Best performing asset in May this year turns out to be Bitcoin Satoshi Vision (BSV) after it broke out at the last half of the month. Let’s check the altcoin news for a broader analysis.
The crypto market went through rapid growth this month. The leading cryptocurrency got the most attention increasing by 67 percent and dipping into the $9,000 price range. Despite is the best monthly gain since 2017, Bitcoin is on the tenth position on the best performing asset list according to the data from Messari.io.
The total market cap of the entire market excluding bitcoin reflected the growth and reached $125.6 billion on May 30 which is the highest value recorded in the past 10 months. The performance of other assets, however, was much worse.
ETH’s pairing with BTC found itself unable to scale the 200-day moving average for the larger part of the month. It only increased by about 2 percent since the beginning of May whereas its USD pair is up by 60 percent in the same timeframe. The difference in price can be attributed to the bitcoin’s power rally inflating the USD value of most altcoins.
Bitcoin SV had a great run during May and was the leader of altcoins during the second half of the month. The altcoin reached the $100 price tag on May 21. The price also spiked further than $252 according to the Bittrex data and landed in the overbought territory triggering a pullback as noted in the latest cryptocurrency news.
The USV/USD pair remains bullish above the technical resistance level of $148 but there could be a strong close below the $90 support level in the coming weeks.
Bitcoin Gold, on the other hand, became the 5th best-performing asset for May outperforming other bitcoin forks such as Bitcoin private and Bitcoin diamond. BTG’s rising action is set to break down courtesy of the rising wedge and the long upper wick on the daily timeframe shows a high selling pressure noticeable above $30.
Holochain (HOT) managed to break the key resistance level at $0.0016 and increased by 57 percent in value before the prices reach $0.0027 at the end of the month. From here, HOT only went downhill. If the prices still continue to deflate, the buying pressure will likely bring HOT near to the $0.0016 price level.
Binance Removes US Resident Ban: Launching In “A Month Or Two”
“3. Prohibition of use By accessing and using the Services, you represent and warrant that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List”. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”When comparing the wording to the one uploaded in June, it is clear that Binance removes US resident ban. The previous text read that "Binance is unable to provide services to any U.S. person," - which is why the difference is obvious.
China’s Digital Fiat Currency Is Not A Real Cryptocurrency
“Since last year, the staff at the Digital Currency Research Lab have been working 996 to develop the system. We can say the CBDC is now ready to launch at one’s call," was his speech, later shared by many best cryptocurrency news sites.The CBDC with this aims to replace MO, meaning cash in circulation through a two-tier system. The central bank will issue the digital yuan only to commercial banks, who will further issue it to the public. Meanwhile the PBoC and its Digital Currency Research Lab are the ones standing behind China's digital fiat currency - along with more than 50 patent applications which are all either invented or co-invented by Yao Qian. One patent application reads:
“The emergence of digital currency is an inevitable trend. So far, privately issued digital currency bears the features of anonymity and volatility. Central banks must take their impacts on the payments, monetary systems and financial stability seriously. As such, it’s inevitable for central banks to push for digitized fiat currencies to optimize their circulation.”However, physical cash is still arguably the only form of fiat money inside China that can remain anonymous. We can see that China's digital fiat currency is not close to cryptocurrency - and the only third-party methods which are compared to bank wire can be offered by companies like Alibaba or WeChat - both requiring real-name verification authenticated by users' IDs as well as additional banking information.
“Existing M0 (banknotes and coins) are subject to counterfeit and money laundering risks. … The [CBDC] system should follow the existing rules about anti-money laundering and anti-terrorism financing imposed on cash, and should report to the PBoC on large amounts and suspicious transactions,” Mu emphasized in a speech.
Market With Mixed Signals As Ether And Bitcoin Record Minor Gains
XRP Will Defy The Altcoin Apocalypse: Ripple Chart Analysis
"Although many of the technicals like RSI, and position relative to moving averages looks like XRP is severely oversold and could bounce, traders should be cautious because the token has been falling out of favor with many crypto market participants, and there are many competing projects with similar characteristics and arguably a much better value proposition that have come to market."
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