May 2024 was a positive month for the cryptocurrency market, with several catalysts such as the FIT21 Act, the U.S. presidential election, and the sudden approval of spot ETFs bringing new bullish sentiment to the market.
- The total market capitalization of the cryptocurrency market increased by 15%, rising from $2.15 trillion to $2.49 trillion.
- The ETH/BTC price ratio rose by 25% in May.
- The assets under management for Bitcoin spot ETFs increased by 4% this month.
- The total value locked (TVL) in decentralized finance (DeFi) saw a significant growth of +22% in May.