Both traditional and crypto markets had negative movements in May, with the exception of the S&P500 which remained flat. All crypto moved sharply downward this month with the hardest hit being SOL, ETH and XRP which returned -46.0%, -28.8%, and -28.0% respectively.
Bitcoin's price fell for 9 consecutive weeks for the first time in its history, falling from $45,523 at the end of March to $31,780 at the end of May. The decline has seen Bitcoin move below both its 50-day and 200-day moving average.
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Key takeaways:
- SOL fell 46.0% to $45.74 in May, its worst performing month since the token launched in 2020. The Solana network suffered its fifth outage of the year on June 1st when the network was inactive for over four hours.
- Cardano's developer activity has been growing steadily over the past few months, according to data from Github. The project’s main repository has seen 12% more contributors since the start of the year as the Cardano team prepares to launch the Vasil hard fork on the 29th of June.
- After seven months of controlling the largest portion of Ethereum’s hashrate, the Ethermine mining pool was surpassed by unknown miners. Since the start of 2021, Ethermine and Spark Pool have historically been the dominant players in the mining of ETH.
Volatility Across the Top 5 Assets Increased Significantly in May
SOL and ADA were the most volatile assets out of the Top 5 at 173% and 170% respectively, more than twice the volatility registered during April. BTC was the least volatile asset in the month with a volatility of 82.2%.
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Solana Experiences Largest Monthly Decline Since Launch
SOL experienced its largest monthly decline after falling 46.0% to $45.7 at the end of May. The token's price is now well below its 50-day and 200-day moving averages, which closed the month at $74.8 & $122 respectively.
Ethereum Experiences Huge Deflationary Spark After Launch of Yuga Labs NFT collection
On May 1st, Yuga Labs released a new NFT collection named ‘Otherdeed for Otherside’, a metaverse land sale. The subsequent minting of the collection saw over 55,800 ETH burnt, as participants flocked the Ethereum network to attempt to mint the NFTs. This was the sixth largest source of Ethereum burning in history.
