• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Trends in the Crypto Sector – May 2024

user avatar

by Giorgi Kostiuk

2 years ago


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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

SUI Emerges as a Developer-Friendly Blockchain

chest

SUI is gaining traction for its speed and scalability, making it attractive for Web3 applications.

user avatarSon Min-ho

Five Amendments to XRP Ledger Set to Activate Soon

chest

Five amendments to the XRP Ledger are set to activate soon, focusing on AMM features, token escrows, and clawback functionality.

user avatarAyman Ben Youssef

Nick Cipher Expands Crypto Education with Guest Lectures at UC Davis and UC Berkeley

chest

Nick Cipher is set to deliver guest lectures on cryptocurrency at UC Davis and UC Berkeley in March 2026 to expand crypto education.

user avatarSatoshi Nakamura

Morpho's Role in Institutional DeFi Adoption

chest

Morpho is increasingly recognized as essential infrastructure for institutional strategies in decentralized finance, enhancing transparency and risk management.

user avatarTando Nkube

Mixed Market Responses to Increased Tariffs

chest

Mixed market responses following the announcement of increased tariffs on South Korean goods, with reactions from US officials and South Korean opposition leaders.

user avatarNguyen Van Long

Trump Threatens 100% Tariffs as Canada Rejects China Trade Deal

chest

Donald Trump warned Canada of imposing a 100% tariff on imports after Canada rejected a trade deal with China, citing national security risks.

user avatarKofi Adjeman

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.