Cryptocurrencies like Bitcoin BTCUSD,
and ether ETHUSD,
have become increasingly popular in recent years and are now readily traded by both private investors and large companies Tesla
and citibank .
The total market cap for all cryptos reached nearly $3 trillion in parts of 2021, and companies like Robinhood HOOD,
and Crypto.com benefited from higher crypto trading volume.
As interest in crypto continues to rise, so does interest in crypto prices.
Here is how crypto prices changed in May 2022:
Bitcoin prices fell 20.08% in May, continuing a soft 2022 for the crypto.
Despite Bitcoin’s lower prices, not many investors are trying to “buy the dip,” according to a note from Glassnode on Tuesday.
“The recent sell-off and lower prices have yet to inspire an influx of new users into the space, and only the HODLers remain,” the analysts wrote. HODLers is slang for people who buy crypto with no intention of selling.
A bitcoin forecaster recently told MarketWatch that he sees a potential eclipse-like event for bitcoin over the next few years that could see the crypto’s price surge above $100,000 by 2024.
But during an interview with CNBC, former Federal Reserve Chairman Ben Bernake said he doesn’t think Bitcoin will prevail “as an alternative form of money.”
Also See: Here’s How Much Money You Would Have Lost If You Purchased Crypto During Matt Damon’s Fortune Favors the Brave Commercial
Bitcoin is down 15.75% over the past 12 months at the time of writing.
Ether prices fell 33.07% in May, continuing the crypto downtrend in 2022.
Paul Brody, Global Blockchain Head at Ernst & Young Global, said he believes Ethereum will eventually “take over everything” despite increasing blockchain competition from Cardano ADAUSD,
and Solana SOLUSD,
“At EY, we are very picky about which ecosystem we work in. We are examining many ecosystems, but only developing in the Ethereum ecosystem,” continued Brody.
See Also: Here’s How Sports Betting Stocks Like DraftKings and Caesars Performed in May 2022
Ether is down 28.97% over the past 12 months at the time of writing.
Other cryptocurrency news
Billionaire entrepreneur Mark Cuban wrote in a viral tweet that he believes crypto is on the same downtrend that technology and internet companies experienced in the early 2000s.
“Crypto is going through the doldrums that the internet has been going through,” Cuban wrote in a Twitter TWTR,
Crypto exchange Coinbase CEO Brian Armstrong admitted in May that the crypto assets of some Coinbase users may not lack some bankruptcy protection — Armstrong also stated that bankruptcy is not likely for his company.
Also see: Crypto Goes Political: How Cryptocurrency Has Affected Some Primary Elections
House candidate for Oregon’s 6th congressional district, Carrick Flynn, lost his Democratic primary in May despite nearly $11 million in donations from FTX CEO Sam Bankman-Fried. Bankman-Fried made a donation to Flynn because of Flynn’s interest in pandemic preparedness, he said New York Times – Flynn says he studied pandemics and disaster prevention at university University of Oxford.
https://www.marketwatch.com/story/bitcoin-and-ethereum-heres-how-values-for-crypto-changed-in-may-2022-11654096645?rss=1&siteid=rss Bitcoin and Ethereum: This is how crypto values changed in May 2022