During May 2024, the crypto sector witnessed a surge in investments totaling 1 billion dollars, with Ethereum emerging as the dominant force in the market. A recent report by KuCoin Research indicated a 10.61% increase in investments compared to May 2023, despite a marginal decrease from the previous month. Institutional investors continued to show interest in Ethereum, EVM-compatible chains, and layer-2 networks known for their scalability in decentralized applications within the evolving blockchain ecosystem. Alongside Ethereum, non-EVM chains like Bitcoin, Solana, Fantom, and The Open Network (TON) also attracted significant investments amounting to 1.2 billion dollars in May, highlighting their growing popularity and unique offerings. Retail investors, concerned about market trends like low float and high fully diluted valuations, turned to memecoins and celebrity-associated tokens as accessible alternatives to high-value tokens with limited circulation. Notcoin (NOT) exemplified this trend, experiencing a surge in popularity during May due to its distinct launch strategy and impressive trading volumes, surpassing USD Coin (USDC) to become the fifth most traded cryptocurrency. Notcoin's price hit a record high of $0.02896 on June 2, driving its market cap over 2 billion dollars. Although there was a slight reduction in overall crypto investments compared to the previous month, the confidence in Ethereum and its technologies remained resilient in May. The future outlook for cryptocurrency investments remains uncertain but promising, reflecting the ever-evolving nature of the crypto market.
Trends in the Crypto Sector – May 2024

by Giorgi Kostiuk
2 years ago

Other news
Russia Prepares Bill to Integrate Crypto into Daily Payments

A new bill aims to remove cryptocurrencies from special financial regulation in Russia, promoting their use in everyday transactions.

Pumpfun's Revenue Model Ensures Platform Sustainability

Pumpfun has established a robust revenue model that includes a small percentage fee on all trades and fees when tokens graduate to external decentralized exchanges.

Bybit Accelerates Listings for Solana Meme Coins

Bybit has expedited the listings of Solana meme coins, including WHITEWHALE and SOL10, leading to significant price surges.

NITDA Plans International Cybersecurity Conference Following US Collaboration

NITDA is planning to expand its National Cybersecurity Conference into an international platform this year, following the participation of the US Mission in Nigeria's National Cybersecurity Conference in 2025.

NITDA Strengthens Partnership with the US for Digital Ecosystem Development

NITDA is enhancing its collaboration with the United States to build a reliable digital ecosystem in Nigeria.

SpaceX Engineers Face Challenges Amid Iranian Jamming

SpaceX engineers are facing significant challenges in maintaining connectivity for Starlink services in Iran due to jamming efforts by the Iranian regime.

Be the first to know about crypto news every day
Get crypto analysis, news and updates right to your inbox! Sign up here so you don’t miss a single newsletter