Crypto Market Daily Highlights – May 31 – ADA Enjoys a Breakout Day

Key Insights:

• Cardano’s ADA rallied by 9.99%, with bitcoin (BTC) consolidating Monday’s 7.69% breakout, while others faltered on the last day of the month.
• Better than expected US consumer confidence figures for May delivered support, with bitcoin closely tracking the NASDAQ through most of the US session.
• Despite a bullish end to May, bitcoin ended the month down by 15.6% to $31,782.

It was a mixed Tuesday session for the crypto market, with several of the top ten giving up some of Monday’s gains.

Cardano (ADA) and Waves (WAVES) were the top 100 front runners. ADA leapfrogged XRP to the #6 spot by market cap, with Waves moving to #60.

Gains on the day were not good enough to reverse losses for the month, however, with ADA and Waves seeing losses of 17.1% and 29.1%, respectively.

A fourth consecutive daily rise for bitcoin (BTC) could fuel a breakout and end the record nine-week losing streak. Bitcoin avoided a day in the red despite tracking the NASDAQ 100 through most of the day.

Crypto Market Cap Holds Steady Despite Mixed Session

While it was a mixed crypto session for the top ten, the total market cap held relatively steady.

On Tuesday, the total crypto market cap slipped from $1,300 billion to $1,293 billion. For May, however, the total market cap slid by $379 billion.

24-hour crypto liquidation numbers on Tuesday improved throughout the day. Total liquidations eased from $350 million to $230 million levels during the day.

According to Coinglass, 24-hour total liquidations stood at $229.73 million at the time of writing. Over the hour, liquidations were $5.50 million.

From the crypto top ten, ADA rallied by 9.99% on Tuesday to lead the way for a second consecutive day.

BTC and XRP also found support with gains of 0.21% and 0.80%, respectively, while the rest of the top ten saw red.

ETH and SOL saw losses of 2.89% and 3.04%, respectively, with BNB (-0.31% ) and DOGE (-2.37%) also seeing red.

Bitcoin Tracked the NASDAQ 100 in a Choppy Session

It was a choppy session for the NASDAQ 100 on Tuesday. While inflation fears gripped the global equity markets, the NASDAQ 100 saw a modest 0.41% loss on the day.

Crude oil prices were on the rise on the news of some OPEC members considering the suspension of Russia from OPEC + 1. Rising crude oil prices and inflation figures from Eurozone member states suggested another pickup in inflationary pressure.

Another spike could force the Fed into a more aggressive rate path towards monetary policy normalization and beyond.

At the time of writing, the NASDAQ 100 mini was up 66.25 points, with bitcoin up 0.26% to $31,869.

Away from the Crypto Moves,

• Singapore central bank, the Monetary Authority of Singapore, explores Asset Tokenization and DeFi with DBS Bank, JPMorgan Chase, and Marketnode.
• China shows the power of the e-CNY with the lottery to fuel consumer spending after the latest COVID-19 lockdown.
• The launch of LUNA 2.0 (LUNA) remained a disappointment, with LUNA down 57% since launch.
• Ethereum merge testing to transition to a proof-of-stake protocol entered the final phase.