Cloud Hosting

4h00 3 min of reading by Eddy S.

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.

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.

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.

Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.

Le monde volue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto la base, je m'intresse tout ce qui touche de prs ou de loin la blockchain et ses drivs. Dans l'optique de partager mon exprience et de faire connatre un domaine qui me passionne, rien de mieux que de rdiger des articles informatifs et dcontracts la fois.

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.

See the original post:

$1 billion at stake! Ethereum dominates the crypto market in May! - Cointribune EN