In May, Bitcoin and Ethereum fell by 15.6% and 28.8% respectively, while the total value of assets in the DeFi segment declined by 43%. According to ForkLog report.
Collapse of the Terra ecosystem triggered a prolonged market correction. On May 12, Bitcoin reached $26,700 — the lowest since December 2020.
The Ethereum price tested the $3,000 level, but could not settle above it. On May 27, the cryptocurrency reached a local minimum near $1,700. The last time the asset was at this level was in July 2021.
TVL in smart contracts of decentralized applications declined by 43%, to $117.48 billion.
Terra, which ranked second by TVL, yielded to BNB Chain ($9.13 billion on June 1) — its own TVL collapsed from $23.62 billion to $0.05 billion.
TVL in Ethereum declined from April’s $108.83 to $71.98 bn. In third place came the Tron-based application ecosystem, whose TVL over the last month grew by 48% ($6.34 bn).
Against the market correction and Terra collapse, all top-20 DeFi-sector tokens by market capitalization were in the red.
The worst performance was shown by the token of the yEarn Finance project (YFI), losing more than 53%. In second place was the native token of the cross-chain protocol THORChain (RUNE). Its quotes fell by 52%.
Among Ethereum-based projects, leadership by TVL shifted to the lending platform Aave ($11.61 billion). In second place is MakerDAO ($9.89 billion).
Publicly traded crypto-related companies reacted to the negative backdrop in the same way — by falling. In May, Galaxy Digital and Coinbase shares fell by 42.38% and 30.93%, respectively.
Riot Blockchain, Hut 8 and Marathon Digital fell by 28.74%, 28.37% and 34.25%.
Interest in non-fungible tokens in May again waned. The flagship NFT marketplace OpenSea reflected the segment’s trend — trading volume on it reached $2.48 billion, the lowest since November 2021. The decline was also visible in Google searches for “NFT.”
Sponsor of the column “Bitcoin Industry in Numbers” — the global blockchain ecosystem Binance.
Recall that JPMorgan analysts suggested that the crypto-winter would be short thanks to venture-capital inflows into the industry.
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