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 SEC fiasco has put XRP in the limelight over the last year. Despite the bearish market momentum, fundamentals for XRP highlighted that price could see recovery going forward.
Unlike other altcoins, the remittance token is taking its time to recover from the recent lows. XRP’s price was at $0.61 on May 1, but the coin saw a major dip in price towards May mid like the larger market. Nonetheless, the coin’s downtick wasn’t as huge as many other tokens in the market.
The coin’s price opened at $0.062 on May 1 and rallied to $0.085 by the end of the month. Data from Messari highlighted that TRX’s monthly ROI vs USD was +25.89%, while its ROI vs ETH and BTC was +94.54% and +60.66% over the same time period.
That said, TRX still had a lot of scope to rise in the long term as the coin was down by 70.66% from its all-time high at press time.
Bitcoin Cash (BCH)
Like the rest of the market, Bitcoin Cash followed BTC’s lead when bitcoin’s price dropped. However, the altcoin’s price gained occasional momentum charting decent market gains.
BCH’s price fell by over 35% in May-mid but soon recovered from the price drop gaining almost 15% from the lower price levels. At the time of writing, BCH traded at $191.37, noting 2.41%daily and 0.82% weekly losses.
Stellar (XLM)
XRP’s competitor XLM has had a better ride than XRP throughout the last month. At least, price-wise, XLM’s trajectory saw quite a few notable jumps in May.
Data from Messari, highlighted that XLM’s monthly ROI vs USD was down by 20.02%; however, the altcoin’s ROI vs ETH and BTC was +23.59% and +2.06%.
Monero (XMR)
Privacy tokens like Monero have had a blast in terms of price. XMR often sees decent price pumps when the market is down; the last month was no different. At press time, XMR traded at $195.63 noting 1.45% daily gains and 3.29% weekly losses.
Data from Messari highlighted that XMR’s monthly ROI vs USD was -2.13%. However, the coin’s ROI vs ETH and BTC was +53.97% and +25.08%, respectively. That said, XMR’s 3-month ROI vs USD was +13.49%.
Ethereum Classic (ETC)
ETC’s price opened at $29 on May 1, but it saw decent price pumps throughout the last month owing to BTC’s occasional gains. At the time of writing, the altcoin traded at $22.56, noting 3.34% daily and 6.09% weekly losses.
The ethereum fork’s monthly ROI vs ETH and BTC was +15.65% and +4.36%, respectively. While the coin was still down by 88.26% from its all-time high made in October last year, its price maintained a relatively better trajectory in May.
Decentraland (MANA)
MANA traded at $1.01, noting 5.25% daily and 3.39% weekly losses at press time due to BTC’s price pullback on June 1. However, MANA’s price held well during the last month despite assets losing close to 50% of market value.
Throughout May, MANA saw occasional price pumps giving way to gains.
STEPN (GMT)
GMT enjoyed a decent market presence and social attention throughout May, however, due to regulatory issues, the coin’s trajectory has become dull once again. The token registered an almost 10% spike in price during intraday trading on May 30; however GMT token appears to have shed these gains at press time.
GMT traded at $1.03, noting 13.77% daily losses at the time of writing.
Maker (MKR)
MKR’s price was at $1563 on May 1, but like the larger market the DeFi token also saw a significant dip in price towards May-mid. However, MKR’s price rose to as high as $2300 on May 11 and continued the uptrend for a week after giving in to larger market’s sell-side pressure.
MKR’s monthly ROI vs ETH and BTC was +28.19% and +4.13%, respectively.
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