May Market Review | How much negative news? MATIC, ETC show impressive performance

Bitcoin briefly hit $60,000 in early May, but then continued the downturn from the end of April, with a pullback of nearly 50% within the month, causing the cryptocurrency market to collapse. However, there are still competing coins such as MATIC, ETC, ADA, etc., which have risen against the trend. This article not only summarizes the cryptocurrency market in May but also reviews the bearish news throughout the month.

May Bearish News

• 5/1 Charlie Munger: The development of the entire cryptocurrency field is nauseating
• 5/4 U.S. Treasury Secretary Yellen | Hints at potential rate hike, then clarifies no prediction or recommendation for a rate increase
• 5/9 Musk hosts Saturday Night Live | A series of Shiba Inu coins surged, but plummeted after the positive news ran out
• 5/13 Tesla halts Bitcoin payments | Musk cites mining's excessive energy consumption
• 5/13 Ethereum founder Vitalik | Donates a large amount of dog-themed coins, causing related coins to fall again
• 5/16 Musk hints at Tesla clearing Bitcoin in Q2
• 5/18 China Ban: Financial and payment institutions prohibited from engaging in virtual currency-related activities
• 5/18 Lending platform Venus (XVS) maliciously lends out 4,152 Bitcoins and 9,686 Ether
• 5/19 Lending platform BlockFi mistakenly distributes USDT rewards in "Bitcoin" units
• 5/20 Liquidity mining platform PancakeBunny hacked, token price crashes by 90%
• 5/22 China's State Council Financial Stability and Development Committee: Crackdown on Bitcoin mining and trading activities
• 5/26 Inner Mongolia refines mining ban rules, establishes reporting platform
• 5/28 BSC ecosystem experiences at least 7 flash loan attacks in May

Top 10 Cryptocurrency Corrections

Over the past 30 days, both mainstream and competing coins have seen nearly a 40% decline, with some DeFi projects dropping by 80 to 90% from their highs.

However, there are projects that have shown more resilience, including:

• Polygon MATIC: Up 135.68%
• Cardano ADA: Up 19.8%
• Ethereum Classic ETC: Up 48.18%
• Ethereum ETH: Down only 15.61%
• Dogecoin DOGE: Down only 21.96%

Future Developments

Polygon MATIC to $5?

Weiss Ratings' analysis on 5/27 indicates that despite a brief price drop, MATIC presents an excellent buying opportunity, with its price almost unaffected by the recent two weeks of decline, even suggesting a potential breakthrough to $5 soon.

Continued Bullish Outlook

Although Weiss expects a longer period of consolidation after Bitcoin broke below the 21-day moving average, they remain optimistic about rising competitive coins like MATIC.

When Bitcoin dominance was still at 61.1% in February, Weiss claimed that the altcoin season was just beginning, and now Bitcoin's dominance has dropped to 42.9%.

Weiss specifically mentioned DeFi, believing that if DeFi can decouple from other projects, it will help it become an independent asset class and thrive.