Altcoins set off to a great start in May, with Ethereum hitting a new record high above USD 3,400, extending its more than 300 % rally this year. Altcoins are currently making gains more and more often, while Bitcoin, whose market dominance has fallen to below 50 %, has tended to decline. In our opinion there are several reasons for Ethereum's recent strength. One is the growing space of Defi. In addition, the current NFT hype is also largely based on Ethereum and contributes to the fact that there are many transactions on the blockchain.

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