• 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

a year 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

Tether Emerges as a Major Player in Global Gold Markets

chest

Tether has surpassed many central banks in gold purchases, raising eyebrows in both crypto and precious metals sectors.

user avatarLeo van der Veen

Spain's Sumar Group Proposes Stricter Crypto Tax Regulations

chest

Spain's Sumar parliamentary group proposed stricter tax regulations on cryptocurrencies, aiming to switch taxation from savings to general income base, potentially raising rates from 30% to 47%.

user avatarLi Weicheng

Jackie Chan Netflix Documentary Rumor Debunked by Changpeng Zhao

chest

A rumor claiming that Jackie Chan would star as Changpeng Zhao in a Netflix documentary has been debunked by Zhao, maintaining market stability.

user avatarAisha Farooq

Michael Green's Harsh Critique of Bitcoin: A Monopoly Game?

chest

Macro investor Michael Green critiques Bitcoin's design as economically brittle and socially corrosive, arguing it fails as a peer-to-peer payment system and reinforces economic inequality.

user avatarTenzin Dorje

Spoofing Attacks Target Monad Token Transfers

chest

Bad actors have begun spoofing token transfers on the Monad network less than two days after its official launch, misleading users with fake transactions.

user avatarBayarjavkhlan Ganbaatar

Stablecoin Transfer Volume Surpasses 50 Trillion

chest

Stablecoins have surpassed 50 trillion in annual transfer volume, highlighting their importance in the global financial system and decentralized finance.

user avatarMohamed Farouk

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.