Bitcoin SV Was the Best Performing Crypto in May

The cryptocurrency markets saw rapid growth in May with quite a few outshining the largest by market capitalization, bitcoin.

Names like Chainlink, Dent, bitcoin SV, Holochain and bitcoin gold took a clear lead, each rising between 65 and 256 percent against their respective trading pairs with the U.S dollar.

The total capitalization of the broader market excluding bitcoin reflected the growth by rising to $125.6 billion on May 30th- its highest value in nearly 10 months.

The crypto project aptly named 'Satoshi's Vision' claims to be the "Original bitcoin," by restoring BTC's first protocol while stating that it can massively scale with increased stability.

Bitcoin SV had a remarkable run during May and was the clear leader during the second half of the month after prices broke out on May 21, bringing it back above the elusive $100 price tag.

Chainlink's staggering 200 percent rise in mid-May suffered a setback as the monthly close approached, but today remains 96 percent up on the month, placing it firmly in 2nd place within the top 5 performers for May. Concerns are now building for greater drawdown, courtesy of a candle close below the 38.2 percent Fibonacci retracement line on the daily chart, exposing the neutral pivot along the 50 percent retracement at $0.84.

Prices remain bullishly bid above the 200-daily moving average and above a key resistance that became support at $0.68, but expect a pullback if its price breaks below the neutral 50 percent retracement.

Its performance on the month was bullish to say the least, concluding May with a 78 percent higher price than it started and ranking as the 3rd best performer of the month.

Bitcoin Gold, yet another bitcoin fork, changed BTC's proof-of-work algorithm from SHA256 to Equihash, rendering specialized mining equipment obsolete in an attempt to democratize the mining process.

Traders heavily favored BTG buy opportunities in May, leading it to place as the 5th best-performing crypto this month, outperforming other notable bitcoin forks such as bitcoin diamond and bitcoin private.