May 2024: Crypto Market’s Transformative Shift with Ethereum ETFs and Meme Token Revival

May 2024 saw a flurry of activity in the cryptocurrency market, driven by the SEC’s unexpected approval of Ethereum ETFs and a resurgence in meme tokens. This pivotal decision has not only shifted market dynamics, with Ethereum gaining traction over Bitcoin, but also sparked a revival in meme tokens across various blockchain networks.


PTI | India | Updated: 13-06-2024 12:07 IST | Created: 13-06-2024 12:07 IST
May 2024: Crypto Market’s Transformative Shift with Ethereum ETFs and Meme Token Revival
AI Generated Representative Image
  • Country:
  • United States

In an unprecedented turn of events, May 2024 has become a historical marker for the cryptocurrency market, driven by a series of pivotal developments. The U.S. Securities and Exchange Commission's (SEC) unexpected approval of a rule change could soon introduce Ethereum exchange-traded funds (ETFs), marking a significant shift in market dynamics.

On May 23, the SEC approved the 19b-4 rule change, vital for Ethereum ETFs' introduction. This decision, once deemed improbable, is speculated to have political undertones aimed at countering cryptocurrency advocate Donald Trump. The final go-ahead for trading is expected by late June or early July.

The market reacted swiftly; the ETH/BTC pair rebounded from a yearly low, and Ether saw substantial withdrawals to self-custody wallets, hinting at investors' bullish outlook. This approval has shifted focus from Bitcoin to Ethereum, evidenced by narrowing trading volume gaps and rising market cap levels comparable to those seen in March.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Give Feedback