By the end of spring, the digital market recovered from a recent pullback. The main cryptocurrency, Bitcoin, was trading above $71,000, and top coins appreciated following the leader.
At the forefront of growth were meme tokens. May 2024 showed that this category of cryptocurrencies is becoming popular again. Meme coins, known for their high volatility, bring significant profits to investors during the new bull rally.
Despite the overall positive trend, some top cryptocurrencies lost value. For investors, this was an opportunity to buy assets for the long term.
Top 5 Coins with the Best Performance for May 2024
Over the past few months (since October 2023), Bitcoin has more than doubled in price. In comparison, altcoins did not show significant growth. Many of them remain in buying zones. As long as Bitcoin maintains a high level of market dominance (50.4%), altseason is unlikely.
According to analysts, a potential decrease in BTC volatility is expected in the summer, which will gradually reduce its dominance. Liquidity will start to flow into altcoins, leading to their growth. Currently, meme coins are the most active in response to Bitcoin's movements, leading the list of the most profitable in May.
The highest returns were shown by the Brett (BRET) token. Its price increased by 157% over the month (from $0.035 to $0.09), and the total value of circulating supply increased to $955.98 million. Brett (BRET) is a new meme coin inspired by a character from the Boy's Club comic. The asset entered the market in February 2024 and quickly gained support from leading crypto exchanges (Bybit, Bitget, KuCoin). As of June, BRETT is traded on more than 30 CEX and DEX with a total volume of $51.04 million.
The second place in the performance ranking is held by Pepe (PEPE), which increased in price by 97.5% over the month (from $0.00000619 to $0.00001507). The total value of tokens in circulation reached $6.52 billion. In terms of capitalization, PEPE is among the top three meme coins, behind only DOGE and SHIB. In 2024, the cryptocurrency strengthened its position, with its price increasing tenfold since January.
The third place in terms of performance was taken by JasmyCoin (JASMY), whose price increased by 87.5% (from $0.016 to $0.03). Capitalization increased to $1.47 million, and trading activity reached $607.51 million. The price has increased by more than 400% since the beginning of the year. These results are associated with positive initiatives by the Japanese government. In February, legislative changes were adopted that allowed venture investments in digital assets. In May, the token's price rose due to rumors of a partnership between Jasmy Corporation and Apple.
Also among the top 5 leaders in growth in May were:
- FLOKI (FLOKI). The coin's price increased by 68.6% (from $0.0001497 to $0.0002525).
- Ondo (ONDO). The asset increased in price by 68.4% (from $0.73 to $1.23).
Coins with the Worst Performance for May 2024
Some cryptocurrencies went into a local correction by the end of spring, but the positive market sentiment mitigated the depth of the price decline.
The worst investment result in May was shown by Pyth Network (PYTH), which decreased by 19.6% (from $0.51 to $0.41). Capitalization decreased to $1.47 million. Nevertheless, Pyth Network remains a fundamentally strong asset, providing a decentralized platform for real-time market data transmission. The native token is listed on major exchanges (Binance, OKX, Bybit) with a total daily trading volume of $83.44 million.
The second largest loss was recorded by Cronos (CRO), which fell by 15.3% (from $0.13 to $0.11), reducing its market capitalization to $3.04 billion. Trading activity for CRO remained at $10 million on exchanges, with the highest volume traded on the native Crypto.com exchange.
The third place among the losing coins was taken by Quant (QNT), whose price decreased by 9.5% (from $99.42 to $89.93). Capitalization proportionally decreased to $1.31 billion. Quant Overledger has received broad market support, and the native token is traded on leading exchanges with a total daily trading volume of $17.06 million.
Also among the losing cryptocurrencies in May were:
Comments