Coin Race: Top Winners/Losers of May; Is Summer Coming for Crypto Holders?
June is here, summer has arrived, and the outlook for the crypto market has in recent days finally seemed a bit brighter.
But although there have been some green shoots in the past few days, the past month as a whole has still been rather miserable for most crypto investors. The falling prices in May have not only affected those holding heavy bags of the luna classic (LUNC) token or the failed stablecoin terraUSD (UST), but also ordinary bitcoin (BTC) and ethereum (ETH) investors.
The losses in May followed another month of losses seen in April, when all coins in the top 10 by market capitalization (as ranked by Coincodex.com) posted losses. That came after a relatively good month in March, with all of the top 10 coins posting gains for the month.
In May, however, the market was back in a sea of red.
Like last month, all of the top 10 coins by market capitalization – with the exception of stablecoins – were down in May.
The worst-hit from the top group of coins was solana (SOL), which dropped by nearly 50% for the month. The fall is significant considering the size of the coin’s market capitalization - USD 15bn. As a result, SOL has fallen in the ranking, from being number 6 per market capitalization on May 1 to number 9 today.
Following SOL, bag holders of the original meme coin dogecoin (DOGE) were the second-hardest hit last month. Over the course of May, DOGE fell by close to 35% to a price of USD 0.08589, weighed down partly by the news that Tesla boss Elon Musk has put his bid to buy Twitter on hold.
Looking instead at which coins did well, it’s clear that investors have found a ‘safe harbor’ in bitcoin, despite the coin being down close to 17%. The number one crypto was followed by BNB as the second strongest performer
Read more on cryptonews.com
