In May, Shiba Inu, Ethereum Classic, and Polygon were the best-performing cryptos.

 

In May, the global cryptocurrency market lost 26.6 percent of its market capitalization as the value of several cryptocurrencies, including Bitcoin (BTC), fell, although several coins defied the trend.

What Happened: The meme coin Shiba Inu (SHIB) was the top gainer in May, rising 433.27 percent, followed by Telcoin (TEL), which jumped 187.71 percent.

Also see: How to Purchase a Shiba Inu (SHIB)

SHIB was up 20.02 percent in a 24-hour period at $0.000009342 at press time, while TEL was up 13.22 percent at $0.032.

Polygon (MATIC) and Ethereum Classic (ETC) were two other big gainers in May, with gains of 148.4 percent and 60.35 percent, respectively. In the 24-hour period ending at press time, MATIC was up 4.75 percent at $1.92 and ETC was up 8.3 percent at $69.23.

Cardano (ADA) and Celsius (CEL) also had significant gains in the month, rising 30.98 percent and 15.63 percent, respectively.

In a 24-hour period, ADA, the fourth-largest cryptocurrency by market capitalization, was up 10.88 percent at $1.75, while CEL was up 3.81 percent at $7.26.

BTC and Ethereum (ETH), the leading two cryptocurrencies by market capitalization, fell 35.03 percent and 9.41 percent respectively last month.

BTC was 7.12 percent higher at $37,090.41 at press time, after trading for 24 hours. At $2,688.35, ETH was trading 15.26% higher.

Dogecoin (DOGE) was not spared in May, falling by 12.26%. In the 24-hour period leading up to press time, the Shiba Inu-themed coin was up 13.85% to $0.34.

Why Does It Matter? Bitcoin had a significant drop last month. One of the precipitating factors for the collapse in cryptocurrency valuations in May was Tesla Inc's (NASDAQ: TSLA) decision to cease accepting the Bitcoin cryptocurrency.

Last month, SHIB and other dog-themed coins were hailed as prospective Dogecoin competitors. Some of these coins were passed on to Ethereum co-founder Vitalik Buterin, who either donated or destroyed them in order to get rid of the massive number of circulating currency.

Also read: Dogecoin Co-Founder Says 'Greater Fool Theory' Drives 99.9% Of Crypto Market

Another trend that surfaced was the rise in the prices of Ethereum and Bitcoin-like cryptocurrencies, which saw large rises at the start of the month. ETC was the most successful, but Bitcoin Diamond (BCD) and Bitcoin Gold were also successful (BTG).

Polygon (MATIC) was created in response to the high network or gas expenses on the Ethereum blockchain, as well as congestion.

In May, ADA gained traction after Musk stated that he was considering other environmentally friendly cryptocurrencies to replace Bitcoin as a payment method. Cardano used Twitter to make its argument to Musk.

TEL soared to new heights in early May after being listed on MATIC, a decentralized exchange. A new funds transfer service between Canada and the Philippines has been introduced by the remittance-focused project related to TEL.