We have finally made it through May and into June, a new month that will inspire new optimism and no doubt, some new hope into investors and crypto-fanatics alike. Now we can take a moment to sit back and have a look through May, which fond memories should we keep hold of and which nightmares do we wish to forget?
Overall, we started May in a bath of optimism, waist deep in climbing values and innovative ideas, yet, slowly, as we entered the mid-weeks, we saw this optimism disappear, into a sinking market, retracting all of the hard work April put in to boost the markets, out of a devastating March depression.
Is this a bad thing? Not entirely, the market retractions seen around the end of May, have not been bad news as such, they are just an inherent part of organic market behaviour. Values will move up and down, figures will roll and of course, emotion will bounce around, it’s a part of the industry we all know and love. Whilst the current state of affairs does not mean that we are likely see a huge market surge soon, nor does it mean the markets will crash again tomorrow, we should remain optimistic that the banal attitude of cryptocurrencies at the moment is not here to stay. Simply put, June will see a change, whilst we can’t yet estimate the scale of this, we can be sure that the markets are going to partake in movements of a distinctive nature.
In order really assess May, we should run a few comparisons, let’s see how the top five currencies faired, how they entered the month and how they leave May behind.
Bitcoin entered May with a value exceeding $9,000.00, closing the month just shy of $7,500.00. I think this captures the true essence of a month that has no doubt bought tears to a few investors.
Ethereum came into May reaching $650.00, exiting the month at around $570.00. In terms of value, one could argue that Ethereum has got off quite lightly here.
Ripple started May like a bull in a china shop, hitting values above $0.80, leaving the month behind with a value just topping $0.61. Ripple has tried so hard to hit $1.00 over the past few months, though this has been in vain, hopefully, we see movements reflecting this ideal once again, soon.
Bitcoin Cash has ridden a bumpy trajectory, starting May off with a value of around $1,300.00, closing the month just over $950.00. The $1,000.00 has proven to be a bit slippery for Bitcoin Cash, as June opens up though, we do expect to see Bitcoin Cash move past this once again.
Finally, EOS. EOS entered May just days after hitting an all time high exceeding $20.00. The start of May saw EOS move down to around $17.00, yet, after bottoming briefly below $11.00, EOS has made a recovery, leaving May behind with a value nearing $12.50.
The aforementioned statistics may seem to bring a downer on the month, but, we must consider that not only is May now behind us, various different news events have had emotional consequences that have driven the markets down, that’s a fact. Moreover, as a result of the April bull run, we did expect to see a correction period, lead to a bear market which in turn has caused a great deal of retraction.
Therefore, May was not a complete washout, instead, it was just a period of market reaction. Things are doing just fine, June is hopefully going to prove that.