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.
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“As for mutual settlements, we will consider, of course, a proposal on a cryptocurrency that is tied to gold. But, in my opinion, it is more important to develop settlements in national currencies.”Nabuilna explained that CBR is still unsure whether to use cryptocurrencies and how they could be launch into Russia’s monetary system but the idea of a zero-volatility digital asset is inviting:
“The CBR, in principle, is opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies fulfill the function of monetary surrogates. We have prepared an analytical report and will soon present it which will analyze what cryptocurrency is, what is happening in the world, what approaches different countries to have, and what regulation is envisaged. And, if the phenomenon of cryptocurrency in any perspective may cause risks to our macroeconomic stability, we need to understand that.”As noted in one of the best cryptocurrency sites, Russia is under significant economic sanction from the United States.
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