Bitcoin played second fiddle as KAVA, XRP, TRX, RPL and RNDR led the crypto market in May

📆 31/05/2023 22:29:00
📰 Cointelegraph

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May was dominated by selling across the crypto market, but altcoins like KAVA, XRP, TRX, RPL and RNDR outshined Bitcoin and Ethereum's price action.

The average loss across the market stands at 5.62% on the last day before the monthly close.

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. According to popular opinion, Ripple, the fintech company behind the XRP token, is close to winning itsagainst the Securities and Exchange Commission . The verdict could come as early as June.

Kaiko, a crypto research firm, cited that the reason for Tron’s dominance could be low fees which makes transactions cheaper for market makers on centralized exchanges.

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