Binance Research revealed a report on the cryptocurrency market for June 2024. The report shows an 11.4% decline in market capitalization, with nine out of ten top assets ending the month in the red.
Market capitalization fell by 11.4% in June, a typical trend observed over the past five years. The decline was attributed to payments to Mt. Gox and movements of BTC to centralized exchanges by the U.S. and German governments.
Dive into the Crypto Market
Growth Leaders
Toncoin (TON) saw significant growth, increasing by 17.5% to a historical high of $8.24. This was due to the success of The Open League program and ecosystem support through grants. Active daily addresses on the network hit nearly 578,000, contributing to a 109% month-on-month TVL increase to $685.9 million.
“TON also continued its remarkable growth trajectory with a 109% month-on-month increase in TVL, hitting another all-time high of US$685.9M.”
Binance Research report
Airdrops
The report highlights token distributions, with projects like LayerZero, ZKsync, Blast, and Eigenlayer conducting airdrops. LayerZero identified over 803,000 potential Sybil wallets, redistributing 85% of allocations to 1.28 million eligible addresses.
“The LayerZero Foundation implemented a ‘Proof-of-Donation’ claiming mechanism, which received mixed reactions from the community.”
Binance Research report
NFT Sector
The NFT sector continued to struggle, with sales totaling $46 million—a 26.2% decrease from May. DMarket led monthly sales volume with $18.9 million, followed by CryptoPunks with $16.1 million.
“Across the top chains, NFT sales volumes have decreased considerably. Bitcoin and Ethereum saw a 48.2% and 50.2% downturn, respectively, indicating the dwindling early hype over Bitcoin’s NFT.”
Binance Research report
Miners Selling Bitcoins
Miners have been selling BTC since November 2023, marking the longest period of consecutive net sellers since 2017. Their BTC balances are at their lowest in 14 years, attributed to the halving.
“Given that the block reward represents most miners’ income, many miners have been forced to sell their holdings for survival.”
Binance Research report
What Happened in the Crypto Market in May?
The May report indicated an 8.6% increase in market capitalization. Solana (SOL) saw a 33.9% growth, with Ethereum (ETH) and Toncoin also performing well. However, the NFT market recorded a 41% decline in sales compared to April.
What to Expect in July
Bitcoin ended June down 7%, marking the second month of decline in 2024. Historical data from Coinglass suggests an average growth rate of 7.3% for July. Significant events like Mt. Gox payments and the potential launch of spot Ethereum ETFs could drive growth.
Two major events are anticipated: the long-awaited cryptocurrency payments to Mt. Gox clients and the possible launch of spot Ethereum ETFs. Several companies have updated their ETF applications to the SEC, which could significantly impact the market.
