Price analysis 5/31: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, ICP, BCH

Bitcoin’s (BTC) massive drop in May 2021 is among its worst monthly performances, according to data from Bybt. The decline has divided the crypto community, with long-term investors considering the fall as a buying opportunity while short-term traders are dumping their positions out of fear.

Glassnode data suggests that long-term HODLers and miners are using the current weakness to accumulate . This transfer of Bitcoin from weaker hands to stronger hands is a positive sign because long-term investors are unlikely to panic and dump their holdings on every bear market correction.

Daily cryptocurrency market performance. Source: Coin360