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Up 24%: Bytecoin Only Gainer In Poor Month for Large Cryptos

Up 24%: Bytecoin Only Gainer In Bad Month for Massive Cryptos

Bitcoin’s failure to scale the $ten,000 mark and the following 19 percent slump did not bode properly for the cryptocurrency markets final month.

The total market place capitalization of all cryptocurrencies fell to $304 billion on Could 29 &ndash the lowest level because April 13 and a drop of 26 percent for the month, according to CoinMarketCap&nbspdata.

Meanwhile, the bitcoin dominance rate, an indicator that tracks the percent of the total cryptocurrency marketplace cap contributed by bitcoin, rose from 35.86 percent (May possibly 6 low) to 40 percent, signaling a feasible rotation of funds out of option cryptocurrencies and into bitcoin.

The argument has merit, as BTC ranked 18th on the list of losers among top 25 cryptocurrencies by market&nbspcapitalization, meaning it outperformed most of the massive names.

For instance, XRP and bitcoin money each (BCH) dropped 26 percent in the course of May possibly. EOS depreciated by 30 % and litecoin (LTC) shed 20 %. Among the key cryptocurrencies, only ethereum (ETH) managed to outperform bitcoin with a 13.eight % drop.

It wasn’t all undesirable news, even though &ndash a cryptocurrency referred to as bytecoin (BCN) refused to follow the downtrend and clocked a 24 percent month-to-month achieve to turn out to be the greatest top-25 performer in Could.

Month-to-month winner

Bytecoin

Monthly overall performance:&nbsp+24 %
All-time higher:&nbsp$.0186
Closing price tag on May possibly 31:&nbsp$.006838
Current market price:&nbsp$.006665
Rank as per market capitalization:&nbsp19

Bytecoin surged to a record higher of $.01862 in early Could as Binance’s decision to list the cryptocurrency revved up investor excitement. Even so, the bullish momentum weakened in the second half of the month, likely due to profit taking and broader market sell-off.

Daily chart

Costs fell under the crucial ascending trendline on May possibly 17, as noticed in the chart above, and then dropped to the 200-day moving average support of $.0051 on May possibly 29.

A bullish outside-day candle neutralized the immediate bearish outlook. Nonetheless, the lack of good stick to-by means of is disheartening for the bulls.

Only a strong move above $.0075 would confirm a bullish reversal. On the downside, acceptance under the 200-day MA would signal a revival of the sell-off from the record high of $.0186.

Month-to-month losers

Qtum

Monthly performance:&nbsp-41.two percent
All-time high:&nbsp$106.88
Closing price on May 31:&nbsp$13.35
Current marketplace value: $13.74
Rank as per market capitalization:&nbsp20

QTUM, the native token of Qtum blockchain, took a beating in Might, getting repeatedly failed to scale the all-important 200-day moving typical (MA) in April, Bittrex information shows. There had been plenty optimism in the air at the beginning of the month as Qtum, a lesser-recognized ethereum rival, launched the first decentralized application (dApp) &ndash Bodhi (BOT) &ndash on its mainnet.

Nevertheless, the excellent news failed to preserve rates bid &ndash not surprising, probably, considering the broader marketplace sell-off and the technical failure at the essential extended-term moving average observed below.

Every day chart

Nonetheless, the recovery from the current low of $11.91 has put the brakes on the sell-off. Additional, the day-to-day relative strength index (RSI) has crossed the falling tendline, signaling scope for a corrective rally. Therefore, a move above the instant resistance of $14.37 (Could 12 low) could yield a quick rally to 50-day MA situated at $17.76.

NEM

Month-to-month efficiency:&nbsp-40 %
All-time higher:&nbsp$2.09
Closing price on May 31:&nbsp$.245114
Present market place price:&nbsp$.252008
Rank as per market capitalization:&nbsp15

NEM (XEM) was in the news for all the very good motives in Could.

Tech Bureau released an update for the NEM protocol for public and private networks, codenamed Catapult, which will enable digital asset creation, decentralized swaps, sophisticated account systems and organization logic modeling.

Meanwhile, Abra, the international app that allows users to invest in 25 cryptocurrencies, added XEM to its platform.

Nonetheless, the repeated failure on the element of the bulls to cross the $.45 mark in late April seems to have proved pricey for the cryptocurrency. Prices hit a 6.5-week low of $.2235 on Could 29, according to Poloniex information.

Weekly chart

XEM has developed a head-and-shoulders-like bearish reversal pattern. A break beneath $.22 (neckline support) would allow a deeper drop to $.07 (long-term rising trendline support). On the larger side, only a move above $.457 (April high) would signal a bearish-to-bullish trend change.

OmiseGO

Month-to-month performance:&nbsp-37.9 %
All-time high:&nbsp$28.35
Closing value on May possibly 31:&nbsp$ten.55
Current industry value:&nbsp$ten.52
Rank as per industry capitalization:&nbsp21

OmiseGO (OMG) crossed a essential falling trendline in April, raising the odds of a rally to record highs in May possibly. Nevertheless, the bullish move ran out of steam around the $20 mark in early Could and prices fell to a 6.5-week low of $9.50 on May possibly 29, according to Bitfinex.

Weekly chart

The fall back beneath the descending trendline might have weakened the bulls. So, rates could drop to the head-and-shoulders neckline assistance of $8.48 in the near-term. Acceptance beneath that level would imply a extended-term bullish-to-bearish trend alter.

Paper ships image by way of Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic requirements and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Published at Fri, 01 Jun 2018 14:15:16 +0000

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