After the price decline in April, May became a good month for cryptocurrencies. Ethereum gained more than 25%, and Bitcoin grew by more than 12%. True, the last week of the month did not bring any serious adjustments.

Bitcoin

The price of Bitcoin for the week from May 24 to May 31, 2024 remained almost unchanged, once again falling below $70,000. The entire week was marked by low volatility: not once did the final daily price deviation reach 2%.

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Source: tradingview.com

Despite the stagnation, analysts on the Santiment platform believe in the growth of the first cryptocurrency.
Study discovered a pattern between the cost of BTC and the number of addresses that have at least 10 BTC. The dependence is direct. If the number of addresses containing 10 or more bitcoins grows, then you should expect a rise in the price of the coin. If one indicator falls, then the second one also decreases.

CryptoQuant analysts shared an interesting observation. They
noted a trend according to which, as Bitcoin rose, many long-term holders began to sell their BTC holdings. After Bitcoin dropped to $56,500 in early May, the sell-off gave way to accumulation again. This indicates faith in the further growth of the largest cryptocurrency by market capitalization. CryptoQuant claims that more than 50% of Bitcoin in wallets remained motionless over the past year (they were mined/bought and not touched).

Provider of the Luxor mining pool jointly with the Bitnominal derivatives platform
launched The first fully regulated Bitcoin mining derivative in the United States. The product is called Bitcoin Hashrate Futures (Bitcoin hashrate futures). The asset will be traded under the ticker $HUP. Each contract will represent one petahash (PH). The duration will be one month.
Expectedthat with the help of the new tool, miners will be able to hedge their income, and investors will receive a new tool to access mining without having to mine.

Technical analysis speaks in favor of Bitcoin growth. The price is above the 50-day moving average (in blue). The RSI indicator is above 50. Support and resistance levels: $65,513 and $73,794, respectively.

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Source: tradingview.com

Weekly fear and greed index
decreased by one point. Its current value is 73. This still indicates the predominance of greed over fear among Bitcoin investors.

Ethereum

The price for ether from May 24 to May 31, 2024 remained virtually unchanged and is about $3,750. At the same time, on May 27, the bar rose close to $4,000, which was the maximum for 2.5 months. However, four consecutive sessions of decline brought the price back to the levels of the previous week.

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Source: tradingview.com

The story of spot ETFs for ether continues to develop. The US Securities and Exchange Commission (SEC) has made its next move. The agency ordered companies whose applications for spot ether ETFs were approved to complete Form S-1 (mandatory for all publicly traded companies) by May 31. Some organizations
already done it. VanEck filed Form S-1 first, on the day it approved the spot ETFs, and BlackRock filed the document on May 30.

But not all companies received the green light. Among the losers was the Brazilian Hashdex, which submitted its application back in November 2023. Due to the SEC's disapproval, the company decided for now
refuse from the launch of a spot ETF for ether.

Once again, there is an increase in the accumulation of ether among major players. The trend was noticed by the famous crypto trader Ali Martinez. According to statistics provided by an experienced investor in X (formerly Twitter), the number of addresses holding more than 10,000 ETH (over $37 million) in an account
has passed for 1,000. Obviously, large capital expects an increase in the price of the second cryptocurrency by capitalization, otherwise why save?

According to technical analysis, there is a predominance of bulls. Growth prospects are visible both in the short term and in the long term. The first is due to price exceeding the 50-day moving average (indicated in blue), and the second is due to the price exceeding the 200-day moving average (indicated in orange). Support and resistance levels: $3,531 and $3,974.1, respectively.

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Source: tradingview.com

BNB

The price of Binance Coin (BNB) decreased by 1.33% from May 24 to May 31. All seven trading sessions were accompanied by extremely low volatility: the change in the value of this coin never exceeded 1%. But the cryptocurrency failed to stay above $600.

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Source: tradingview.com

One of the big news for BNB in ​​May is the planned closure of Beacon Chain, a blockchain designed for staking and governance, in June. The decision was
temporary in naturer, and now the end has come. All Beacon Chain functionality, including the DEX module, will be transferred to Binance Smart Chain. Anyone who wants to avoid losing assets needs to transfer them from one network to another. This also applies to
redelegation BNB. At the end of May, more than 95% of staked tokens were already
translated on Binance Smart Chain. Such an innovation may provoke increased buyer interest in Binance Coin.

In general, BNB is still doing well. Since the collapse of the FTX cryptocurrency exchange in November 2022, only eight altcoins
were able to update its historical maximum relative to Bitcoin. This includes Binance's own cryptocurrency.

In addition, the fact that the weighted financing rate (OI) has remained positive since May 20 speaks in favor of the positive. We can conclude that the market is now dominated by long (buy) futures rather than short (sell) futures.

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Source: coinglass.com

From a technical analysis point of view, BNB has now formed a so-called symmetrical triangle. This figure indicates the approximate equality of bulls and bears. In other words, the price is flat. Growth or fall can be expected only after a breakdown and consolidation above the upper or lower borders of the triangle (indicated by pink lines), respectively. The flat pattern is confirmed by other indicators: the 50-day moving average (in blue) is close to the price, and the RSI is declining, amounting to almost 50 (current value = 49.85).

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Source: tradingview.com

Conclusion

So, from May 24 to May 31, the prices of major cryptocurrencies changed slightly. At the same time, significant events occurred for all coins: Bitcoin has approved hashrate futures, Ethereum is in full swing preparing for the launch of spot exchange-traded funds, and the BNB team is liquidating Beacon Chain.

This material and the information contained herein do not constitute individual or other investment advice. The opinion of the editors may not coincide with the opinions of the author, analytical portals and experts.