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1 billion dollars at stake! Ethereum dominates the crypto market in May!

Mon 17 Jun 2024 ▪ 3 min of reading ▪ by Eddy S.
Getting informed Regulation Crypto

In May 2024, the crypto sector experienced a wave of investments totaling 1 billion dollars, with Ethereum dominating the market. According to a report published by KuCoin Research, although this figure represents a slight decrease compared to April, it marks a 10.61% increase compared to May 2023.

Crypto Ethereum

Ethereum reigns over the crypto market in May!

The recent research highlights that projects related to Ethereum, Ethereum Virtual Machine (EVM)-compatible chains, and layer-2 (L2) networks continue to captivate the interest of institutional investors. These technologies offer scalable and versatile crypto platforms for decentralized applications, essential to the evolving blockchain ecosystem.

Despite the predominance of Ethereum-based investments, non-EVM chains such as Bitcoin, Solana, Fantom, and The Open Network (TON) have also maintained their popularity among crypto investors. With a total investment of 1.2 billion dollars in May, these networks are gaining traction due to their unique capabilities and growing ecosystems.

Memecoins are also part of the game!

Due to concerns over the trend of low float and high fully diluted valuations (FDV) in the crypto market, many retail investors have turned to memecoins and celebrity-associated tokens. These assets, often launched with lower market caps and more accessible valuations, have provided an alternative to high valuation tokens with limited circulating supply.

Notcoin (NOT) is a remarkable example of this trend, as the token gained significant popularity in May. Unlike many tokens that gradually release their supply, Notcoin was launched with all tokens available from the start, which contributed to its rapid growth. On June 3, NOT became the fifth most traded crypto, surpassing the trading volume of the popular stablecoin USD Coin (USDC). Its price reached a new all-time high of $0.02896 on June 2, pushing its market cap above 2 billion dollars.

Crypto investments in May 2024 reflect the continued confidence of investors in Ethereum and associated technologies. And this, despite a slight decrease of 70 million dollars compared to the previous month. The future seems mixed but anything is possible in the cryptocurrency space.

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Eddy S. avatar
Eddy S.

The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.