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May 2020 Cryptocurrency Market Overview

Home Blog Cryptocurrency News May 2020 Cryptocurrency Market Overview

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Kicking off May saw an explosive 30% increase in Bitcoin’s price in the 7 days lead up to the Bitcoin Halving, which took place on the 11th of May 2020. 🏆

Bitcoin’s fruitful price gains would come to a close with a sharp -13% price correction on the day of the halving – sobering up the markets while offering an opportunistic price entry point for new Bitcoin investors.

May 2020 Cryptocurrency market cap NZD New Zealand
The total cryptocurrency market cap over May 2020 – the total value of all cryptocurrencies combined

Those who invested during this dip would enjoy 17.24% BTC price gains until the end of May, stimulating the altcoin market while drawing major headlines from international media outlets. 

Thanks to this surge in interest, the search term ‘Bitcoin’ on Google reached a 10 month high, further fueling confidence and bullish outlook across the crypto markets. 

Key market updates over May:

  • Tether overtook XRP to become the 3rd largest cryptocurrency by market capitalisation.
  • One of Bitcoin’s first wallets made its first outbound transaction ever – with an encrypted message attached calling out Bitcoin SV founder Craig S Wright as a fraud. 😬
  • The global cryptocurrency community has enjoyed relative prosperity compared to traditional markets, acting as an independent yet volatile safe-haven asset class.
  • Former Bitcoin critic JP Morgan & Chase bank has performed a 180° on their Bitcoin stance – now stating that Bitcoin is ‘Significantly Undervalued’. 😄
  • Facebook’s Libra Cryptocurrency has rebranded to ‘Novi’ – and has hired a new CEO to take lead of the landmark project.

With all this action and more, the cryptocurrency markets have made significant progress over May – and have demonstrated yet again just how fast things can change in 4 short weeks. 

Bitcoin halving 2020 image covid 19 BTC NZ

The May 2020 Bitcoin Halving – Mission Passed!

On the 12th of May, the highly anticipated 2020 Bitcoin halving executed, and the block reward for the Bitcoin miners reduced from 12.5 BTC to 6.25 BTC per block reward.

The May 2020 Bitcoin halving was the third Bitcoin Halving in history, with previous halvings taking place in 2012 and 2016.

Both previous halvings saw Bitcoin’s price enter fruitful bull runs in the months following both events – so now this time round there is a massive amount of hype surrounding if Bitcoin’s price will skyrocket in the next few months.

See our simple rundown of the 2020 Bitcoin halving to learn more.

Shiney gold Bitcoin logo on gold coins BTC NZ

Bitcoin – The Underdog Currency

Since the day of Bitcoin’s inception, there has been no shortage of crypto critics and cynics, seeing an endless stream of entities falsely claiming Bitcoin is dead’, ‘worthless’, ‘a scam’, or even ‘rat poison squared’. 🧐

In the spirit of progress – here’s two iconic turnarounds that made waves in the cryptocurrency markets over May 2020. 😁

JP Morgan Chase bank changes mind on Bitcoin and cryptocurrency

JP Morgan & Chase Bank and Jamie Dimon Stance Flip on Bitcoin

Back in 2017 J.P. Morgan Chase CEO, Jamie Dimon made a statement calling out Bitcoin to be a “fraud” that global governments would “crush”.

Being one of America’s four largest banks, Jamie’s statements made influential waves in the traditional markets, making a substantial impact on the way the mainstream perceives cryptocurrency assets and alternative currencies.

In an unexpected turn of events, JP Morgan has revealed that they’re working on the world’s first bank-backed cryptocurrency. And as of May 12th, JP Morgan has revealed they’re providing banking services to Coinbase and Gemini – two of the worlds largest cryptocurrency exchanges!

Bitcoin dead grave yard BTC New Zealand NZ

Bitcoin Outlives First Website That Declared it Dead

Since its launch, Bitcoin has been wrongly proclaimed ‘dead over 350+ times and counting by the media since 2009. Well, in an absolutely epic move – Bitcoin has officially outlived the first website that declared it as dead! 😂

Boasting over 99.9% network uptime since its inception – Bitcoin continues to defy expectations and drive forward as the magic internet money of the future.

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