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News recap: Litecoin shows the biggest growth in the last 12 years

Ripple has rolled out a proprietary platform for CBDCs, Dogecoin has surpassed Bitcoin in daily transactions, while PEPE has become the fastest-growing token hosted on Ethereum. Read our News recap to learn more about the main crypto events between 12th and 25th May 2023.

Crypto market in numbers

Between 12th and 16th May, the crypto market capitalisation increased by 3.9% to $1.14 trillion. A market lull then followed, with the indicator remaining in a narrow range of $1.12-$1.14 trillion. On 23rd May, capitalisation fell by 3.7% to just under $1.1 trillion, which has not been observed since mid-March.

Trading activity fell once again. Since 12th May, the average daily trading volumes have decreased by 50% to $20 billion. Until 24th May, the figure did not exceed $35 billion, standing on average at around $28 billion.

The Cryptocurrency Fear & Greed Index did not leave the “Neutral” zone. On 12th May, the indicator rose from 48 to 54 points, but on 20th May, it fell back to 48 points. On 24th May, the index rose slightly to 51 points.

The volatility of cryptocurrencies has decreased. Between 12th and 24th May, Bitcoin’s 30-day volatility index fell by 2.6%, from 1.69% to 1.65%. The same indicator for ETH decreased by as much as 33.9% – from 2.21% to 1.46%.

Since mid-May, cryptocurrencies have been trading in a narrow price range. The market was “boring”, and trading activity in altcoins fell to a four-year low. The current month can turn out to be the worst month, in terms of trading volumes on centralised crypto exchanges, since October 2020.

Also, a decrease in the volatility of cryptocurrencies has been recorded for quite a long time. The longer this happens, the more the price will move after it breaks key levels. At the beginning of summer, paying special attention to risk management is recommended.

Gainers (12th – 24th May)

Coin Opening
12.05, $
24.05, $
WAVES 1.60 1.97 23.4%
TRX 0.07 0.08 15.4%
NEO 9.05 10.40 14.9%
XRP 0.42 0.48 12.8%
LTC 81.62 92.00 12.7%

Losers (12th – 24th May)

Coin Opening
12.05, $
24.05, $
VLX 0.014 0.013 -10.2%
DCR 18.70 16.82 -10.0%
DEBT 8.68 8.22 -5.3%
ATOM 11.24 10.75 -4.4%
CRON 0.19 0.18 -3.9%

Easily track gainers and losers within the Simple trade section on EXMO. Check real-time updates in the last 24 hours, week and month.

Most traded coins (12th – 24th May)

Coin Trading volumes, $
DEBT 9,301,605
BTC 8,545,668
ETH 6,697,548
XRP 1,003,648
GMT 747,175
LTC 520,753
ROOBEE 359,917
WAVES 225,472
DASH 202,161
BCH 136,543

Top crypto market driving factors

Overall crypto market

▼ 12.05.2023 – Crypto companies raised $2.6 billion in venture capital funding in the first quarter of 2023, the lowest since the fourth quarter of 2020.

▼ 12.05.2023 – Over $115 million worth of long positions were liquidated in the crypto market over the past 24 hours.

▲ 16.05.2023 – Tether pulled over $4.5 billion out of banks in the first quarter of 2023, leading to a “substantial reduction” in counterparty risk.

▼ 16.05.2023 – May 2023 can be the worst month in terms of trading volumes on centralised crypto exchanges since October 2020.

▼ 17.05.2023 – The United Kingdom’s House of Commons Treasury Committee called for crypto trading to be regulated as gambling.

▼ 17.05.2023 – Bloomberg Intelligence’s senior commodities analyst, Mike McGlone, believes that the potential US debt default could crush crypto and stock markets.

▼ 19.05.2023 – Marathon Digital CEO, Fred Thiel, warned that Joe Biden’s proposed crypto tax will drive Bitcoin miners out of the country.

▲ 23.05.2023 – According to Bloomberg, the Hong Kong Securities and Futures Commission (SFC) will officially allow retail investors to trade cryptos starting June 2023.

▲ 24.05.2023 – Glassnode reported that major asset inflows to crypto exchanges are currently at a cyclical low.

▲ 25.05.2023 – U.S. Representative Kevin Hern, who leads the largest Republican caucus, suggested that a deal to raise the nation’s debt-ceiling deal is “likely” by Friday afternoon.

▲ 25.05.2023 – According to Coinglass, $119.65 worth of crypto positions were liquidated in 24 hours, of which $96.05 million were long positions.

▲ 25.05.2023 – Mastercard sees a lot of promise in blockchain technology if safety and simplicity are prioritised.

▲ 25.05.2023 – Circle announced the launch of Euro Coin (EUROC), a euro-based stablecoin on the Avalanche blockchain.

▲ 25.05.2023 – The US economy grew by an annualised 1.3% in the first quarter of 2023, slightly higher than market forecasts of 1.1%.

Bitcoin (BTC)

▲ 15.05.2023 – Bitcoin addresses holding 1 BTC or more have reached 1 million.

▼ 16.05.2023 – Despite continued growth in the number of transactions on the Bitcoin network, the number of active addresses that have sent or received funds has fallen to the lowest level since July 2021.

▲ 17.05.2023 – The total value transacted over the Bitcoin network has surpassed $100 trillion.

▲ 17.05.2023 – Tether will regularly allocate up to 15% of its net realised operating profit towards purchasing Bitcoin.

▲ 18.05.2023 – As a result of the next recalculation, Bitcoin’s mining difficulty increased by 3.22%, reaching a new high of 49.55 T.

▼ 18.05.2023 – For the first time since July 2021, Bitcoin’s network witnessed fewer than 800,000 unique BTC addresses transacting daily.

▲ 19.05.2023 – The number of BTCs held by long-term investors reached a new high of 14.46 million.

▼ 19.05.2023 – Bitcoin miner reserves dropped by more than 2,000 BTC over the past 24 hours.

▲ 22.05.2023 – The number of BTC whales reached a five-month high of 1,689.

▼ 23.05.2023 – Bloomberg’s senior commodity strategist Mike McGlone warned that bitcoin’s price could fall to 2020 levels.

▲ 25.05.2023 – The number of addresses holding Bitcoin has crossed 40 million for the first time ever.

Ethereum (ETH)

▼ 12.05.2023 – An unknown error occurred on the Ethereum blockchain, resulting in transactions not being finalised for some time.

▼ 13.05.2023 – Transaction finalisation failed again on the Ethereum network.

▲ 16.05.2023 – Ethereum developer proposed a mechanism that attempts to achieve MEV smoothing by equally sharing a block’s MEV among committee members and the proposer.

▲ 19.05.2023 – To simplify crypto payments, Visa conducted account abstraction testing, deploying “Paymaster” smart contracts on Ethereum’s Goerli testnet.

▲ 22.05.2023 – Vitalik Buterin warns against overloading the Ethereum consensus layer.

▲ 23.05.2023 – The number of ether staked has surged by 4.4 million since the Shapella upgrade.

Ripple (XRP)

▲ 17.05.2023 – The price of XRP jumped by 6.8% in the last 24 hours after a federal judge denied the SEC’s motion to seal the documents tied to the speech of SEC’s former official, William Hinman.

▲ 18.05.2023 – Ripple has rolled out a proprietary platform for CBDCs, enabling central banks, governments, and financial institutions to create their own digital currencies.

Cardano (ADA)

▲ 24.05.2023 –Cardano’s transaction volume has seen a 205% increase year-to-date.

Dogecoin (DOGE)

▲ 16.05.2023 – Transactional volumes on the Dogecoin network briefly surpassed Litecoin and Bitcoin, with 628,000 transactions recorded.

▼ 24.05.2023 – While speaking at The Wall Street Journal’s CEO Council Summit, Elon Musk said he wasn’t advising anyone to buy crypto at all and certainly not to “bet the farm” on Dogecoin.

Solana (SOL)

▲ 12.05.2023 – Solana has had an uptime of 99.72% in the last 9 months.

▲ 15.05.2023 – The number of new addresses on the Solana network reached 304,640, the highest number since June 2022.

▲ 17.05.2023 – Solana developers are working on a new feature that will automatically resolve network problems if they occur.

▲ 24.05.2023 – Solana Foundation launches an open-source ChatGPT plug-in to help users of the AI chatbot to interact with its network.

Litecoin (LTC)

▲ 15.05.2023 – The first transaction using the Lightning Network L2 solution was made on the Litecoin network. The protocol implementation increased the scalability of the blockchain by 10 times.

▲ 21.05.2023 – Litecoin is exhibiting one of the most significant growth spurts in its nearly 12-year history, primarily due to the introduction of the LTC-20 standard and the anticipation of an approaching halving event.

▲ 23.05.2023 – According to Santiment, Litecoin’s halving event could be huge for the network.

Toncoin (TON)

▲ 22.05.2023 – TON Foundation, the entity which runs The Open Network blockchain, launched a $25 million accelerator program for emerging crypto projects.

▲ 23.05.2023 – The team behind Toncoin has started a $250 million Toncoin Fund committed to boosting key projects, focusing on DeFi

Bitcoin Cash (BCH)

▲ 15.05.2023 – The Bitcoin Cash network has enabled the CashTokens upgrade that allows developers to issue tokens atop the network.

Pepe (PEPE)

▼ 12.05.2023 – Users contributed $46 million to exchanges in PEPE meme-token over the past 24 hours.

▲ 18.05.2023 – The BlackRock-labelled wallet has earned $2.4 million on PEPE.

Dash (DASH)

▼ 22.05.2023 – Dash experienced a problem during the v19 activation of Dash Core. The chain stalled and did not produce blocks for some time.

Floki (FLOKI)

▲ 25.05.2023 – Floki has partnered with DWF Labs, a leading digital asset market maker. DWF Labs has purchased $5 million worth of FLOKI and will help accelerate the adoption of the token.

EXMO news

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Check out cool updates: a more convenient transition to Pro Mode, listings of three cryptocurrencies, trading fee changes and 0% on Maker orders to buy/sell BTC.

That’s all for this week! Follow EXMO on Twitter, Telegram and Instagram to stay tuned to the main events and trends in the crypto market.