The cryptocurrency market starts June with the main cryptocurrencies falling. Despite this, some altcoins gain prominence.
The price of Bitcoin ended the month of May at a low, registering its first month of losses since the beginning of the year. Despite several attempts, the flagship cryptocurrency failed to break through the resistance levels at $27,500. In the last of these efforts, there was a jump to $28,500 after the US government agreed on the debt ceiling, however, this appreciation was brief and the asset retreated to below $27,500.
Yesterday, Bitcoin took a significant plunge, losing over $1,000 in a few hours to reach a multi-day low of $26,600. Despite a small recovery since then, Bitcoin is still trading lower.
The month of May ended with a 7% devaluation for Bitcoin, making it the first losing month of the year.
The market cap retreated to $520 billion, and its dominance over other cryptocurrencies dropped to 46.1%. Most altcoins did not perform better either, with the exception of Litecoin, QNT, GRT and a few more.
Already in the Bitcoin alternative currency market, most coins are in a slight drop of up to 1% including ether, bnb, xrp and ada.
However, assets such as doge, ltc and sol manage to swim against the tide due to strong community, halving expectation in the case of litecoin or unknown reasons such as sol.
The highlight goes to the XDC Network, which achieved a partnership with the Japanese SBI VC Trade.
SBI subsidiary will use XDC network
According to Business Wire, the XDC Network, a blockchain network designed especially for enterprise use, has announced a partnership with SBI VC Trade, marking its entry into the Japanese market.
The XDC Network, which provides solutions for issues such as trade finance, payments and real-world asset tokenization, seeks to improve efficiency in the trade finance market estimated to be worth 2,000 trillion yen annually.
Atul Khekade, co-founder of XDC Network, expressed his enthusiasm for the partnership: “We are thrilled to partner with SBI VC Trade and bring the XDC ecosystem to the Japanese market. Japan is a crucial hub for international trade and our blockchain platform aims to streamline this sector by improving transparency, traceability and reducing costs.“
Fumiki Ozaki, President and CEO of SBI VC Trade Co., Ltd., echoed the same excitement, stating: “We are pleased to expand our cryptocurrency offerings by adding XDC to our exchange.“
The XDC Network is an open source, carbon neutral, enterprise grade, EVM and layer 1 compliant blockchain network. The network achieves consensus through a specially delegated proof of stake (XDPoS) technique that enables transaction times of 2 seconds, near-zero gas expenses, and interoperability with ISO 20022 financial messaging standards.
In the field of state currencies, the dollar rose 1.72% in the month against the real. The MP of the Ministries goes to the Senate, allowing the expansion of the number of Ministries to 37.