BTC and Ethereum both fell in May, marking the first monthly decline since 2023. LTC and RNDR were the stocks with the highest monthly gains
BTC and Ethereum both fell in May, marking the first monthly decline since 2023. LTC and RNDR were the stocks with the highest monthly gains.
As cryptocurrency prices shifted slightly towards red, the gray of May turned into a haze in June on Thursday.
According to CoinDeskIndexes, Bitcoin is the largest cryptocurrency by market value, with a recent trading price of approximately $26950. It has fallen 0.5% in the past 24 hours, and BTC has fallen below $27000 for the second consecutive day. The unlucky month of June continued the downward trend of May, when Bitcoin prices fell by nearly 4%, breaking the four consecutive months of upward trend.
Bitcoin has surged by over 60% since January, reaching around $31000 in mid April as cryptocurrency regained its luster as a safe haven asset after a series of US bank failures raised concerns about traditional finance.
At any time, as long as you have an asset with significant volatility, such as cryptocurrency, any actual monthly fluctuations below a 5% security fixed fee are relatively small, "Todd Groth, the head of research on the CoinDesk Index, told CoinDesk's" Pioneer "plan on Wednesday The widespread CMI has fallen by about 2% to 3%. Considering how much these assets can move on a historical basis, this has indeed been a volatile month. Now, we are looking for the next big story that can go even higher
Groth optimistically pointed out that in early May, there were encouraging signs that inflation was weakening, enough to prompt the US central bank to stop its nearly one-year interest rate hike. After hopes rose, the market has recently digested a more aggressive monetary policy.
We have repriced interest rate expectations to not be so dovey without any major market correction, so this is positive, "Gross said, but added that" repricing higher interest rates "is also a disadvantageous factor.
Ethereum is the second largest cryptocurrency by market value, with a recent trading price of approximately $1870, slightly higher than the same period on Wednesday. Most of the other major digital assets fell, although the range was small, Litecoin was an exception. Recently, it rose more than 7%. InvestorsSeems to be affected byEncouraged by the halving of the internet within two months and the surge in transaction volume in May.
Groth pointed out that LTC and RNDR are tokens of RenderNetwork, a provider of rendering solutions based on decentralized graphics processing units, which ranked among the top in the CoinDesk index in May. LTC and RNDR have increased by approximately 20% and 7.5% respectively in the past 30 days. We have seen stories of GPUs being extensively transformed into these large AI (artificial intelligence) clusters, while Render is actually a decentralized AI cluster, "Groth said. Therefore, given the buzz and hype surrounding ChatGPT and all these LLMs, it is not surprising that it has performed well. This has captured some of Nvidia's improvements
The CoinDesk market index, which measures the performance of the cryptocurrency market, has recently fallen by 0.4%.
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CoinDesk Hashnote Leo Mizuhara .
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