- The month of May witnessed the catastrophic collapse of UST and LUNA.
- Tron (TRX) was the best performing token in May 2022.
LAGOS (CoinChapter.com) — May was overwhelming for cryptocurrency traders and investors as the market was riddled with widespread volatility, and several top assets recorded double-digit losses.
Bitcoin and many other digital tokens plunged significantly as the entire crypto market suffered losses following TerraUSD and LUNA collapse. Similarly, the total crypto market capitalization fell from $2.2 trillion at the beginning of the month to $1.3 trillion today.
Many factors have been suggested as catalysts for the poor performance of most digital assets in the last 30 days. Notably, Terra’s tokens collapse was the month’s highlight as it triggered a major decline in the crypto industry.
Furthermore, inflation in the United States and its impact on the U.S. Federal Reserve has also affected crypto prices. Likewise, legislative pushes, protests, and multinational companies’ activities, among other issues, have also negatively affected the price of digital assets.
European Central Bank President Christine Lagarde recently reiterated her dislike for cryptocurrencies, saying they “aren’t worth a dime.” Instead, Lagarde called on global policymakers to put rules to protect inexperienced investors making big bets on digital assets.
Also, the ongoing war between Russia and Ukraine has had a major impact on the price volatility of several cryptocurrencies. In addition, the conflict has led to calls for crypto regulation and a ban on several regions from accessing digital tokens.
Despite the high volatility of cryptocurrencies in the last 30 days, several assets performed outstandingly well. Here are some digital assets that managed to perform in May positively.
1 – Tron (TRX)
In May, Tron (TRX) is arguably the best performing digital asset as it registered tremendous growth while the entire crypto market suffered. The token in the last 30 days registered a growth of more than 20%, according to data from CoinMarketCap.
TRX, at the beginning of the month, was trading at $0.06816 before experiencing remarkable growth in trading above eight-cent at press time. Currently, the 13th largest token, the TRX market cap, also increased significantly alongside its value. The token market cap surged from around $6 billion on May 1 to more than $7.5 billion today.
However, despite the growth, TRX price has dropped more than 65% from its all-time high, which was attained in Jan 2018. Additionally, TRX currently has a 24-hour trading volume of $980 million with a circulating supply of 94 billion TRX coins.
2 – Monero (XMR)
Second on our list is Monero (XMR), which is currently among the 26th largest cryptocurrency by market capitalization. In the last 30 days, the token dropped by around 6%, putting it among the best performing assets.
The drop registered by XRM in May compared to the decline recorded by the entire crypto market was impressive. XRM was trading around $211 on May 1 and currently sits below $195 at press time.
The token market cap also rose to $3.5 billion, and it currently has a 24-hour trading volume of $245 million.
3 – Bitcoin (BTC)
The largest digital asset by market cap, Bitcoin, performed considerably in May despite the crypto market drop. Bitcoin began the month at a price tag of $38,500 before dropping more than 15% to around $30,000 at the end of the month.
However, although it also plummeted considerably, Bitcoin performed better than most of the tokens in the top 50 rank. Bitcoin on Monday rose over 8%, breaking the $31,000 mark as the asset market cap rallied back above $600 billion.
Moreover, Bitcoin’s price is more than 55% from its all-time high, attained in Nov 2017. The leading asset currently has a 24-hour trading volume of $32.4 billion with a circulating supply of 19 billion BTC coins.
4 – Binance Coin (BNB)
Fourth on our list is Binance Coin (BNB), which also plunged significantly but held its own considerably compared with other assets during the massive decline experienced this month.
BNB price dropped from around $390 at the beginning of May to around $320 on May 31. The token drop put it 55% from its all-time high as its market cap rallied back to $53 billion.
5 – Uniswap (UNI)
Uniswap (UNI), the 34th largest cryptocurrency by market cap, performed considerably well this month.
UNI registered one of the best performances after dropping by only 15% in May. In addition, the token market cap rose to $2.6 billion after dropping from $3.5 billion at the beginning of the month. Currently, UNI is trading at $5.83, up by more than 8% in the last 24 hours. It, however, has a month-to-date rise and year-to-date drop of more than 15% and 75%, respectively.