What Changed in Crypto Markets While You Were Sleeping — June 1

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In Brief
  • Bitcoin completed its second-worst monthly close in history.

  • KSM is up 14% on the day.

  • The 0x platform has expanded into the Polygon ecosystem.

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BeInCrypto presents our daily morning roundup of crypto news and market changes that you might have missed while you were asleep.

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Bitcoin update

The month of May was bearish for BTC, recording a loss of 35.59%. This was the second-highest monthly decrease ever recorded, only trailing that of November 2018, when the price decreased by 37%.

Technical indicators provide mixed readings. 

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In the two previous bull cycles, the RSI made two tops in the overbought territory prior to the end of the bull run. In the current phase, it has only made one top. 

However, an RSI cross below 70 marked an end to the bull cycle in both 2013 and 2017 (red icons). Currently, the monthly RSI has just crossed below 70. 

BTC Chart By TradingView

Altcoin movers

The total crypto market cap has regained 5% to $1.64 trillion today amid a slight recovery. At the time of press, every cryptocurrency in the top-50 is in the green on the day. The fifth-ranked Binance Coin (BNB) is less than $800 million from overtaking the #4 spot from Cardano (ADA).

Today’s biggest altcoin gainer is Kusama (KSM). The altcoin is trading up 14% on the day is up by 10% over the past week.

Helium (HNT) is the biggest altcoin loser, though it’s only down by 1.7%. At the time of press, HNT was only one of four cryptocurrencies in the top-100 that were experiencing a loss on the day.

In other crypto news

  • The 0x platform has expanded into the Polygon ecosystem to bring Layer 2 scaling to decentralized exchange liquidity aggregation.
  • Matter Labs has launched a testnet for the second iteration of its zkSync scaling solution, which has taken another step towards solving the Ethereum blockchain trilemma.
  • South Korea’s first crypto exchange is bringing another first for the country with the launch of its non-fungible token (NFT) marketplace.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Kyle migrated from the East Coast USA to South-East Asia after graduating from East Stroudsburg University. He began trading and writing about cryptocurrencies in 2016, and has been an avid investor in stocks and precious metals since his teens.

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