This month for sure earned a place in crypto history books. First, we’ve seen an unbelievable surge in Ethereum prices. Then, the markets were hit by the most brutal dip since the notorious 2017.
Here’s what our experts have been discussing in media as of May 2021:
- The future of crypto regulation
- Ether’s proud walk
- Bitcoin and the forks
- The new historical dip
So, what conclusions can we draw from all these controversial events? Read more below to find out.
The future of crypto regulation
At the end of March the United Kingdom’s financial watchdog, the FCA, has announced that crypto-involved companies in the UK are now obligated to submit financial crimes-related information in the form of yearly reports. Some may think that this kind of reporting could be considered a step back from the freedom that the crypto industry promised at the beginning of its inception. Konstantin Anissimov explains why this decision is likely to lead to many good things for the industry in the long term.
UK regulator’s actions point to the trend of growing crypto market security
The Bank of England recently announced the formation of a special task force meant to look into the notion of introducing a central bank digital currency (CBDC). While the decision to implement a digital pound has not yet been made, the option is clearly being considered. Konstantin Anissimov explores what changes would be needed to make it happen and how would this decision affect the country in the long term.
Ether’s proud walk
Ethereum has outpaced Bitcoin per rate of growth, a situation that has contributed to the reduction in the dominance level of the first-ever digital currency by market capitalization. Together, Bitcoin and Ethereum dominate the $2.29 trillion global crypto market cap by 61.9%. Konstantin Anissimov looks at their current price movers to showcase which project contributes more to this combined cap weighting.
- Bitcoin fights for breakout as Ethereum sees correction from its ATH
- Ethereum price momentum could see it ‘flip Bitcoin
Ether, the token traded over the Ethereum blockchain, topped $3,000 for the first time at the beginning of May. It is up more than 385% this year, compared with 96% for Bitcoin. “Ethereum has been able to maintain its positive momentum, a crushing series of all-time highs in the past week,” said Konstantin Anissimov, executive director at cryptocurrency exchange Eukex.
- Cryptocurrency Ether rises to new record high over $3,600 Reuters
- Market Wrap: Stellar, ICP Pop as Altcoin Season Takes Ether to Fresh High
Ethereum, alongside Dogecoin, has hit a new all-time high in May amid a crypto coin frenzy. The price surge means the combined value of all cryptocurrencies is now greater than the market cap of Apple — the world’s most valuable company. Konstantin Anissimov said: “Ethereum has been able to maintain its positive momentum with a crushing series of all-time highs in the past week. The current all-time high has reignited the ambitious sentiment that Ethereum may eventually flip Bitcoin by market capitalization in the near future.
- What will Ethereum be worth in 2030? Ethereum ‘difficult to manipulate’ as value to soar
- Market Wrap: Bitcoin, Ether Recover From Midday Market Sell-Off as the DOGE Abides
Bitcoin and the forks
EUKEX data shows that Bitcoin price recovered to $58k, dropped to $53k, and then recovered to $58k again, and all that in only a week. There have been several reports that make Bitcoin’s rapid price recovery and desire to surge quite understandable. On top of that, BTC and ETH recently hit Wall Street as S&P Global Indices, which is certainly a reason for the price to act up. Finally, the BTC price surge has inspired plenty of Asian firms to accelerate their shift to BTC.
Bitcoin price goes back to $58k resistance after a short dip
A cryptocurrency that looks and sounds a lot like Bitcoin has crept up into the top 10 biggest digital currencies list: Bitcoin Cash. Bitcoin Cash shares most of its code with Bitcoin. But it is significantly faster at processing transactions. The cryptocurrency is having a moment: It surged more than 11% in May, and more than 300% this year. “Bitcoin Cash has proven itself to be one of the most resilient cryptocurrencies in the digital currency ecosystem today,” Konstantin Anissimov told CNN Business.
The new historical dip
At the end of May, the total market capitalization of the crypto sector has dropped by a whopping 25%. The excuse for this continuous offloading of Bitcoin is tightly linked to Elon Musk and Tesla’s announcement of scrapping their earlier embrace of BTC. That said, while Bitcoin’s dominance has dropped to 40%, events surrounding the coin still shape the broader market at large, said Konstantin Anissimov.
Cryptocurrency market faces identity crisis after historic plunge
As crypto price volatility rises, some are hopeful the market will revert to the upward path, which will flush out any weak hands. The crypto market bloodbath that is currently engulfing the entire industry will likely go down in history as one of the key points to remember regardless of whether the prices recover or continue going downward. Konstantin Anissimov believes that although the reasons for this latest dip may be manifold, the market is displaying an extraordinary amount of maturity to actively shrug off any incoming bearish volatility — a trend that was lacking in previous bull runs.
Crypto market volatility peaks as Bitcoin and altcoins seek to recover
#Eukex #Euk #EukexCoin
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