- BTC plummeted by 6% in May 2023, marking the first yearly retreat.
- The cryptocurrency has slipped down to $27,196 from the 11-month high of $30,000.
- Ava Labs’ John Wu argued that crypto’s utility should be demonstrated to the crypto-curious.
A recent analysis revealed that the largest cryptocurrency by market cap, Bitcoin, has exhibited a massive fall in May, after reaching the 11-month high of $30,000. Since the beginning of 2023, BTC has been ascending on a positive track, with some exceptions, almost bouncing by 84%. In May the trajectory of BTC tumbled down by around 6%, marking the first monthly retreat of 2023.
At the press time, BTC is trading at a value of $27,196.69, showing a decline of 1.88% in the last 24 hours. The 24-hour trading volume of the cryptocurrency is $14,227,642,456 while its market cap, being ranked one, is $527,309,252,296.
John Wu, the President of the open-source platform Ava Labs Inc shared his opinions on how Bitcoin might return to a bullish trend, stating:
What you really need to do to get another wave of Bitcoin and crypto-asset buying is to show real utility and development to get those crypto curious people to get into the crypto ecosystem.
Bitcoin was able to withstand the severe crypto winter that followed the debacle of the crypto giant FTX and the banking crisis in the United States that resulted from the fall of the Signature Bank and the Silicon Valley Bank (SVB). Though BTC showed a substantial surge after the US government’s announcement of the budget agreement that sought to suspend the US debt ceiling, the price soon plummeted.
When Bitcoin outperformed other cryptocurrencies during the banking turmoil, Cathie Wood, the CEO of the asset management company Ark Invest acknowledged Bitcoin’s potential as a “flight to safety”, adding that Bitcoin’s “response to the banking crisis is the most dramatic example that innovation solves problems”.