Since the start of the year, the crypto community has had a smile all the way leaving the disappointing year 2018 behind. However, the last month, May, is one month that stands out thus far.
During May, the crypto markets experienced rapid growth with several cryptos hitting new highs after a long period.
With some little history, some have even gone ahead to brand ‘May’ as the best month now in a series of 18 months so far. Many now think the narrative ‘sell in May and go away’ will now have to be in consideration.
But what Exactly Happened in May to Crytpo Markets?
As several cryptos enjoyed massive surges, the general market as well surged. In fact, during the month alone, the total market capitalization increased by over 50%.
Now, how did the giant crypto, Bitcoin perform?
Bitcoin literally drives the market along with it as we’ve seen for almost a decade now. And in May, nothing different happened. The giant crypto tested its high at over $9,100 towards the end of the month.
As bitcoin surged as did the other cryptos, the market cap rose to hit a new ten-month high of over $285 billion represented by a 50% increase. Even though there was a slight pullback after that, there’s no denying that May was a dream month for a plethora of crypto investors.
For instance, bitcoin started from $5,300 in early May and surged towards $8,300 mark, and later hitting over $9,100 before a correction later on.
How Did the Other Crypto Assets Perform?
The leading crypto, Bitcoin might have stolen most of the attention, but it doesn’t mean the rest of the cryptos didn’t have a great run.
To start with, the gains happened immensely during the second week of the month, leading to the New York Blockchain event. During the period, bitcoin rose significantly, but other cryptos as well were in for the count.
For instance, Ethereum performed in equal proportion to Bitcoin as it surged 60% ending the month at $260. The gains for Ethereum came after a long period of waiting since August of last year.
Ripple’s XRP gained by 37% during the month, stopping at $0.423. On the other hand, Bitcoin Cash marked the month with a surge of almost 60% to around $425.
Also, Litecoin jumped 48% to $110, and it might continue the excellent run given the upcoming halving event in August. EOS was side by side with ETH adding 60% to end the stellar month at $7.75.
Binance coin, BNB, enjoyed a 45% surge to $32 having hit an all-time high of $35 during the month. Stellar (XLM) had a rise of 30% to about $0.13. Bitcoin SV got everything by a storm gaining 250% from $54 to $190.
Justin Sun’s Tron (TRX) enjoyed a 30% gain to $0.032 while Cardano (ADA) added 22% over the month. Moreno had 48% to add increasing to $92 at the end of the month. Dash gained 44% to hit 160 while IOTA drove 60% up to $0.49. Also, Cosmos had a 43% increase to its name with Ethereum classic and Tezos surging 39% and 21% respectively.
Consequently, let it be a bitcoin, Ripple, Tron, Litecoin, Ethereum, Cardano or any crypto enthusiast, May stands out to be the best month of 2019 to this point. Many are hoping for a similar month to resurface with even higher performance.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
