April turned out harsh for the cryptocurrency market due to the drop of over 11% in value of key crypto assets, as well as the decrease in trade volume. Nevertheless, May’s proved to be more encouraging, and BTC’s growth has almost made up for the April drop. Let’s talk about key trends of this month in crypto mining and DeFi.
1. ETF capitalization growth
In May, the trend of crypto-based ETFs capitalization growth keeps going strong. For example, the capitalization of America’s largest trust, GBTC, has exceeded $20 billion. After having been issued all necessary permissions, at the beginning of May, six more varying ETF assets have become available on the Hong Kong exchange.
2. Stablecoin capitalization growth
The end of April and beginning of May were also a record total capitalization period of stablecoin in the last 2 years, with the total volume exceeding $180 billion. This is evidential of the growing trust large investors as well as exchange traders are showing for the infrastructure crypto assets (primarily for stablecoin).
“Institutional investors are maintaining a high level of interest in crypto assets, which allows to maintain the trend of growth in the industry even in the conditions of high volatility” – noted Arthur Kennedy, the visionary Founder & CTO of PrismaStake.
3. Key cryptocurrencies have made up for the drop
Key cryptocurrencies (BTC, ETH, BNB) have all for the most part covered the value lost in the April drop with growth in May, almost reaching the February ceiling. As such, BTC in May is being traded at around $65-68 thousand.
As a reminder, since the start of 2024 the total growth of cryptocurrency value has been over 44%.
4. Powerful growth potential for DeFi assets
“Despite the April crypto asset drop, the DeFi branch was almost unaffected by it. The total TVL loss in April amounted to only 0.7%. Moreover, some of the top-10 projects, such as Merlin Chain, a native Bitcoin layer-2 solution, had shown month-on-month growth of phenomenal 1000%, exceeding $1 billion” – Uma Peters, Director of Decentralized Finance of PrismaStake.
Also, the Coinbase analysts believe that in the nearest months the DeFi market and ETH can display significant growth.
The arguments behind the case for this trend: ETH doesn’t have big sources of excess supply (for example, an expected unblocking of investor tokens) or sales pressure from miners. Staking and growth of trade volume in second tier networks have turned out to be significant and growing sources of liquidity for ETH, the analysts say. Furthermore, it is doubtful anything will be able to take over Ethereum’s leading position in DeFi..
PrismaStake offers various staking pools, ranging from the most reliable ones to more profitable ones, including, for example, a 90 day ETH staking with profitability up to 17%.
5. The NFT market shows no intention to die
In April, the volume of NFT asset deals has sunk by 21%, yet still remains above the $1 billion threshold. The Bitcoin-based collections are still in demand from investors
They take up $567 million of the market’s volume, followed by the ETH protocol at $241 million, and ending with Solana NFTs at $153 million.
The apocalyptic predictions of complete devaluation of NFT assets have not come to fruition. Moreso, the analysts believe that the rock bottom for valuation has been almost reached.
About PrismaStake
PrismaStake is revolutionizing the crypto space with its innovative decentralized staking platform, enabling users to earn passive income through diverse cryptocurrency staking opportunities. By harnessing the power of advanced smart contracts, the platform guarantees secure and profitable staking options, including ETH crypto staking and altcoin staking. Designed to cater to both seasoned investors and newcomers, PrismaStake emphasizes security, flexibility, and user autonomy, providing a reliable method for enhancing digital asset earnings. With a commitment to offering competitive returns and fostering a vibrant community, PrismaStake is redefining the future of decentralized finance by making cryptocurrency staking accessible and rewarding for all.
For media inquiries, please contact:
Name: Nicholas Swan
Position: Marketing & Community Manager
Email: contact@prismastake.finance
Website: https://prismastake.finance/
