Crypto Market Rebounds in May: Binance Research
CryptoNewsTerminal Staff07 Jun, 2024
Crypto Market Rebounds in May: Binance Research
The crypto market saw a resurgence in May, with the total crypto market capitalization increasing by 8.6% month-over-month, according to a crypto market trends report from Binance Research. This rebound comes after a difficult period for the market, which saw significant losses in April. All of the top 10 cryptocurrencies finished May with price gains, with Bitcoin (BTC) leading the way with a 17.1% increase. Ethereum (ETH) also performed well, gaining 10.9% over the month. The total value locked (TVL) in DeFi also increased by 21.7% compared to the previous month. However, the NFT market saw a 41% decline in total sales volume, which reached $630 million. This decline is likely due to a combination of factors, including the broader market downturn and the increasing regulatory scrutiny of the NFT market. Overall, May was a positive month for the crypto market. The rebound in prices and the increase in TVL in DeFi suggest that the market is starting to recover from the recent downturn. However, the decline in NFT sales volume is a reminder that the market is still facing some challenges.
