Bitcoin Closed May with an Increase of 11%, Ethereum Rose by 24.6%
In May 2024, Bitcoin strengthened its position in the cryptocurrency market and increased by an average of 11.07%. Ethereum, on the other hand, posted a remarkable growth of 24.65%, according to data from CoinGlass.
Notably, Bitcoin is closing May in positive territory for the sixth time. In comparison, during the same period in 2023, the asset’s price declined by 6.98%.
The most “successful” May periods for Bitcoin were in 2017 and 2019. In the last month of spring, the asset’s value surged by 52.71% and 52.38%, respectively, during those years.
Bitcoin’s performance in May 2024 solidifies its position as a leading cryptocurrency, while Ethereum’s significant growth showcases the increasing adoption and interest in the broader crypto ecosystem. As the market continues to evolve, investors and enthusiasts alike will closely monitor these digital assets’ trajectories and their potential impact on the financial landscape.
At the time of writing, Bitcoin is trading at $69,111, according to TradingView:
Here is a professional English translation incorporating the additional details about Ethereum’s performance in May:
Ethereum, on its part, closed May in positive territory six times. In 2024, it recorded a growth of 24.65%, whereas during the same period in 2023, the asset’s price increased by a mere 0.16%.
The most profitable May periods for Ethereum holders were in 2016 and 2017. During those specified time frames, the asset’s price exhibited remarkable surges of 61.95% and 161.43%, respectively.
Ethereum’s strong performance in May 2024, coupled with its impressive gains in previous years, underscores the growing interest and adoption of the world’s second-largest cryptocurrency. As the decentralized finance (DeFi) and non-fungible token (NFT) ecosystems continue to flourish on the Ethereum network, investors and industry observers will closely monitor its trajectory and potential impact on the broader crypto landscape.
At the time of writing, Ethereum is trading near $3,819, according to TradingView:
At the beginning of the month, Bitcoin dipped below $57,000 against the backdrop of the Federal Reserve’s decision on interest rates. However, the very next day, the asset’s price reacted with an increase above $61,500 following the release of U.S. unemployment data.
Bitcoin and Ethereum’s positions were further strengthened after the publication of U.S. inflation data. The leading cryptocurrency broke through $64,000, while Ethereum surpassed $3,000.
Additionally, we reported that on May 23, 2024, the U.S. Securities and Exchange Commission (SEC) officially approved a spot Ethereum ETF. Amid expectations surrounding this event, Ethereum’s price exceeded $3,900.
The cryptocurrency market’s resilience was evident as both Bitcoin and Ethereum demonstrated remarkable recoveries from initial dips, buoyed by positive economic data releases and regulatory developments. The approval of a spot Ethereum ETF by the SEC marked a significant milestone, driving further optimism and interest in the second-largest cryptocurrency.
As the market continues to evolve, investors and industry stakeholders will closely monitor the interplay between macroeconomic factors, regulatory frameworks, and the adoption of cryptocurrencies, shaping the future trajectory of this dynamic asset class.
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