Bitcoin closes in first red month of 2023 after 7% drop in May (Market Watch)

As May came to an end, the price of bitcoin fell once again, and thus the asset recorded its first losing month since the beginning of the year.

Most of the altcoins are not in better shape except for Litecoin, QNT, GRT, and a few others.

BTC first red month in 2023

The primary cryptocurrency has had a choppy month. Looking at its close, it can be seen that it failed to overcome the $27,500 resistance despite several attempts. Besides, the last close, which came on Monday, saw the asset bounce back to $28,500 following a debt ceiling deal by the US government.

However, it was short-lived as the cryptocurrency dropped below $27,500 by Wednesday. Yesterday’s rejection was particularly damaging as BTC was down heavily in the hours.

It previously managed to hold north of $27,000, but lost another leg in the past 24 hours. This time, bitcoin fell to a multi-day low of $26,600. Despite recovering a few hundred dollars since then, BTC is still trading in the red on a daily scale.

It also closed May down 7%, making it the first losing month of the new year. Its market cap has dropped to $520 billion, and its dominance of alts has dropped to 46.1%.

ADA and LTC sit on opposite corners

Most of the altcoins have also turned red with minor daily losses. ETH has settled at $1,850 after a 1% drop. Binance Coin has retreated by the same percentage and traded as low as $305. Ripple, Solana, Tron, Polkadot, Shiba Inu and Avalanche are also slightly in the red.

Cardano was the biggest loser among large-cap alts. ADA is down over 3% and sits at $0.36. In contrast, Litecoin has jumped almost $4 and is trading above $90.

GRT has added the most value out of the top 36 digital assets (5%) and is close to $0.15.

Overall, however, the cumulative market capitalization of all crypto assets has seen a daily loss of $10 billion. The metric has lost almost $40 billion to $1.130 trillion in the past two days.