Key Insights:
- While BTC saw a significant pullback in May, some altcoins noted decent price performances.
- BNB and TRX were among the top performers of last month.
- TRX’s market gains overshadowed most altcoins’ trajectory.
The year 2022 hasn’t been very fruitful for the global cryptocurrency market cap. Regular reports about the fed hikes, strong correlation with the equities and stock market, and the massive fall of the Terra ecosystem have added to the immense sell pressure faced by bitcoin and altcoins.
While many reasons kept the market moderately bearish throughout the year, bitcoin’s fall down to the $25,800 mark triggered a larger downside for altcoins. As BTC’s price hit $25,000 for the first time after July 2021, most of the altcoins saw massive losses. Nonetheless, some altcoins took advantage of their low BTC correlation and managed to grab the bullish opportunity even during market dips.
From May 1 to May 31, the global cryptocurrency market cap was down by almost 30% losing nearly $543 billion throughout the month. Amid the larger bearish wave, some altcoins stood out due to higher gains throughout May. It was, however, notable that the occasional gains that BTC saw due to external market factors were primarily responsible for altcoins’ short-term rally.
Here are ten altcoins whose performance stood out during the last month:
Binance Coin (BNB)
Binance Coin (BNB), the utility token of global crypto exchange Binance, maintained a relatively better trajectory throughout May despite the larger market’s dramatic fall.
On a shorter time frame chart (4-hours), BNB’s charted a decent recovery after May 14. The coin even managed to make higher highs for most of May.
Notably, BNB started the month at $392, and despite the 45% pullback in mid-May, the coin managed to make its way above the $300 mark. At press time, BNB traded at $301.82, noting 6.40% daily and 7.49% weekly gains.
Ripple (XRP)
The Ripple vs…
