Cryptos suffer double digit losses in May

June 05, 2018
Chris Wheal

May was a tough month for cryptocurrencies, with all the top 10 by market capitalisation suffering percentage falls in double digits.

According to data presented by usethebitcoin.com, the total market capitalisation of all cryptocurrencies started the month just above $400bn and ended the month $70bn lower.

Cardano suffered biggest losses in May

Biggest losses for Cardano

Cardano (ADA) was the worst performer, falling 39.3% during May, while the outperformer, falling just 12% was ethereum (ETH).

Bitcoin (BTC), the de-facto leader of the group through its near $130bn market cap and around $5bn daily trading volume, fell 19.4% in May.

The losses came against the background of a US criminal investigation in possible crypto price manipulation.

Price pimping probe

Joint crypto regulators the US Department of Justice and the Commodity Futures Trading Commission said on 24 May they were investigating allegations of “spoofing” – large buy or sell orders placed, then cancelled, aimed at raising or lowering asset prices.

Stellar, despite its starry name, fell to earth as its lumen (XLM) token shed 32.3% over the month, while tron (TRX) lost 37.2%.

Of the other coins in the crypto top 10, ripple (XRP) slid 21.2%, bitcoin cash (BCH) lost 20%, litecoin (LTC) ended the month 20.6% lower, iota (MIOTA) slipped 13.4% and Eos fell 23%.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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