May was one the period many anticipated would bring more advancements in price. Using the monthly heatmap of some asset, many drew the conclusion that most cryptocurrencies may end the fifth month of the year with notable increases.
However, this never happened as the monthly chart of major cryptocurrencies suggests that May is the most bearish this year. The negative also reflected in the global cryptocurrency market cap as it is down by a few percent.
It sector kicked off at $1.20 trillion. However, it showed signs of notable increases a few days into the session that saw it add a few million to its opening price. After the event, the industry’s value slumped and dipped to a low of $1.10 trillion. Currently, the global cryptocurrency market cap is at $1.13T which suggests a slight improvement from its low.
Although not significant, this is the first time the crypto market is closing with losses over the past three months. One reason for this outcome is huge uncertainty in the market.
The Fear and Greed Index shed more light on this conclusion. A closer look at the metric’s trend over the last thirty days showed that it hovered between 54 and 48. At scale, these marks are indications that most traders were ready to see what may unfold but were not optimistic or pessimistic.
Aside from this reading, other events took place during the period under consideration.
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