LIVEMarket summary on May 24, 2024
1) Market trend:
- The overall market is trending downward, with Bitcoin’s (BTC) market share (dominance rate) declining significantly, which is often seen as a sign of capital flowing away from mainstream crypto-assets to other alternative crypto-assets (altcoins), which are considered Conducive to the arrival of the cottage season.
- U.S. stocks pulled back, but economic data showed positive signs, with the Purchasing Managers Index (PMI) rising to its highest level in the past two years, reflecting expansion in economic activity. In addition, the market expects the Federal Reserve to postpone the first interest rate cut from November to December.
2) Market hot spots:
1. Ethereum (ETH) fluctuates at high levels, and the U.S. Securities and Exchange Commission (SEC) approved key documents for the ETH ETF (exchange-traded fund), although formal approval may take several months.
2. A series of Ethereum-based MEME coins, such as people, pepe, mog, turbo, wajak and joe, have shown strong price increases. In particular, the joe coin has risen 30 times from the bottom.
3. Other Ethereum-based tokens such as ens (Ethereum Domain Name System), ethfi (a decentralized financial protocol), manta (privacy protection project), etc (Ethereum Classic) have also risen sharply. Among them, ethfi has launched a re-hypothecation credit card business, which may be a factor driving its price increase.
4. The decentralized stablecoins tru and ondo also surged. Binance (BN)’s MetaDrop platform will list the lista project. Lista is a liquidity staking and decentralized stablecoin lending protocol, a new project developed by the helio team on the original BSC (Binance Smart Chain), and helio has suffered serious hacker attacks before.
