Kryptanium Capital CIO Daniel Yan's Top Picks for Crypto Trades in May
Sunday, 5 May 2024, 23:15
AI, Solana, Memes to Lead May Catchup Trade
Amid April's crypto turmoil, Daniel Yan, the Chief Investment Officer of Kryptanium Capital, is optimistic about the potential of AI, Solana, and meme coins for May's trading strategies.
A Major Crypto Market Correction in April
- The US inflation and labor market situation triggered a selloff in US treasuries that affected cryptocurrencies sensitive to macroeconomic factors.
- Spot Bitcoin ETFs behaved more as a trading instrument than a stable investment, influencing the market downturn.
Positive Outlook for May
- US Treasury Department's bond buyback program and a dovish statement from the Federal Open Market Committee stabilized the market.
- Yan predicts a macro month for crypto, with expected market stability until the mid-month Consumer Price Index report.
- Bullish on Solana, AI-driven coins, and meme tokens to outperform Bitcoin in May, Yan emphasizes the bullish 2024 outlook despite April's crash.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.