Ethereum
1 billion dollars at stake! Ethereum dominates the crypto market in May!
4h00 ▪ 3 min reading ▪ by Eddy S.
In May 2024, the crypto sector saw a wave of investments totaling $1 billion, with Ethereum dominating the market. According to a report published by KuCoin Research, although this figure represents a slight decrease from April, it marks an increase of 10.61% compared to May 2023.
Ethereum rules the crypto market in May!
Recent research highlights that projects related to Ethereum, Ethereum Virtual Machine (EVM)-enabled chains, and Layer 2 (L2) networks continue to captivate the interest of institutional investors. These technologies provide scalable and versatile cryptographic platforms for decentralized applications, essential to the evolution of blockchain. ecosystem.
Despite the dominance of Ethereum-based investments, non-EVM chains such as Bitcoin, Solana, Fantom, and The Open Network (TON) have also maintained their popularity among crypto investors. With a total investment of $1.2 billion as of May, these networks are gaining traction due to their unique capabilities and growing ecosystems.
Memecoins are also in the game!
Due to concerns over the trend toward low float and high fully diluted valuations (FDVs) in the crypto market, many retail investors have turned to memecoins and celebrity-associated tokens. These assets, often launched with lower market capitalizations and more accessible valuations, have provided an alternative to high-valuation tokens with limited circulating supply.
Notcoin (NOT) is a notable example of this trend, as the token has grown in popularity. in May. Unlike many tokens that gradually release their supply, Notcoin launched with all tokens available from the start, which contributed to its rapid growth. On June 3, NOT became the fifth most traded cryptocurrency, surpassing the trading volume of the popular stablecoin USD Coin (USDC). Its price reached a new all-time high of $0.02896 on June 2, pushing its market capitalization above $2 billion.
Crypto investments in May 2024 reflect continued investor confidence in Ethereum and related technologies. And this, despite a slight decrease of $70 million compared to the previous month. The future seems mixed but everything is possible in the cryptocurrency space.
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Eddy S.
The world is evolving and adaptation is the best weapon to survive in this undulating universe. Basically a crypto community manager, I am interested in everything directly or indirectly related to blockchain and its derivatives. In order to share my experience and raise awareness of a field that fascinates me, there is nothing better than writing articles that are informative and relaxed at the same time.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.