Not Bitcoin or Ethereum: These were the most popular crypto tokens in May

May turned into a month of surprises for the cryptocurrency market, with traders looking beyond the usual heavyweights. Some key reasons behind this shift include new investment products and institutional interest that helped several lesser-known tokens capture investor attention.

While Bitcoin and Ethereum remained under pressure in May, a different set of cryptocurrencies emerged as the month's top performers, according to data released by crypto exchange Binance. Hyperliquid (HYPE) topped the charts, surging 81% during the month, followed by Zcash and BNB.

The Binance data showed that the market's largest cryptocurrencies, including Bitcoin, Ethereum, and XRP, ended the month in negative territory. This happened because investor sentiment around Bitcoin and Ethereum weakened amid concerns over potential selling pressure and questions on whether the Ether network's growth still benefits holders.

Here's how the top 10 coins by market capitalisation performed during the month, as per Binance's monthly markets insights:

Bitcoin declined about 4.8% amid speculation that a major Bitcoin holder Strategy could sell part of its holdings, raising fears of additional supply entering the market. Betting market participants on Polymarket tapped on an 80% probability that the company would sell some of its Bitcoin holdings this year.

XRP also fell 5.9% despite a landmark cross-border settlement pilot involving JPMorgan, Ripple, Mastercard and Ondo Finance, integrating the XRP Ledger with traditional banking rails for the first time. Investors appeared to focus more on broader market sentiment than on the development itself.

Ethereum was the weakest performer among major tokens, dropping 12.4% as sentiment was hit by the exit of several high-profile members of the Ethereum Foundation. Bankless co-founder David Hoffman disclosed ETH sales, arguing that network growth no longer directly benefits holders.

“May's crypto pullback was driven by a range of macro factors. BTC tested the 200-day moving average and short-term holder realized price but failed to hold – a level the market continues to watch. ETF outflows reflected short-term pressure as inflation drives the Fed hawkish, while on-chain supply tightening remains intact,” the Binance report noted.

Looking ahead, the exchange said investors are closely watching three key developments, including interest-rate signals from the new Fed Chair Kevin Warsh, progress on the CLARITY Act that could shape crypto regulation in the United States, and whether enthusiasm around artificial intelligence continues to drive investment flows across digital assets.

Eshita Gain is a digital journalist at Mint, where she joined in May 2025. She writes on corporate developments, personal finance, markets, and business trends, with a focus on delivering timely and relevant stories to a broad audience. <br><br> While her core beat lies in business and finance, she is not confined to a single niche and frequently explores stories across domains, including international relations and policy developments. <br><br> She holds a postgraduate diploma in business and financial journalism by Bloomberg from the Asian College of Journalism (ACJ), Chennai. During her time there, she received rigorous training in tracking financial data, interpreting corporate filings, and reporting on business developments. She has pursued her graduation from St. Joseph’s University, Bengaluru in a multi-disciplinary course. Her majors included Journalism, International Relations, peace and conflict studies. <br><br> Eshita has previously worked in digital marketing, which enables her to write SEO friendly copies that are clear and engaging. <br><br> Her primary interest lies in breaking down complex subjects and writing clear, accessible copies that inform readers. She aims to bridge the gap between technical financial language and everyday understanding. Outside the newsroom, Eshita enjoys reading non-fiction, and exploring new places, constantly seeking fresh perspectives and stories beyond headlines.

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