BingX Insights

Get the latest blockchain news on BingX.

Bitcoin Closed First Red Month in 2023 Following a 7% Decline in May (Market Watch)

BTCEUR - Jordan Lyanchev 2023-06-01 17:00

Bitcoin’s price slipped once again as May came to its end, and thus the asset registered its first losing month since the start of the year.

Most altcoins are in no better shape, aside from Litecoin, QNT, GRT, and a few more.

BTC First Red Month in 2023

The primary cryptocurrency had a choppy month. Looking at the end of it, one can see that it failed to breach the resistance levels at $27,500 despite several attempts. Moreover, the last one, which came on Monday, saw the asset jump to $28,500 following the debt ceiling deal by the US government.

However, that was short-lived, as the cryptocurrency retraced to under $27,500 by Wednesday. Yesterday’s rejection was particularly harmful as BTC fell hard by over a grand in hours.

It managed to stay north of $27,000 at first, but the past 24 hours brought another leg down. This time, bitcoin fell to a multi-day low of $26,600. Despite recovering a few hundred dollars since then, BTC still trades in the red on a daily scale.

It even closed May with a 7% decline, making it the first losing month of the new year. Its market cap has retreated to $520 billion, and its dominance over the alts is down to 46.1%.

BTCUSD. Source: TradingView BTCUSD. Source: TradingView

ADA and LTC Sit on the Opposite Corner

Most altcoins have also turned red with minor daily losses. ETH is down to $1,850 after a 1% decline. Binance Coin has retraced by the same percentage and is just under $305. Ripple, Solana, Tron, Polkadot, Shiba Inu, and Avalanche are also slightly in the red.

Cardano has declined the most from the larger-cap alts. ADA is down by over 3% and sits at $0.36. In contrast, Litecoin has jumped by almost $4 and trades above $90.

GRT has added the most value from the top 36 digital assets (5%) and stands close to $0.15.

Overall, though, the cumulative market cap of all crypto assets has seen another $10 billion gone daily. The metric is down by almost $40 billion in the past two days to $1.130 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto Cryptocurrency Market Overview. Source: Quantify Crypto

The post Bitcoin Closed First Red Month in 2023 Following a 7% Decline in May (Market Watch) appeared first on CryptoPotato.