The cryptocurrency market experienced a dull month with Bitcoin (BTC) dropping 7.37%, its worst performance since November 2022 and Ethereum (ETH) losing 0.22% in May.
The average loss across the market stands at 5.62% on the last day before the monthly close.
However, some outliers posted impressive gains thanks to popular investment narratives and the growth of the Ethereum staking sector.
In the first half of May, memecoins grabbed headlines with Pepecoin (PEPE) leading the narrative. The memecoin cycle guzzled up a lot of gas on Ethereum in the first half of May.
PEPE’s market capitalization surged to a peak of $1.54 billion in the first week of May, according to CoinGecko. It has witnessed a sell-off since then as token holders booked profit. However, the token still ended the month with over 300% gains.
Top 5 performers among the top 100 cryptocurrencies by market cap. Source: CoinMarketCap
Kava price analysis
The positive catalyst that propelled KAVA price came from a mainnet upgrade on May 17. KAVA price started surging a week before the update, which enhanced the blockchain’s throughput and security.
KAVA also got a boost from token holder’s suggestions to terminate the project’s grants and rewards programs by the end of 2023.
Technically, the KAVA/USD pair faces resistance from the long-term support and resistance level at $1.14. A successful breakout above this level will motivate buyers to push KAVA toward $1.50. Support for buyers to the downside lies at $0.96 and $0.80.
KAVA/USD daily price chart. Source: TradingView
XRP price analysis
XRP posted a 7.29% gain over the month with most of its price surge coming in the last few days.
The token recorded a spike in its daily transfer activity, which usually precedes a positive rally. Traders piled in with buy orders after on-chain analytics, Santiment, reported the activity on Twitter.
According to popular opinion, Ripple, the fintech company behind the XRP token, is close to winning its securities case against the Securities and Exchange Commission (SEC). The verdict could come as early as June.
Technically, XRP faces resistance from the October…