In May, Bitcoin (BTC) came close to turning off the red light (crash) for the first time in 2023. Over the past 30 days, the price of the cryptocurrency has first hovered between $27,000 and $30,000. , its value does not change abruptly. This caused some altcoins to deviate from the trend and their value increased significantly.
The price increase is Kava (KAVA) this crypto campaign has two active events. One of them was a network change and the other was the removal of warnings on coins by Korean exchanges. KAVA started at $0.75 in May and ended at $1.05 at launch. An increase of more than 37%.
In second place is PEPE. From late April to early May, the newly minted meme coin took hold and increased funding by over 300% in less than a week. At the end of the month there was a power outage and since then the value of Ethereum tokens has depreciated and nothing can be done. Regardless, those who held crypto assets between May 1 and May 31 will continue to benefit. Its price rose from $0.00000107 to $0.00000120, an increase of 23%.
Third place goes to TRX, the original cryptocurrency of the Tron network. Everything points to the growth and strength of the stablecoin Tether (USDT) as an engine for the purchase of Tron. To understand how they are related, it is important to note that the Tron network is very popular among USDT users due to its low price. In the last 31 days, the TRX price increased by 12%, from $0.068 to $0.075.
Rounding out the top 4 is XRP, a digital currency issued by the company Ripple. Apparently, the strong support of XRP during the last few weeks, such as March, and the information circulating on the Internet, and various types related to the conclusion of the case between the US SEC and the Ripple company, start 2020. Without However, this is official confirmation that many investors are choosing to invest in XRP while they wait for the long-awaited results. feel good about your investment.
As we have seen, the price divergence of altcoins (crypto and non-Bitcoin tokens) is not supported by strong fundamentals. Events, news and information take up a lot of space in this group. This reinforces the idea that all traders should be cautious and do their research before making any financial decisions based on this.
Also, it is important to note that the returns received last month using the aforementioned cryptocurrencies will not last for days, weeks or months. Accordingly, these past results should not be considered investment advice. Any movement in the cryptocurrency market must be carefully analyzed, taking into account both the present and the future.
