Binance Analysis revealed a report on the cryptocurrency marketplace for June 2024.
In line with the most recent analysis, market capitalization declined by 11.4% over the month. Nonetheless, this pattern is typical for June — over the previous 5 years, the crypto market closed June with a constructive indicator solely twice.
As well as, 9 out of ten belongings by market capitalization ended the month within the pink. In line with specialists, this decline was brought on by information about funds to Mt. Gox and the U.S. and German governments’ motion of Bitcoins (BTC) to centralized exchanges.
Dive into the crypto market
Development Leaders
One of many few tokens that has grown is Toncoin (TON). The asset grew by 17.5%, reaching a historic excessive of $8.24. Binance Analysis attributed this progress to the success of The Open League program and assist of the ecosystem by means of grants. As well as, the variety of energetic every day addresses on the community reached a document excessive of virtually 578,000.
TON has additionally had notable success in attracting TVL inflows in sectors equivalent to Telegram mini-apps and video games, defi, NFTs, and memecoins.
“TON additionally continued its outstanding progress trajectory with a 109% month-on-month improve in TVL, hitting one other all-time excessive of US$685.9M.”
Binance Analysis report
Airdrops
Moreover, the report mentions airdrops. In June, token distribution was carried out by means of varied tasks, together with LayerZero, ZKsync, Blast, and Eigenlayer.
For LayerZero, the protocol recognized over 803,000 addresses as potential Sybil wallets. These addresses obtained solely 15% of the unique allocation, with the remaining 85% redistributed to 1.28 million eligible addresses.
“The LayerZero Basis applied a ‘Proof-of-Donation’ claiming mechanism, which obtained combined reactions from the neighborhood.”
Binance Analysis report
The NFT sector continues to face troublesome instances
The NFT sector additionally confirmed no progress. Gross sales totaled $46 million, down 26.2% from Might.
The chief in month-to-month gross sales quantity was the DMarket NFT market. DMarket, the in-game merchandise platform on Mythos, led the best way with the best month-to-month gross sales with $18.9 million, adopted by CryptoPunks with $16.1 million. Ordinals high collections, equivalent to Bitcoin Puppets and NodeMonkes, skilled declines in gross sales, down 40.6% and 41%, respectively.
“Throughout the highest chains, NFT gross sales volumes have decreased significantly. Bitcoin and Ethereum noticed a 48.2% and 50.2% downturn, respectively, indicating the dwindling early hype over Bitcoin’s NFT.”
Binance Analysis report
Miners are promoting bitcoins
As for miners, they’ve been persistently promoting BTC since November 2023. That is probably the most prolonged consecutive interval of web sellers since 2017. Consequently, BTC balances amongst miners reached their lowest stage within the final 14 years. Analysts attribute this to halving.
“On condition that the block reward represents most miners’ earnings, many miners have been pressured to promote their holdings for survival.”
Binance Analysis report
What occurred within the crypto market in Might?
A month earlier, Binance Analysis revealed a report for Might 2024. In line with a earlier evaluation, the crypto market recovered in Might and recorded a capitalization improve of 8.6%. On the identical time, the crypto market closed in constructive dynamics for the third time. Earlier than this, unfavourable dynamics have been noticed from 2021 to 2023.
As well as, all crypto belongings from the highest 10 in capitalization ended the month in constructive territory. The chief amongst them was Solana (SOL), with 33.9% progress. Ethereum (ETH) is in second place, and Toncoin is in third place.
The NFT market additionally closed with a drawdown. Whole gross sales have been $0.63 billion, down 41% from April 2024.
What to anticipate in July
Bitcoin ended June down 7%. That is the second month in 2024 that BTC ended with a decline in worth. In April, losses amounted to nearly 15%; in different months, BTC confirmed progress with dynamics from 1% to 44%.
In line with historic knowledge from Coinglass, the crypto market sometimes reveals progress in July, with a mean progress fee of seven.3%. The evaluation since 2013 confirmed seven profitable months with progress of as much as 24%, whereas solely 5 months have been unprofitable with a decline of at the very least 10%.
Two vital occasions are deliberate for the second month of summer season, that are being adopted by your complete crypto market — funds of cryptocurrency to purchasers of Mt. Gox, which they’ve been ready for ten years, is the occasion that causes unrest in the neighborhood because of the potential impression of gross sales on the value.
The crypto neighborhood can also be anticipating the potential launch of spot Ethereum ETFs. Their approval might grow to be a robust driver for progress within the crypto market. On July 8, a number of firms issuing spot Ethereum-ETFs despatched up to date purposes on Kind S-1 to the SEC.