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
Bitcoin Bear Market Correction Signals Transition into Deeper Phase

The current bear market for Bitcoin has entered a deeper corrective phase, indicating a transition from an early pullback into a more mature bearish stage.

Global Investors Adjust Portfolios as Japan's Fiscal Policies Shift

Global investors are rebalancing portfolios as Japanese government bonds regain appeal following Japan's snap election, impacting global markets.

Elon Musk Unveils Plans for a Lunar City

Elon Musk has announced his ambitious vision to build a self-growing city on the Moon with SpaceX.

National Security Concerns Raised in WLFI Investigation

The WLFI investigation led by Congressman Ro Khanna explores national security concerns linked to financial transactions and US controls on AI semiconductor exports.

WLFI Investigation Examines Stablecoin's Role in UAE Investment

WLFI investigation examines stablecoin's role in UAE investment.

XRP Ledger Achieves Major Milestone with Institutional Participation

The XRP Ledger has successfully removed barriers for banks, enabling direct settlement and potentially facilitating billions in inflows.

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