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The cryptocurrency markets experienced rapid growth in May, with a number of them surpbading the largest in terms of market capitalization, bitcoin.
The main crypto-currency attracted attention, up 67 percent from USD 5,265 on May 1 to USD 8,900 at the end of the month. Much of the gain came before the Blockchain event in New York, which took place in the second week of May.
For example, sharp increases in the price of bitcoin on May 11 and 13 pushed the price above $ 7,000, then by $ 8,000 for the first time in more than a year.
Despite recording its best monthly gain since 2017, BTC ranks tenth on May's list of best-performing cryptographic currencies, according to Messari.io data.
Names such as Chainlink (LINK), Dent (DENT), Bitcoin SV (BSV), Holochain (HOT) and Bitcoin Gold (BTG) took a clear lead, each rising from 65 to 256% against their respective pairs with the dollar. American.
Total capitalization of the expanded market excluding bitcoins reflected growth of $ 125.6 billion on May 30 – its highest value in almost 10 months.
Bitcoin pairings
The performance of individual matches when paired with BTC was, however, much worse.
The coupling between Ether and BTC, for example, was still unable to change its 200-day moving average for most of the month. At the time of writing this report, it has only increased about 2% since May 1, while its USD pair is currently up more than 60 per cent in the same period of time.
Such a gap between the performances of the two pairs can be attributed to the rise in Bitcoin prices that inflated the USD value of most altcoins, which is why it devalued its value in terms of BTC.
That said, a number of cryptocurrencies posted strong performances in both categories. The five most successful artists of the month of May below.
Top 5 monthly artists in May
BSV | Price: $ 197 | MCAP: $ 3.5 billion | Percentage change: +231 percent
The cryptographic project, dubbed "Satoshi's Vision" unanimously, claims to be the "original bitcoin", restoring the first BTC protocol while claiming that it can scale on a large scale with increased stability.
Bitcoin SV had a remarkable run in May and was the undisputed leader in the second half of the month after the price explosion on May 21st, bringing it back above the elusive price of $ 100.
Prices peaked at $ 252, according to Bittrex data, after being overbought and triggering a downturn, as the daily newspaper shows. relative strength index (RSI) exceeding a value of 70.
BSV / USD remains optimistic over a technical resistance level of USD 148, but a close close below could challenge support of USD 90 in the coming weeks.
LINK | Price: $ 1.01 | MCAP: $ 364.3 million | Percentage change: + 96%
The strong 200% increase in Chainlink (LINK) in mid-May suffered a setback near the close of the month, but remained 96% up on the month, putting it firmly in 2nd place among the 5 best performances for May.
Concerns about declining enrollment, with a candlelight closure below the Fibonacci retracement line of 38.2% on the daily chart, exposing the neutral pivot along the 50% retracement to 0.84 $.
Prices remain bullish above the 200-day moving average (red line) and above a key resistance that has become a $ 0.68 support, but are expecting a pullback if its price goes down the neutral retracement of 50%.
BUMP | Price: $ 0.001747 | MCAP: $ 124.1 million | Percentage change: 78%
DENT is a token issued on the ethereum channel chain that aims to facilitate global communications via its platform and service offerings.
His performance over the month was at least bullish, concluding May with a 78% higher price in his debut and ranking 3rd in the best performances of the month.
However, recent market developments have cast doubt on the bullish trend in the near term as prices have fallen below a key support at the end of the monthly trading period.
Similar to LINK, the long-term view remains optimistic as the transaction is above the 200-day moving average (red line), which should complete the positive crossover with the 100-day moving average for a another significant upward movement.
BTG | Price: $ 26.71 | MCAP: $ 475.8 million | Percentage change: + 64%
Bitcoin Gold (BTG), yet another bitcoin fork, has changed BTC's work validation algorithm, from SHA256 to Equihash, renders obsolete specialized mining equipment in order to democratize the mining process.
Traders strongly favored BTG's buying opportunities in May, becoming the 5th best-performing crypto of the month, surpbading other Bitcoin forks like Bitcoin Diamond (BCD) and Bitcoin Private (BTCP).
BTG's rising chain, which spans more than four months, is expected to collapse thanks to a rising wedge (bear reversion model) residing in the most recent price action of the chain. In addition, a long top lock on the daily calendar is evidence that a strong sales pressure still exists above $ 30.
If momentum decelerates, a $ 20.34 drop in value to the Fibonacci retracement line at 61.8% could be considered, but it will remain bullish as long as the channel model is retained.
HOT | Price: 0.002165 $ | MCAP: $ 288.4 million | Percentage change: + 74%
Holochain (HOT) is a decentralized application platform that uses a peer-to-peer network to process agreements and agent-centric consensus mechanisms between users.
From the end of May, HOT managed to break through a key resistance zone of $ 0.0016, recording a further 57% increase in value before prices peaked at $ 0.0027 on May 29
From there, the Battle of HOT was tough with the confiscation of the 38.2% retracement line opening the neutral pivot point at $ 0.0018 (50% retracement).
If prices continue to weaken, buying pressure should support HOT at around $ 0.0016 as it was an area of previous resistance.
Disclosure: The author does not hold any cryptocurrency badets at the time of writing.
Balloons image via Shutterstock; graphics by Trading view
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