Leading Cryptocurrencies Bitcoin and Ethereum market prices broke resistance levels in May 2024.
The meme coin shillings of several celebrities has led to an overcrowding of the sector amidst growth.
The overall crypto market witnessed key moments in May 2024. While the market witnessed price hikes, the SAB 101’s veto caused obstacles. Cryptocurrency has also played a crucial role within the US political landscape which fueled further events. Besides, with multiple crypto crimes and significant arrests the month has been one for mounting tensions within the sector.
Moreover, one of the most significant events was the SEC’s approval of spot Ethereum ETFs on May 23. ETH price rally was fueled by the commission change in attitude towards the spot ETH ETFs. The US crypto regulator approved eight spot ETH ETFs on the aforementioned date. The SEC also published the Staff Accounting Bulletin (SAB) 101 in May 2024.
Notably, the leading cryptocurrency, Bitcoin broke multiple resistance levels this month. In the first week, it showcased struggles to break the $60K resistance. However, the May month saw Bitcoin inching closer to its ATH at $73,750 breaking the $60K and $66K resistance levels. At the time of writing it is trading at $68,500 according to CMC data.
Moreover, Ethereum, the leading altcoin, also witnessed an impressive price surge. Having traded around the $2.9K level for most of the month, the last two weeks saw a price surge breaking the $3K resistance and soaring closer to $4K. At the time of writing ETH is trading at $3,816.
Additionally, amid the market revival, whale accumulations spiked this month. BTC and ETH whales showed significant movements during the recent price surge.
Is Crypto May 2024 Going on Record?
According to Dune Analytics data, the memecoin sector has shown a 30-day price growth of 31.63% in May 2024. Memecoins are leading in price growth followed by Blockchain Service Infra.
In particular, memecoin Pepe hit its new ATH on May 27th at $0.00001718. The frog-themed memecoin has shown a price rally of 87.93% over the month regaining its position as the third-largest memecoin, in terms of market cap.
Notably, May 2024 witnessed an inflow of celebrity meme coin shillings. Caitlyn Jenner launched meme coins on Solana and Ethereum blockchains bearing her name. Additionally, two music artists Iggy Azalea and Davido launched meme tokens. Furthermore, leading celebrity Cristiano Ronaldo released his fourth NFT Collection on May 29.
The celebrity meme coin shillings has caused a negative impact on the progress as it has led to overcrowding in the sector. Furthermore, Davido’s scam following his launch of the meme coin has led to increased constrictions within the meme coin sector.
Relatively, crypto has become a crucial focal point in the US 2024 election campaigns. Presidential candidate Donald Trump’s pro-crypto stance has gained him immense support among citizens.
On the other hand, current officeholder Joe Biden’s anti-crypto policies have subjected him to multiple criticisms. His recent veto of the SAB 101 has caused a stir as speculations mount on the US politicians’ motives for crypto.
In conclusion, while the crypto sector witnessed key advancements, incidents of crypto politics and the SEC’s heightened screening has caused a few dents in progress. Additionally, it has also inspired uncertainty for the market in the coming months.
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