List of Top Ranking Cryptocurrencies to watch in May/June 2022 – These cryptocurrencies were enlisted below as a result of what happened in the month of April and for all traders to know the next and perfect step to take for the month of May/June. It is a cool business but one need to be careful while dealing on cryptocurrencies.

List of Top Ranking Cryptocurrencies to watch in May/June 2022

The cryptocurrency space in the month of April was a rollercoaster of events. The month ended up being a bearish month for the cryptocurrency space as flagship cryptocurrency asset, Bitcoin did a U-turn after two consecutive months of gains. It began trading from $45,538.68 at the beginning of the month and ultimately ended the month at $37,714.88, representing a 17.18% loss.

5 Cryptocurrencies to watch out for in the month of May and June, 2022

Bitcoin’s BTC

Although we are seeing a bit of sell-off in the cryptocurrency space, there is still a lot of net accumulation from Bitcoin whales. The trend that began in February, has continued into April 2022 with the Luna foundation leading the charge, as the foundation continues to fulfil its pledge to buy $10 billion worth of Bitcoin for its programmable stablecoin, UST.

The newsletter acknowledges that there have been more exchange outflows (accumulation) than inflows. It reads, “we can see that inflows and outflows are often quite similar in scale, with traces generally overlying each other, at least visually at this scale. Total exchange flows currently represent around $2.1B per day, with a slight dominance towards outflows ($1.1B/day vs inflows of $1.0B/day).”

Cardano’s ADA

Cardano is one of the biggest blockchains to successfully use a proof-of-stake consensus mechanism, which is less energy-intensive than the proof-of-work algorithm relied upon by Bitcoin. Although the much larger Ethereum is going to be upgrading to PoS, this transition is only going to take place gradually.

Cardano has so far, proven to be what it promised to be. The network, as of the time of this writing, currently leads the Bitcoin and Ethereum blockchains in terms of transaction volume in the last 24 hours. This has been the trend for the past 3 months as the blockchain offers significantly less transaction fees than Bitcoin and Ethereum.

Also, data from DeFi Llama shows that the Cardano blockchain Total Value Locked (TVL), a measure of participation on the blockchain, has grown by 65.73% from $113.9 million to end the month at $188.7 million. This is as a result of increased participation with the blockchain and newer Decentralized Exchanges (DEXES) like WingRiders (WRT) launching on the platform.

Ethereum’s Ether

There is a lot of discouraging news surrounding Ether. Data from CoinShares’ latest Digital Asset Fund Flows report hinted that institutional investors are no longer interested in the world’s second-largest crypto by market capitalization.

The report revealed that institutional investors have been accumulating Ethereum competitor tokens as they loaded up on $3.5 million worth of Avalanche (AVAX), Solana (SOL), Terra (LUNA) and Algorand (ALGO) funds while capital outflows from Ether products totalled $16.9 million.

ApeCoin’s APE

Just a little over a month after its launch, the ApeCoin, the native token of one of the world’s most prestigious NFT collections, the Bored Ape Yacht Club (BAYC), has made its way into the top 30 by market capitalization, ranking #24 as of the time of this writing.

During the week, APE became the most traded token by the top 100 ETH whales with that group accumulating over 2.3 million APE tokens worth $39.8 million as of the time of this writing. The Yuga Labs team explained that the APE token collected from the auction events will be locked up for one year. It added that no further voting will be organized in the ApeCoin DAO either. Users will also need to do the KYC to join the minting event.

STEPN’s GMT

STEPN is a self-styled “Web3 lifestyle app” with GameFi elements on the Solana blockchain. It combines aspects of a play-to-earn game with a fitness app to create a new category coined “move-to-earn.” Users buy NFT sneakers, which they can use to earn in-game currency while walking, running, or jogging.

STEPN’s governance token, Green Metaverse Token (GMT), has appreciated 24,500% since its token sale on Binance on March 9. Venture capital firm Sequoia Capital and other Web3 investors have also invested in STEPN, purchasing $5 million worth of GMT in a seed funding round back in January.