Cryptocurrencies Performance in May: Bull Run Strengthens

  • by Ofeed Team
  • June 2, 2019, 20:31 AM
  • 178 Views
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Following the kickoff of a bull run in April, the encrypted currency market experienced a rapid growth in May, hitting new record highs, as the rally strengthens. 

Bitcoin, the largest cryptocurrency in terms of market capitalization, continued to lead the market, as it soared 60.24 percent from $5,350.91 on May 1 to $8,574.5 by the end of May, according to CoinMarketCap.  

A great deal of the gains occurred in the lead-up to the New York event in Blockchain, which took place during the second week of May, noting that the price of the Bitcoin climbed above $7,000 and $8,000 for first time in more than a year on May 11 and May 13.

Despite its most gains since 2017, Bitcoin only emerged in the in the 10th rank of the best encrypted coins of the month of May.

The top 3 cryptocurrencies in May

-Bitcoin SV (BSV) reached a remarkable milestone during the month of May and was the obvious pioneer during the second half of the month after the outbreak of prices on May 21, which made it exceed the price of $100.

Prices peaked at $252, according to data from Bittrex, after Satoshi Nakamoto, promoter of BSV, who declared himself, recorded the United States Copyright recordings on whitepaper and the Bitcoin code.

-LINK, the spectacular Chain-link series suffered 200 percent in mid-May from the setback as the monthly closure approached, but still posted 96 percent rise over the month, placing among the top performing digital currencies for the month.

-DENT is a distinctive symbol issued on an ethereal key chain that aims to facilitate global communication through its platform and service offerings. Its performance on the month was strong since it gained 78 percent to become the third best performing cryptocurrency.

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Among the top 10 cryptocurrencies, ranked according to market cap, Bitcoin SV (BSV), EOS and Bitcoin Cash (BCH) reported the best performance, with increases of 261.23%, 76.19% and 66.07% respectively.

EOS took a boost after it announced the creation of a block-based social media platform called Voice, according to a joint press release with Cointelegraph on June 1. EOS claimed that the platform will use the EOS blockchain to provide transparency on how it works, without hidden algorithms or content payment mechanisms that the user does not know about.

In April, BCH, BTC and BNB were the top performers amongst the top 10, but its quiet clear that the rally had strengthened in May.

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Ofeed Team

Ofeed’s team is comprised of highly distinguished analysts, with a wide experience in financial markets, having a unique analytical view of developments impacting global financial markets

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