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
Nansen CEO Highlights Key Distinction Between Ethereum Utility and Investment Value

Nansen CEO Alex Svanevik highlights the key distinction between Ethereum's technological utility and its investment value in a recent interview.

Market Focus Shifts to Infrastructure Readiness

Market focus is now on broader infrastructure readiness rather than short-term access issues.

Community Outcry Over Polycule Trading Bot's Communication Blackout

Community outcry over the Polycule trading bot's communication blackout following the abrupt halt of withdrawals, raising suspicions among users and demands for transparency.

Stricter Regulations for CFD Trading in Hungary in 2026

Stricter regulations for forex and CFD trading in Hungary by the National Bank in 2026 aim to enhance consumer protections and improve trading conditions.

Leading CFD Social Trading Platforms for 2026 Unveiled

An analysis reveals the top CFD social trading platforms for 2026, highlighting their features and trust ratings.

2026 Sees Major Shift Towards Collective Intelligence in CFD Trading

The global financial landscape in 2026 sees a significant shift towards collective intelligence and algorithmic automation in CFD trading.

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