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.
Bitcoin SV Mentions On Twitter Got Down By 87% Since May
“Dr. Wright’s demeanor did not impress me as someone who was telling the truth. I completely reject Dr. Wright’s testimony about the alleged Tulip Trust, the alleged encrypted file, and his alleged inability to identify his bitcoin holdings […] Dr. Wright’s story not only was not supported by other evidence in the record, it defies common sense and real-life experience.”Bitcoin SV’s followers supported the project because they believed Wright was the real Satoshi Nakamoto as explained in the latest cryptocurrency news before.
Bitcoin SV Improves Results Despite Craig Wright’s Court Defeat
“During his testimony, Dr. Wright’s demeanor did not impress me as someone who was telling the truth. When it was favorable to him, Dr. Wright appeared to have an excellent memory and scrupulous attention to detail. Otherwise, Dr. Wright was belligerent and evasive.’’As noted in the latest cryptocurrency news previously, Wright appeared in an interview later in which he stated that he tried to play mind games with bitcoin investors. The critics refuted his statement saying that he doesn’t even have the money to give to the Kleiman’s real estate.
Bitcoin SV Hardfork Event Will Increase The Blocksize to 2GB
“Hard cap: Is the maximum sized block that a miner will accept as valid. This is the setting we intend to remove entirely in the Genesis upgrade next February.”The removal of the hardcap of the Bitcoin SV project will not really lead to a ‘’blockchain bloat’’ mainly if the demand for block space is even lower. When the lower price of BSV is combined with the seemingly limitless space will open the chain up to ‘’spam attacks’’ and the network will still have to determine whether or not an abundance of micro-transactions will actually have a very negative effect on the performance.Shadders noted that the majority of the miners are now saying that they will only accept the 512 MB blocks starting today despite the Bitcoin SV hardfork. The increasing blocksize is the most important component of both Bitcoin SV and Bitcoin Cash and with their initial break with their parent companies, both of the parties established their own scaling roadmaps.As noted in the altcoin news previously, one of the fears that surround large block sizes is the aspect of centralization which is a state in which a network is controlled by one or two entities only. Mining becomes very expensive and the amount of storage that is required it a very important consideration. The centralization is a major risk that all of the blockchains face because it creates a single point of failure which will defeat the purposes of the blockchain and censorship resistance.
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