The bearish market mauled cryptocurrencies last month, with all the coins in the top 15 reflecting double-digit losses. Market sentiment also was at an all-time low, as the crypto-community turned to memes for emotional support when the market went down.
Not even mainnet launches could turn the tables for Tron [TRX]; EOS maybe partially. They registered losses over the month as well, as the bearish market trapped all cryptos in quicksand. All top coins ranked by the percentage of their losses are:
- Cardano [ADA]:
Cardano’s ADA token took the biggest hit last month, starting off the month at the value of $0.37 and dropping to a low of $0.22, where it is currently trading. This represents a loss of a whopping 40.5%! This undoubtedly puts ADA at the position of biggest loser in the market this month.
Over the last month, Cardano released a paper wallet with an offline storage feature. The announcement came right after the launch of their first testnet on 28th of May. It also saw a listing on Cryptopia and a partnership with Metaps. However, all the good news could not stop the coin from falling as it did.
- Bitcoin Private [BTCP]:
Not as prominent as other coins on this list, this coin is in the center of attention after multiple endorsements by influencers. However, this was not enough to save it from a nosedive, as it saw the second largest loss this month.
Starting the month off at $39.27, it reached a high of $47.35. It is currently trading at around $21.45, which marks a loss of 37.7%. The announcement of various positive news could not help its case.
Near the beginning of the last month, it was listed on HitBTC. The developer team also announced shortly that they will begin phase one of beta testing for their merchant platform. This coincided with their release of a full node wallet. Farther along, the website crypto51.app specified that the coin was at a high risk of 51% attack, with a cost of just $778 to attack the coin.
- Neo [NEO]:
Touted as the next Ethereum, Neo rests comfortably in the position of the third biggest loser this month. While it started the month off at $84.28, hitting a high of $89.29, it is currently trading at $55.87. This comes out to a loss of 33.7%.
Its case was not helped by the news, as a security vulnerability was discovered in the network’s NEP5 protocol last month. There was also news of the NEO Foundation co-founding a Joint Task Force along with Ontology Foundation, and of a NEO based exchange integrating Ledger devices just yesterday.
- Dash [DASH]:
Dash’s token took a huge hit in the market over the last month, with a 32.8% loss over that time. It started trading last month at around $482.41 and is currently trading at $324. It hit a high of $520 this month.
Dash had a rough month, as it was one of the coins recommended for delisting by Japan’s Financial Services Agency in May. This was followed by the coin being delisted from Tokyo’s Coincheck and South Korea’s largest exchange platform Korbit in quick succession. However, a light seemed to burn on the horizon for Dash, as it saw a partnership with Rewards.com.
- Monero [XMR]:
This privacy coin is in the same boat as Dash, as it saw a drop of 31.3% over the last month. It was trading at $245 at the beginning of the month and saw a high of $257. It is currently trading at around the $168 mark.
Monero also saw a delisting on Coincheck and Korbit, due to its privacy properties. Also on the exchange side of things, Monero was replaced on Changelly by Monero Original, a fork of the coin. Changelly restored XMR trading soon after and said the delisting was only for preparation of the fork.
The XRM wallet also received updates for enhanced community interaction. It also introduced features for better security.
- Stellar Lumens [XLM]:
Lumens did not deliver a stellar performance last month, with a 30.2% drop in value. It was trading at the $0.43 mark at the beginning of last month, reaching a high of $0.44 soon after. It is currently trading at $0.30, a marked decrease in price.
The coin had nothing but good news this month, as news of announcements, listings and events poured in. First on the list was new exchange CoinbitGlobal, which listed Lumens as one of the coins available at launch. deVere Group also listed Lumens as a coin due to growing demand by investors. USA’s premier stock exchange NASDAQ added support for Stellar’s token to be traded on their platform. Binance also added a new XLM-USDT pair.
IBM’s partnership with Lumens was also emphasized on as Jesse Lund, Head of Blockchain at IBM, said that it has “never been stronger”. The blockchain grew bigger, as 300k new users were found to have started utilizing the blockchain in the span of 6 months.
- Ripple [XRP]:
Ripple’s famed XRP token, resting at the 3rd position by overall market cap has come in the middle of the pack for drops in value this month. The token had a strong start at the beginning of May, trading at $0.81 and reaching a high $0.91 over the month. The coin is currently trading at $0.62, resulting in a 27.02% drop in price over the month.
The software behind the XRP Ledger saw development as the finished product was released after almost 6 years of development. The official announcement came after teasing it on Twitter and changing the version number on GitHub.
xRapid saw positive results from consumers who used the product to perform pilots. They were to test the cross-border transactions that Ripple processed with 60-70% savings. Companies were “delighted” and called the technology a “game changer”.
Ripple saw listings on CoinbitGlobal exchange, Coinome, and Uphold, along with full support on the Revolut platform. London’s premier trading institution LMAX also added XRP as a coin on the exchange. Japan’s SBI Group launched a trading exchange for cryptocurrencies, where XRP is rumored to be the base pair for all coins.
It also saw mainstream recognition when Ashton Kutcher donated $4 million to charity on the “Ellen DeGeneres Show”. EToro performed a survey that showed that investors preferred Ripple’s token overall coins.
- Bitcoin Cash [BCH]:
Controversial Bitcoin fork Bitcoin Cash was one of the most stable coins this month, but still saw a gradual depreciation in value. It was trading at $1471 at the beginning of last month and is currently trading at $1088. Even as it reached a high of $1832, it still reflected a loss of 26.03%.
The Bitcoin Cash coin underwent a hard fork on May 15th, in order to increase the block size from 8 MB to 32 MB. There were a variety of applications made available after the fork, such as Memo.cash, Handcash and Bitek.
deVere group listed Bitcoin Cash as one of the cryptos for trading, while Gemini exchange also added the coin, with exchange BL3P removing the coin from its platform.
- Tron [TRX]:
This was a big month for Tron, but the event failed to transition into the price as it fell a solid 25% in value over May. It was trading at $0.08 at the beginning of the month and went down to a price of $0.06 after reaching a high of $0.09.
The mainnet for Tron launched on May 31st, with all materials being submitted to Github on the day. This translated to a slew of exchanges adding support for the exchange. Binance, Zebpay, Coinnest, Cryptopia, Bitbns, and OKEx were just some of the exchanges that announced support.
TRON Foundation released a redesigned website, and also launched the Tron Virtual Machine. They acquired BitTorrent as one of Tron’s “pillars”. Tron offered $100k as bug bounty for the mainnet, quickly upping it to a whopping $10 million!
VeChain’s token saw a 22.7% drop over the month, from a price of $4.93 down to today’s $3.81. It reached a high of $5.60 over the month.
The VeChain platform rebranded to ‘VeChainThor’ last month. The trading platform BitMark added support for the trading of VeChain tokens. Indian platform Zebpay allowed for the trading of the token as well. VeChain also partnered with Bright Food, a famous Chinese national food brand.
- EOS [EOS]:
Another coin which announced its mainnet migration for this month, EOS saw a 19.01% drop in value over the month. While it is one of the five coins this month that lost less than 20% in value over the month, it still dropped from almost $18 to its current price of $14.57.
It saw the last week dotted with security concerns, with a team from Qihoo 360 discovering serious vulnerabilities in the code of the blockchain. Millions worth of EOS was stolen from investors as block.one became the victim of a scam.
Zebpay, Bitbns, KuCoin, Kraken and Bithumb were some of the exchanges that supported the mainnet swap.
- Litecoin [LTC]:
The OG Bitcoin fork, Litecoin, has seen a performance that is the best it can do in a bearish market. As the currency with the 4th lowest losses, Litecoin saw a drop from $151 to $123, which reflects a drop of just 18.54%.
iPayment Inc. also added support for payments through Litecoin, while it boasted added security in the form of increased hashpower. Litecoin partnered with TapJets, SurfAir and VRPorn to increase usage.
- Ethereum [ETH]:
Ethereum’s price this month did not offer any surprises to investors. With a passable depreciation of 17.7% over the month, investors had nothing to say about the project that changed the blockchain. From a price of $723 at the beginning of last month, ETH has depreciated to $595. This is after it reached a high of $831 over the last month.
Ethereum ranked highest in China’s ranking scales for cryptocurrencies and their accompanying blockchains last month. Ethereum’s Vitalik Buterin was offered a job at Google to work on their secret blockchain project.
- Bitcoin [BTC]:
Bitcoin, the original cryptocurrency, stayed strong this month with almost the least amount lost in top cryptocurrencies. The coin started off strong with $9199 at the beginning of May, going up to a high of $9917 and currently trading at $7655. This marks a 16.7% depreciation in value.
Bitcoin’s month was plagued with rumors of sell-offs, as Mt. Gox moved 8200 BTC from cold wallets. It also marked the move of institutional investors into the market, as Goldman Sachs started offering Bitcoin futures for trade. Taxes can also be paid through Bitcoin, said an announcement earlier today.
Concerns over the blockchain’s electricity consumption increased, as a study confirmed that it consumes as much electricity as Ireland does in a year. It failed to see an increase after Consensus and Fundstrat’s Tom Lee clarified why. Bittrex added support for Bitcoin to be bought with USD.
German authorities and Scotland Yard confiscated Bitcoin during this month.
- IOTA [MIOTA]:
The surprise underdog remained the most resilient to the bearish market, with the lowest losses this month. IOTA reflected a 14.7% decline in its price, after dropping from $2.24 to $1.91. It reached a high of $2.66 over the month.
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Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry
Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.
In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.
The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.
Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.
The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.
At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.
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