Ethereum Emerges Strongly in May

Ethereum (ETH) has seen a remarkable increase of 45% over the last month, outperforming both the decentralized finance (DeFi) market and Bitcoin, which have increased by 21% and 13%, respectively. This surge in value has been attributed largely to a growing institutional interest that has resulted in record inflows from spot ETH ETFs.

Previously this year, ETH experienced a downturn, trading as low as $1,472 amid broader market uncertainties, especially concerning U.S. tariffs. However, it has now broken an 18-month downtrend against Solana, as noted by CoinDesk analyst Omkar Godbole.

The data also indicate a robust growth in DeFi protocols, contrasting sharply with the performance of Solana-based protocols in terms of Total Value Locked (TVL). Protocols such as Lido and EigenLayer have reported remarkable increases, while Solana’s counterparts have lagged behind.

This performance underscores a significant recovery for Ethereum, buoyed by both strong institutional interest and growth in its DeFi ecosystem. For more insights, stay tuned to CoinDesk.