MENUCryptocurrency Market Update for May 2023
By Monica Barker
Published on June 06, 2023
Published on June 06, 2023
"The Authority in Online Gambling"
After an optimistic April, the month of May has been a bit of a nightmare for most cryptocurrency owners and traders.
Many of the cryptocurrencies big and small saw a decline in value, which was more detrimental to investors in coins that have larger prices per share. Bitcoin dropped over a thousand dollars but still ended up doing better this month in terms of percentage decrease.
The cryptocurrency market is incredibly volatile and impossible to predict, and May was a reminder of that fact. With that being said, don’t take the loss of this month as a cue to cut your losses and bail.
The unpredictability of the market goes both ways, so if you stick with it, you may be able to reap the rewards of your patience.
We think that the key to being successful in the crypto market is staying updated. So, we have created this May cryptocurrency market update to help you stay informed in order to make the best investment decisions for your financial situation and goals.
Take a look at the 1-month performance statistics of the coins that currently hold the top 10 market caps. Check out a few of the crypto news stories of the month and find out what the experts say is in store for the month of June.
As a whole, May was a setback for the cryptocurrency market. Most of the coins with the highest market caps experienced some major price drops, and in the scope of the month, they are coming out of May with less than they entered with.
There were a few coins that changed within the top 10 cap rankings, and most saw an overall price decrease.
Our performance rankings are shown in terms of their percent change from smallest to largest within the month, not in terms of their market caps.
Ethereum began as a white paper, or a proposal for development of the Bitcoin platform, written by Vitalik Buterin. It was not an accepted proposal or critique, so Buterin decided to create his own platform using his ideas. A number of prototypes were created under different codenames, with the current version being Metropolis (vByzantium) released in October 2017.
ETH has a current circulating supply of 99.7 million coins and has not yet announced a limit.
This means that there was a 16% (-$113.31) price per share decline for ETH in May. Of the top 10 market cap coins, Ethereum had the most successful month with the smallest percentage of price decline.
May 5 was a relatively good day all around for the crypto market, and most of the month’s price highs happened on this day. Ethereum was no different, hitting $816.12 per share on May 5, which was its highest price of the month.
On May 28, Ethereum’s price per share was at its lowest for the month at $516.04. This day had a similar effect on most of the coins on the top 10 market cap list.
Bitcoin was released in 2009 by an anonymous group or person named Satoshi Nakamoto. It is a decentralized digital currency, meaning that it doesn’t rely on any bank or governmental body to operate. It was not the first digital currency of this type that was created, but it has been the most successful and has lasted the longest of any of its predecessors.
BTC has a circulating supply of 17.06 billion coins and will cap at 21 billion.
This means that there was an 18% ($1,712.49) decrease in price per share of BTC in the month of May.
Bitcoin’s highest value of the month was at market close on May 5, at $9,858.15. Its lowest of the month came at the time of market close on May 28, with a price per share of $7,135.99.
IOTA (MIOTA) was founded in 2015 by Anders Sønstebø and Serguei Popov as an open-source cryptocurrency, meaning that its software is collaborative, transparent, and developed with the user in mind.
This coin runs on “The Tangle,” a system that was developed to be a sort of upgrade to Blockchain. The Tangle is what’s known as a directed acyclic graph, or a structure that is focused more on the flow of the information than the sequence.
MIOTA’s current circulating supply is 2.7 billion, and there has not yet been a maximum supply number set.
The price per share saw a 20% ($0.41) decrease in May.
MIOTA’s highest value came on May 3rd, where the price per share was $2.60. Its lowest value occurred on May 28th, with a price per share of $1.35 at market close.
Litecoin was released in October 2011 by a former Google employee named Charlie Lee. It was created to improve upon Bitcoin’s code, creating the blocks faster in order to facilitate faster transactions. LTC has a supply limit of 84 million coins, with a current circulating supply of 56.7 million.
This means that there was a 20% ($30.96) drop in value for LTC in the month of April.
Litecoin’s high and low values during the month followed the same patterns as some of the other larger coins. On May 5, the price per share of LTC was $177.76, which was its highest value of the month. Its lowest value came on May 28, at $111.60.
In August 2017, Bitcoin experienced what they call a “hard fork” where Bitcoin developers made a change to the code. From the fork came Bitcoin Cash, which created its first block on August 1, 2017. Bitcoin Cash has a supply cap of 21 million coins, and the current circulating supply is 17.1 million as of May 30th.
This means that there was a 27% ($366.60) negative value change for BCH in May.
Bitcoin Cash’s highest value for the month came on May 6, where the price per share was $1,765.69. On May 28, BCH was at its lowest point for the month at $892.12.
Ripple was founded in 2004, and in the next year, the founder began to build a secure payment system called Ripplepay. In 2011, they released a cryptocurrency called XRP of their own to be compatible with their new protocol. It was developed to eliminate Bitcoin’s reliance on centralized exchanges, perform transactions faster, and use less energy than Bitcoin.
XRP has a max supply of 100 billion coins, with 39.1 billion currently in circulation.
This means that there was a 28% ($0.236) drop in value per share of XRP in the month of May.
In line with many of the other coins, XRP saw its highest May value on May 5th at $0.905. Its lowest price per share came on May 28th at $0.552.
TRON began as an ICO campaign in September 2017 and earned $70 million during the startup phase. It has a total supply of 100 billion TRX and a current circulating supply of 65.7 billion as of May 30th.
The coin saw a 33% ($0.031) price decrease within the month of May.
On May 1st, TRX was at its highest price per share of the month at $0.093. Its lowest value of the month was $0.060 on May 28th.
Stellar was founded in 2014 and originally based on Ripple. The code was later revised and released in 2015. It has a total supply of 103 billion and a current circulating supply of 18.5 billion as of May 30th.
So, XLM’s value dropped by 36% ($0.162) in May.
Similar to TRON, Stellar saw its highest value of the month on May 1st at $0.439 per share and the lowest on May 28th at $0.253.
EOS.IO began as an ICO (initial coin offering) in June 2017 and ended up earning around $170 million in their startup phase despite criticism from members of the blockchain community.
EOS has a supply limit of 1 billion and a current circulating supply of 889 million as of May 30th.
EOS saw a 36% ($6.94) price drop between the first and the last day of May.
Its value high came at market close on May 2nd when one share of EOS was $12.91. Its value low occurred on May 28th, with a price per share of $11.64.
Cardano began in September 2017 by the former co-founder of Ethereum and BitShares. It has a supply limit of 45 billion and a current circulating supply of 25.9 billion as of May 30th.
ADA saw a 41% ($0.147) price drop between market close on May 1st and May 30th.
The highest value of the month for Cardano occurred on May 2nd, where the price per share was $0.372. On May 28th, it saw its lowest price of $0.174 per share of ADA.
Cryptocurrency news is constantly breaking because the industry is only in its infancy, so keeping up with the latest headlines is an important part of being an informed and responsible buyer and trader.
This month, there have been lots of news stories relating to the possible dangers of cryptocurrency that have been published to urge investors to make their decision after a period of serious thought.
Of all the industries affected by the cryptocurrency boom, the gambling industry has come out on top in terms of returns. An analysis of the market in the last few years has shown that 50% of all . Since 2014, over 3 million BTC (currently $21,878,925,000 USD) has been used to place gambling bets.
Online casinos are popping up online that accept only cryptocurrencies as bets and payout types. New ways to play are taking off, such as provably fair gambling, which uses the blockchain for total transparency on both sides of the computer.
Following along those same lines is ZeroEdge.Bet, which uses the blockchain to offer games with a 0% house edge. Zero Edge uses its own cryptocurrency token (ZERO) and models its business plan to the growth of the coin and not the total investment of the site.
The , so if you are a cryptocurrency owner who uses your coins primarily to gamble with, grab your ZERO while you can and experience the difference of a 0% house edge game.
The nature of cryptocurrency is often equated to gambling because there is no real way to predict the market’s movements, and the price per share could spike or plummet at any given time without warning.
But now, experts in psychology are saying that cryptocurrency users are reporting similar issues to the ones reported by compulsive gamblers.
This , clinical director and consultant psychiatrist at the Priory Wellbeing Centre in Dubai.
He believes that cryptocurrency trading, when it’s done similar to day trading where the money and coins change hands often and the trader is not typically holding onto the coin for longer than 24 hours, is a behavioral addiction.
The dramatic and unpredictable price spikes provide a “high” to the user but can end up being the detriment of the trader. Compulsive betting on or trading cryptocurrency can be the product of other psychological and mood problems like stress, ADHD, depression, and bipolar disorder.
Programs to help people overcome compulsive cryptocurrency trading and betting have been added to existing addiction rehabilitation programs in the UK and Dubai and may continue to expand as the spread of cryptocurrency continues throughout the world.
While many of us are trying to figure out if investing in cryptocurrency fits into our individual financial plans, the 1.6+ billion Muslims all over the world have to first decide how it fits into their religious lives.
If you are not Muslim, you might be wondering exactly what about investing in Bitcoin and other cryptocurrencies is at odds with the faith. Firstly, it’s important to understand the difference between halal and haram.
In very broad-strokes explanations, “halal” describes everything that is determined permissible in the Qur’an, and “haram” is everything that is impermissible.
These terms and how they fit into the everyday life of a Muslim are nuanced and can be affected and skewed by culture and upbringing. For a , take a look at this page.
When these terms are applied specifically to the topic of investment, there aren’t any stocks or options that are completely conforming to one or the other. The most widely-accepted definition of halal investment is one that is not done with the intention of earning a profit or interest.
The company being invested in is also important. If the company makes their profits mainly through interest, it should be avoided.
Companies that exist in industries that are considered haram like alcohol and smoking should also be avoided if your intention is to make the most halal investment that you can.
Muhammad Abu Bakar, Muslim legal expert, published a report that analyzed . He said that Bitcoin can be considered halal as long as they have the correct intention upon purchasing.
This belief is more in line with what Bitcoin’s original intention was when it was introduced. It was created to be a kind of secure digital cash and not necessarily a growing investment that will produce a profit.
Of course, there are differing opinions on this topic depending on the way you see Bitcoin and other cryptocurrencies.
The Turkish Directorate of Religious Affairs believes that buying, selling, and using digital currencies cannot be considered in line with religious beliefs because it can be used to facilitate transactions that are illegal in nature, like money laundering and the purchase and exchange of illicit substances.
This question has produced 10 more about adapting faith to modern circumstances, and this issue in particular is much more ambiguous because Bitcoin and cryptocurrencies are uncharted territory for our world.
We’re all aware of the dangers present when investing in an Initial Coin Offering (ICO). And as the fraudulent ICOs are being weeded out from the genuine ones, we can get even more of an insight about what to watch out for when researching an ICO to invest in.
On May 29, Titanium Blockchain Infrastructure Services Inc. with fraud related to their attempts at fundraising for their ICO.
This firm misled investors by falsely stating that it had business relationships with popular companies like Disney, PayPal, and Verizon. It reported a relationship with the US Federal Reserve that did not exist and equated investing in their ICO with investing in heavy-hitter companies like Google.
They used fabricated testimonials to help legitimize their coin and deceived their investors with grandiose and fictional claims of their business prospects.
Titanium isn’t the first company that has been charged with similar crimes, and it surely will not be the last. If you choose to invest in an ICO, be sure to do your due diligence.
As stated previously, cryptocurrency forecasts are merely speculation and do not necessarily hold any genuine weight. The value of individual coins can’t be tracked or predicted using the information from the year, month, or even day before.
It is an unstable and volatile investment that there is not a lot of accurate recorded and usable data for. It can also be difficult to find predictions made for cryptocurrencies other than Bitcoin due to its current popularity.
With that being said, there are a few market predictions made for June.
John McAfee, the internet security and tech expert, believes that the market will go through drastic changes in the period of time between May 24 (when his forecasts were published) and June 12.
He believes that the market will spike on June 12 due to political factors relating to foreign deals being made on the same day. .
His forecasts may seem far-fetched and indeed are not backed up by a large portion of the cryptocurrency community, but remember that the prices are unpredictable, and the probability of the market experiencing a sudden and drastic spike is equal to the probability that it won’t.
It’s like trying to determine the probability of if a flipped quarter will land on heads or tails. Each result is unique and separate from the ones that came before it, so the probability is purely 50/50.
The market may move with certain large political decisions and policies, but the timing of the dramatic increases and decreases that seem to coincide with these events may also be completely coincidental.
Regardless of who they’re coming from, take these forecasts and predictions with several grains of salt.
The best way to be a successful cryptocurrency owner and trader is to keep yourself updated on the price trends within each day and react accordingly after taking into account your personal level of comfortability and financial situations.
If you’re still learning about Bitcoin and other digital currencies, be sure to check out our cryptocurrency guide.
It features all kinds of useful information and advice relating to buying and using cryptocurrencies, with a particular focus on online gambling with cryptocurrency.
