searched in Seoul. Korean law enforcement authorities are now verifying the information about the fraud of this trading platform managers, including such as falsification of records.
  3. Japan Financial Services Agency announced its intention to toughen the requirements for crypto exchanges in the country. It is planned to intensify the fight against the money laundering, strengthen the safety standards and etc. Besides that, FSA prohibited anonymous cryptocurrencies.
  4. Alexander Vinnik surrendered to the Russian law enforcement authorities, confessing his guilt in money laundering.
  5. The special committee of the South Korea National Assembly of the fourth industrial revolution stated that this country’s government should lift the ban on ICOs. The committee also prepared proposals on investment defense in the sphere of ICO.

Bitnewstoday will continue to keep its finger on the pulse of the cryptomarket.

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