Bitcoin Closed First Red Month in 2023 Following a 7% Decline in May (Market Watch)

Please fol­low and like us:
Pin Share

Bitcoin’s price slipped once again as May came to its end, and thus the asset reg­is­tered its first los­ing month since the start of the year.

Most alt­coins are in no bet­ter shape, aside from Lite­coin, QNT, GRT, and a few more.

BTC First Red Month in 2023

The pri­ma­ry cryp­tocur­ren­cy had a chop­py month. Look­ing at the end of it, one can see that it failed to breach the resis­tance lev­els at $27,500 despite sev­er­al attempts. More­over, the last one, which came on Mon­day, saw the asset jump to $28,500 fol­low­ing the debt ceil­ing deal by the US government.

How­ev­er, that was short-lived, as the cryp­tocur­ren­cy retraced to under $27,500 by Wednes­day. Yesterday’s rejec­tion was par­tic­u­lar­ly harm­ful as BTC fell hard by over a grand in hours.

It man­aged to stay north of $27,000 at first, but the past 24 hours brought anoth­er leg down. This time, bit­coin fell to a mul­ti-day low of $26,600. Despite recov­er­ing a few hun­dred dol­lars since then, BTC still trades in the red on a dai­ly scale.

It even closed May with a 7% decline, mak­ing it the first los­ing month of the new year. Its mar­ket cap has retreat­ed to $520 bil­lion, and its dom­i­nance over the alts is down to 46.1%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ADA and LTC Sit on the Opposite Corner

Most alt­coins have also turned red with minor dai­ly loss­es. ETH is down to $1,850 after a 1% decline. Binance Coin has retraced by the same per­cent­age and is just under $305. Rip­ple, Solana, Tron, Polka­dot, Shi­ba Inu, and Avalanche are also slight­ly in the red.

Car­dano has declined the most from the larg­er-cap alts. ADA is down by over 3% and sits at $0.36. In con­trast, Lite­coin has jumped by almost $4 and trades above $90.

GRT has added the most val­ue from the top 36 dig­i­tal assets (5%) and stands close to $0.15.

Over­all, though, the cumu­la­tive mar­ket cap of all cryp­to assets has seen anoth­er $10 bil­lion gone dai­ly. The met­ric is down by almost $40 bil­lion in the past two days to $1.130 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryp­tocur­ren­cy Mar­ket Overview. Source: Quan­ti­fy Crypto
SPECIAL OFFER (Spon­sored)

Binance Free $100 (Exclu­sive): Use this link to reg­is­ter and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Spe­cial Offer: Use this link to reg­is­ter & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

Dis­claimer: Infor­ma­tion found on Cryp­toPota­to is those of writ­ers quot­ed. It does not rep­re­sent the opin­ions of Cryp­toPota­to on whether to buy, sell, or hold any invest­ments. You are advised to con­duct your own research before mak­ing any invest­ment deci­sions. Use pro­vid­ed infor­ma­tion at your own risk. See Dis­claimer for more information.

Cryp­tocur­ren­cy charts by TradingView. 

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published.