BroadChain Financial News has learned that on May 29th, according to data from Cryptoslate and Coinglass, the price of Ethereum experienced a significant increase in May due to the approval of the Ethereum ETF application 19-b by the US SEC. The price surged by nearly 30%, marking its best monthly performance since February when it rose by 46%.
Coinglass historical data reveals that May is typically the strongest month for Ethereum, with an average increase of 31%. In contrast, Bitcoin has also shown positive momentum, rising over 12% in May in an attempt to recover from a 15% decline in April.
Based on the current trend and narrative favoring Ethereum, it is possible that Ethereum will continue to outperform Bitcoin. This is supported by the ETH/BTC ratio, which has been steadily increasing since 2024, indicating a shift in Ethereum’s dominance.