The Crypto market had a sour month of May and as the flagship crypto asset, Bitcoin begins slow recovery for the remainder of its worst trading month.
The number one crypto lost near 10% of its value on Friday and at the time of drafting this report had lost about 36% in value for the month of May, its worst monthly performance since September 2011.
BlockDesk reported on the 19th of May how the digital asset suffered one of the most significant liquidity crises following a multi-month-long consolidation above $50k. Bitcoin’s worst sell-offs on May 19 posted the largest daily candle in Bitcoin history with an intra-day price range of about $11,500.
The dramatic plunge created more panic across the market spectrum with Bitcoin staying below $40,000 price levels until the weekend.
Bitcoin’s enhanced volatility continued on Saturday as the cryptocurrency fell to its lowest price level in five days beneath $35,000. Most alternative coins also experienced similar dips.
However, the coin has recovered around $3,000 from the current 7-day low recorded on Saturday. The altcoins also are beginning to go green as they recover from the losses.
Cardano leads as altcoins continue slow recovery
The alternative coins mimicked BTC’s performance in the past 24 hours all surging and plunging in the same direction.
Ethereum, for example, dumped by more than $300 in hours from over $2,500 to beneath $2,200 on some exchanges such as Binance. Nevertheless, ETH has also bounced off and currently trades above $2,400.
Binance Coin (BNB) dropped below the $300 mark but has recovered most losses to $330. On a 24-hour scale, Altcoins are beginning to go green with Cardano ADA leading the charge.
ADA in the last 24 hours has surged by +17.1% tipping BNB to become the fourth-largest cryptocurrency.
Among the top ten coins, ADA leads by a wide margin as XRP (+3.8%) follows. BNB (+3.7%), DOT (+1.7%), ETH (+1.2%) and DOGE (+1.2%) all have entered their recovery phase.
Lower altcoins also are in a pool of green with ENJCOIN (+24.1%), Near (+17.8%), Telecoin (+14.2%) all painting impressive gains.
Interestingly, the privacy coins which were gaining traction yesterday have retraced today. ZEC (-12%), XMR (-10%), Dash (-8%) lead the way, followed by Cosmos (-7%), Waves (-5%), Theta Fuel (-5%), and Klaytn (-5%).
After the most violent state of yesterday’s crash, the crypto market cap had dipped to $1.4 trillion from $1.6 trillion. Today’s recovery has seen it surge back to $1.5 trillion.