Up 24%: Bytecoin Only Gainer In Bad Month for Big Cryptos

While most top-25 cryptocurrencies took a hit last month, lesser-known cryptocurrency bytecoin scored decent gains.

AccessTimeIconJun 1, 2018 at 2:15 p.m. UTC
Updated Sep 13, 2021 at 8:00 a.m. UTC
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Bitcoin's failure to scale the $10,000 mark and the following 19 percent slump did not bode well for the cryptocurrency markets last month.

The total market capitalization of all cryptocurrencies fell to $304 billion on May 29 – the lowest level since April 13 and a drop of 26 percent for the month, according to CoinMarketCap data.

Meanwhile, the bitcoin dominance rate, an indicator that tracks the percent of the total cryptocurrency market cap contributed by bitcoin, rose from 35.86 percent (May 6 low) to 40 percent, signaling a possible rotation of money out of alternative cryptocurrencies and into bitcoin.

The argument has merit, as BTC ranked 18th on the list of losers among top 25 cryptocurrencies by market capitalization, meaning it outperformed most of the big names.

For instance, XRP and bitcoin cash both (BCH) dropped 26 percent during May. EOS depreciated by 30 percent and litecoin (LTC) shed 20 percent. Among the major cryptocurrencies, only ethereum (ETH) managed to outperform bitcoin with a 13.8 percent drop.

It wasn't all bad news, though – a cryptocurrency called bytecoin (BCN) refused to follow the downtrend and clocked a 24 percent monthly gain to become the best top-25 performer in May.

Monthly winner

Bytecoin

bytecoin-cmc-2

Monthly performance: +24 percent

All-time high: $0.0186

Closing price on May 31: $0.006838

Current market price: $0.006665

Rank as per market capitalization: 19

Bytecoin surged to a record high of $0.01862 in early May as Binance's decision to list the cryptocurrency revved up investor excitement. However, the bullish momentum weakened in the second half of the month, likely due to profit taking and broader market sell-off.

Daily chart

bcn-daily-chart

Prices fell below the key ascending trendline on May 17, as seen in the chart above, and then dropped to the 200-day moving average support of $0.0051 on May 29.

A bullish outside-day candle neutralized the immediate bearish outlook. However, the lack of positive follow-through is disheartening for the bulls.

Only a strong move above $0.0075 would confirm a bullish reversal. On the downside, acceptance below the 200-day MA would signal a revival of the sell-off from the record high of $0.0186.

Monthly losers

Qtum

qtum-cmc

Monthly performance: -41.2 percent

All-time high: $106.88

Closing price on May 31: $13.35

Current market price: $13.74

Rank as per market capitalization: 20

QTUM, the native token of Qtum blockchain, took a beating in May, having repeatedly failed to scale the all-important 200-day moving average (MA) in April, Bittrex data shows. There had been plenty optimism in the air at the beginning of the month as Qtum, a lesser-known ethereum rival, launched the first decentralized application (dApp) – Bodhi (BOT) – on its mainnet.

However, the good news failed to keep prices bid – not surprising, perhaps, considering the broader market sell-off and the technical failure at the key long-term moving average seen below.

Daily chart

qtum-daily-snapshot

However, the recovery from the recent low of $11.91 has put the brakes on the sell-off. Further, the daily relative strength index (RSI) has crossed the falling tendline, signaling scope for a corrective rally. Hence, a move above the immediate resistance of $14.37 (May 12 low) could yield a quick rally to 50-day MA located at $17.76.

NEM

nem-cmc

Monthly performance: -40 percent

All-time high: $2.09

Closing price on May 31: $0.245114

Current market price: $0.252008

Rank as per market capitalization: 15

NEM (XEM) was in the news for all the good reasons in May.

Tech Bureau released an update for the NEM protocol for public and private networks, codenamed Catapult, which will enable digital asset creation, decentralized swaps, advanced account systems and business logic modeling.

Meanwhile, Abra, the global app that allows users to invest in 25 cryptocurrencies, added XEM to its platform.

However, the repeated failure on the part of the bulls to cross the $0.45 mark in late April seems to have proved costly for the cryptocurrency. Prices hit a 6.5-week low of $0.2235 on May 29, according to Poloniex data.

Weekly chart

xem-daily-snapshot

XEM has created a head-and-shoulders-like bearish reversal pattern. A break below $0.22 (neckline support) would allow a deeper drop to $0.07 (long-term rising trendline support). On the higher side, only a move above $0.457 (April high) would signal a bearish-to-bullish trend change.

OmiseGO

omisego-cmc

Monthly performance: -37.9 percent

All-time high: $28.35

Closing price on May 31: $10.55

Current market price: $10.52

Rank as per market capitalization: 21

OmiseGO (OMG) crossed a key falling trendline in April, raising the odds of a rally to record highs in May. However, the bullish move ran out of steam around the $20 mark in early May and prices fell to a 6.5-week low of $9.50 on May 29, according to Bitfinex.

Weekly chart

omg-daily-snapshot

The fall back below the descending trendline may have weakened the bulls. So, prices could drop to the head-and-shoulders neckline support of $8.48 in the near-term. Acceptance below that level would mean a long-term bullish-to-bearish trend change.

Paper ships image via Shutterstock

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