While May 2022 wasn’t that great in terms of earnings, some cryptocurrencies stood out amongst the larger bearish fluctuations. In May 2022, we separated from the market in general and prepared some altcoin projects with stellar performance for our readers.
Some altcoins came to the fore in the decline of the crypto market
As you can follow from the news of Kriptokoin.com, 2022 was not very productive for the global crypto money market. Regular reports of Fed rate hikes, strong correlation with stocks and the stock market, and the dramatic collapse of the Terra ecosystem have added to the enormous selling pressure faced by Bitcoin and altcoin projects.
From May 1 to May 31, the global cryptocurrency market fell almost 30%, losing around $543 billion during the month. Amid the larger bearish wave, some altcoin projects came to the fore due to high gains throughout May. However, it was striking that BTC’s occasional gains due to external market factors were primarily responsible for altcoins’ short-term rally
while many reasons kept the market moderately down over the year. Bitcoin’s drop to $25,800 triggered even greater downside for altcoins. When the price of BTC hit $25,000 for the first time since July 2021, most altcoin projects saw huge losses.
However, crypto analyst Varuni Trivedi states that some altcoins benefit from low BTC correlations and manage to seize the bullish opportunity even during market downturns. We have prepared Varuni Trivedi’s analysis of these altcoins for you.
Here are the ten altcoins
that stood out last month, Binance Coin (BNB)
Binance Coin (BNB), the service token of global crypto exchange Binance , followed a relatively better trajectory throughout May despite the larger market’s dramatic decline.
On a shorter time frame (4-hours), BNB has made a decent recovery after May 14. The altcoin even managed to push higher for most of May.
Specifically, BNB started the month at $392 and despite the 45% decline in mid-May, the altcoin managed to climb above $300. At press time, BNB was trading at $301.82, posting daily gains of 6.40% and 7.49% weekly.
Ripple (XRP)
The Ripple and SEC debacle brought XRP into the limelight last year. Despite the falling market momentum, XRP’s fundamentals highlighted that the price could see a forward recovery.
Unlike other altcoins, the remittance token is waiting for an opportunity to break out of recent lows. The price of XRP was $0.61 on May 1, but the coin, like the broader market, saw a massive drop in price towards mid-May. However, the altcoin’s rate of decline was not as great as other tokens in the market.
Tron (TRX)
Tron’s price trajectory last month was nothing short of a miracle. TRX charted its own bullish trajectory as top crypto assets such as BTC, ETH, and others posted price drops amid high selling pressure.
Altcoin price opened at $0.062 on May 1 and rose to $0.085 at the end of the month. Data from Messari shows that TRX’s monthly ROI against USD is +25.89%, while its ROI against ETH and BTC is +94.54% and +60.66% over the same period. However, TRX still has a lot of room to rise in the long-term as the coin is currently down 70.66% from its all-time high.
Bitcoin Cash (BCH)
Like the rest of the market, Bitcoin Cash followed BTC’s lead when the Bitcoin price dropped. However, the altcoin price has occasionally gained momentum, posting decent market gains.
BCH’s price dropped over 35% in mid-May but soon recovered from the price drop by rising almost 15% from low price levels. At the time of writing, BCH was trading at $191.37, posting losses of 2.41% daily and 0.82% weekly.
Stellar (XLM)
XRP’s rival XLM has had a better ride than XRP over the past month. In terms of price at least, XLM’s trajectory saw quite a few significant jumps in May.
Data from Messari shows that XLM’s monthly ROI against the USD has dropped by 20.02%. However, the altcoin’s ROI against ETH and BTC stands at +23.59% and +2.06%.
Monero (XMR)
Privacy tokens like Monero have exploded in price. XMR often sees affordable pumps when the market drops, and last month was no different. At press time, XMR was trading at $195.63, posting 1.45% daily gains and 3.29% weekly losses.
Data from Messari shows XMR’s monthly ROI against USD is -2.13%. However, the altcoin’s ROI against ETH and BTC stands at +53.97% and +25.08% respectively, and XMR’s 3-month ROI against USD is +13.49%
Ethereum Clasic (ETC) )
The price of ETC opened at $29 on May 1, but has seen good price pumps over the past month due to BTC’s occasional gains. At the time of writing, the altcoin was trading at $22.56, posting losses of 3.34% daily and 6.09% weekly.
Ethereum fork’s monthly ROI against ETH and BTC is +15.65% and +4.36%, respectively. Although the altcoin is still 88.26% below its all-time high in October last year, its price maintained a relatively better trajectory in May.
Decentraland (MANA)
MANA was trading at $1.01, losing 5.25% daily and 3.39% weekly due to BTC’s price drop. Throughout May, MANA saw occasional price hikes give way to gains.
STEPN (GMT)
GMT had good market presence and social attention throughout May, but due to regulatory issues, the coin’s trajectory once again it froze. The token saw an almost 10% increase in price during intraday trading on May 30; however, the GMT token appears to have spilled these gains at press time.
Maker (MKR)
MKR’s price was $1,563 on May 1, but like the market, the DeFi token saw a significant drop in price towards mid-May. However, the price of MKR rallied as high as $2,300 on May 11 and remained in an uptrend for a week after capitulating to the selling pressure of the market.
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