Cryptocurrency experts name the main reasons for the growth of BTC and ETH in May

According to CoinGlass analytical data, in May 2024, bitcoin BTC $94,354.97 Bitcoin -1.76% Market capitalization $1.87 trillion VOL. 24 hours $2.53 billion strengthened its position in the market and grew by 11.07%. Ethereum ETH $3,413.65 Bridged Ether (StarkGate) 2.05% Market capitalization $0.31 billion VOL. 24 hours $1.37 billion showed an increase in value of 24.65%.

The price of cryptocurrencies was influenced, among other things, by the approval of Ethereum spot exchange-traded funds (ETFs) in the United States. Comparing May of different years, the most successful months for the first cryptocurrency were May 2017 and 2019, when the BTC rate grew by 52.71% and 52.38%, respectively.

The most profitable months for Ethereum were May 2016 and 2017. Then the value of the asset showed an increase of 61.95% and 161.43%, respectively.

In early May 2024, the bitcoin rate fellbelow $ 57,000 amid the US Federal Reserve’s interest rate decision. However, the value of the cryptocurrency later showed an increase above $ 61,000 after the US unemployment data came out. After the publication of fresh inflation figures in the US, bitcoin broke through $ 67,700, and ethereum hit $ 3,800.

Analysts emphasized that bitcoin’s relevance is increasing due to the changing macroeconomic conditions and the political situation in the United States ahead of the presidential election.