It is safe to assume that the month of May has been one full of multiple challenges, hardships, and difficulties for the cryptocurrency industry and community. Just a few months ago, it appeared as if the industry was all set to reach new heights, with Bitcoin (BTC) trading well above $60,000. As a result, this also helped the numerous altcoins go higher in price and value too. However, this was not to last. As of the time of this writing, BTC is trading at $36,837, which is a 7.1% increase since yesterday.
Cardano (ADA), on the other hand, has been performing relatively quite well, all things considered. The highly anticipated Alonzo upgrade is set to be released later on in the year, and the implementation of the highly coveted smart contracts is expected to help raise the cryptocurrency’s price and value even higher than it already is. ADA is now also the 4th highest-ranked cryptocurrency in the world in terms of market capitalization, with USDT (Tether), Ethereum (ETH), and BTC being the only ones to be ranked higher.
Tough time for BTC
In more alarming news, experts are now saying that BTC could be on its way to have the most significant drops on a monthly basis in the entire history of the digital asset. Many investors have either already left or are actively considering leaving BTC behind to sail for greener digital pastures, as while the flagship crypto struggles to regain its seemingly lost glory, the altcoins have been steadily attracting more and more investors every week.
Tesla CEO Elon Musk’s announcement about BTC not being a viable payment option due to mounting environmental concerns combined with China’s decision to administer a ban on BTC mining in the country has caused the world’s largest cryptocurrency by market cap to plunge in price.
Bitcoin is now down by approximately 37% from the previous monthly open. This development signifies the 3rd largest dip in price for BTC in its recorded history, with September of 2011 and November of 2018 being the only other instances where the price experienced a massive drop.
Cardano holding on
Comparative to BTC, its main rival Ethereum is performing much better. XRP was doing well, too. However, the SEC lawsuit has added a sense of gradual uncertainty to Ripple’s native token. Both DOGE and BNB have also been observed to be finishing off May while in the red.
Cardano, on the other hand, has managed to stand its ground and is perhaps the only top cryptocurrency to successfully complete the month of May while being in the green.