Roman Vybornov, director of development for the crypto platform Bitexfin and Bitexcard:
May was a difficult month for bitcoin. The first cryptocurrency in early May was worth around $57,000, but for almost the entire month, the BTC rate continued to fall.
The center of events this month was Elon Musk, who used his publicity to speculate in cryptocurrency. On May 8, he appeared on the SNL comedy show, where he called Dogecoin earnings. The same day was the peak for Dogecoin, the value of the coin rose to $ 0.74. Musk brought many new investors into the crypto industry, thereby increasing the volatility of top currencies. In this regard, the market has now dropped, which means you need to buy, the question is what?
Bitcoin is still a favorite for those who see crypto as a long-term investment. Now the cost of bitcoin is spinning around $36,000 and may drop to $30,000, but the rise is just around the corner. For all skeptics who believe that Musk ruined bitcoin with his intervention, I will say that such skeptics are always there before the next big fall and there can be a million reasons. Yes, the recession is strong, but bitcoin also recently peaked at $ 64,000, so I think the next rally will be strong as well, and bitcoin price will reach its new high.
Dogecoin remains a promising coin that will see its upturn yet. The main mistake of many is to base their attitude towards currencies, on the attitude towards a person who actively supports this cryptocurrency. Here, of course, is an example with Musk. Yesterday he was a hero, Dogecoin is going uphill, and tomorrow he is a villain because the currency has dropped. No, this is a normal state for the crypt when it reaches some maximum, and then begins to subside. If Dogecoin still continued to rise, I would not include it in this list, because then artificial growth would be obvious.
Matic runs on the Polygon system, at the beginning of May was worth $0.79, and a couple of days ago the coin peaked at $2.21. Cryptocurrency solves the main problem of bitcoin and ether — large transaction fees. Matic takes the best of both worlds, smart contracts and the broader capabilities that ether has, and the consistent speed of Bitcoin transactions. This is done by cryptocurrency, using sidechain technology, or sidechain, which allows you to distribute smart contracts from ordinary transfers. In the future, I think this technology will be applied to all new cryptocurrencies.
