The price of cryptocurrencies was influenced, among other things, by the approval in the United States of spot exchange-traded funds (ETFs) for ether, CoinGlass experts state.
If we compare May of different years, the most successful months for the first cryptocurrency were the third month of spring 2017 and 2019, when the BTC rate increased by 52.71% and 52.38%, respectively.
And for ether, May 2016 and 2017 turned out to be the most profitable. Then the value of the asset showed an increase of 61.95% and 161.43%, respectively.
At the beginning of May 2024, the Bitcoin rate fell below $57,000 amid the US Federal Reserve's decision on interest rates. However, then the price of the cryptocurrency rose above $61,000 after data on unemployment in the United States appeared. After the publication of fresh inflation figures in the United States, Bitcoin surpassed the level of $67,700, and Ethereum — $3,800.
Previously, Grayscale analysts announced that the relevance of Bitcoin is increasing due to changing macroeconomic conditions and the political situation in the United States on the eve of the presidential election.
Source: Bits
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