The crypto market has suffered a sharp decline in the last month. According to a new report by CryptoCompare, the major crypto assets ended May 2022, accumulating a significant devaluation.
The downward movement affected virtually all digital currencies in the crypto market, such as bitcoin, which accumulated a devaluation of more than 15% in the month.
Além do bitcoin, a retração do mercado reverberou em altcoins famosas como a solana (SOL). Com uma queda histórica de preço, a SOL derreteu 46% em maio de 2022.
In addition to bitcoin, the market downturn has reverberated in famous altcoins like Solana (SOL). With a historic price drop, SOL melted 46% in May 2022.
Major devaluation hits crypto market
The crypto market’s performance over the past month has tracked the trajectory of the global financial market. In addition to the sharp devaluation of Solana, crypto assets such as ether and XRP accumulated monthly losses.
The price of ether ended May 2022 with a devaluation of 28.8%, the report points out. Meanwhile, ripple (XRP) saw a 28% drop over the same period.
The 46% devaluation in the solana share price was considered the crypto asset’s worst performance since it was created in 2020. With this performance, the SOL was quoted at US$45.74.
Correlation with the stock market
CryptoCompare’s report shows that the drop in prices has also hit the major stock exchanges in the world. However, the figures indicate a de-correlation of bitcoin with the S&P500 index.
While the crypto asset fell 15.6% last month, the value of the S&P500 showed stability, with no significant variations. Until then, there was a great correlation between bitcoin and the index, which went their separate ways in May.
Although the major digital currencies ended in significant devaluation, CryptoCompare highlights a considerable growth in the Cardano network. The platform’s developer team has grown 12 percent in the past five months as the project prepares for a new hard fork, which will take place on June 29, 2022.