Market Dynamics on May 21: ETH leads the surge, driving a general rise in altcoins
I. Market Dynamics
1. Market Trends: BTC breaks through 70,000, approaching its previous high. ETH leads the surge, driving a general rise in altcoins.
2. U.S stocks are rising and reaching historical highs. The U.S dollar index is falling on a weekly basis.
II. Market Hotspots
1. ETH has surged significantly. The U.S SEC demands to expedite the update of Ethereum spot ETF application documents, increasing the probability of Ethereum spot ETF approval from 25% to 75%. Several ETH passed their final deadline from May 23rd to August 7th.
2.The staking sectors of PENDLE, ETHFI, REZ, LDO, ENA in ETH; Meme's PEPE and OMG; L2 track's METIS; domain name ENS etc., have risen more than ETH itself . With the rise of ETH ,the growth of TVL (Total Value Locked) in re-staking protocols is most direct.
3.PYTH and BONK in Solana ecosystem have surged significantly with PYTH oracle unlocking completed.
4.Runecoin and DOG tokens within BTC ecosystem have soared greatly while Rune founder plans for live-streamed harakiri due to Rune not meeting expectations.
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