Binance Research has revealed a report on the cryptocurrency market for June 2024.
According The latest researchMarket capitalization decreased by 11.4% during the month. However, this trend is typical for June: in the past five years, the cryptocurrency market closed June with a positive indicator only twice.
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In addition, nine out of ten assets by market capitalization ended the month in the red. According to experts, this drop was due to news about payments to Mt. Gox and the transfer of bitcoins (btc) by the US and German governments to centralized exchanges.
<h2 class="wp-block-heading" id="dive-into-the-crypto-market”>Dive into the cryptocurrency market
Growth Leaders
One of the few tokens that has seen growth is Toncoin (TON). The asset grew by 17.5%, reaching an all-time high of $8.24. Binance Research attributed this growth to the success of The Open League program and support for the ecosystem through grants. Additionally, the number of daily active addresses on the network reached an all-time high of almost 578,000.
TON has also seen notable success in attracting TVL inflows in sectors such as Telegram mini-apps and games, defi, nfts, and memecoins.
“TON also continued its remarkable growth trajectory with a 109% month-over-month increase in TVL, reaching another all-time high of US$685.9 million.”
Binance Research Report
Airdrops
Additionally, the report mentions airdrops. In June, token distribution was carried out across several projects, including LayerZero, ZKsync, Blast, and Eigenlayer.
For LayerZero, the protocol identified over 803,000 addresses as potential Sybil wallets. These addresses received only 15% of the original allocation, with the remaining 85% being redistributed among 1.28 million eligible addresses.
“The LayerZero Foundation implemented a ‘Proof of Donation’ claim mechanism, which received mixed reactions from the community.”
Binance Research Report
The nft sector continues to face difficult times
The nft sector also showed no growth. Sales totaled $46 million, down 26.2% from May.
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The leader in monthly sales volume was the nft marketplace DMarket. DMarket, the in-game item platform on Mythos, led the way with the highest monthly sales at $18.9 million, followed by CryptoPunks at $16.1 million. Ordinals’ core collections such as bitcoin Puppets and NodeMonkes saw sales declines, down 40.6% and 41% respectively.
“Across major chains, nft sales volumes have declined significantly. bitcoin and ethereum saw a drop of 48.2% and 50.2% respectively, indicating that the initial enthusiasm for bitcoin nfts is waning.”
Binance Research Report
Miners are selling bitcoins
As for miners, they have been selling btc steadily since November 2023. This is the longest consecutive period of net sellers since 2017. As a result, btc balances among miners reached their lowest level in the past 14 years. Analysts attribute this to the halving.
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“Since the block reward represents the majority of miners’ income, many of them have been forced to sell their assets to survive.”
Binance Research Report
<h2 class="wp-block-heading" id="what-happened-in-the-crypto-market-in-may”>What happened in the cryptocurrency market in May?
A month earlier, Binance Research crypto–june-2024-1202752445201985392″ target=”_blank” rel=””>revealed May 2024 Report. According to a previous analysis, the cryptocurrency market recovered in May and recorded an increase in capitalization by 8.6%. At the same time, the cryptocurrency market closed with positive dynamics for the third time. Prior to this, negative dynamics were observed from 2021 to 2023.
Additionally, all of the top 10 crypto assets by market cap ended the month in positive territory. The leader among them was Solana (SOL), with a growth of 33.9%. ethereum (eth) is in second place and Toncoin in third place.
The nft market also closed with a drop. Total sales were $0.63 billion, down 41% from April 2024.
What to expect in July
bitcoin closed June with a 7% drop. This is the second month in 2024 that btc has ended with a drop in value. In April, losses amounted to almost 15%; in other months, btc showed growth with a dynamics of 1% to 44%.
According to historical data of Glass of coinsThe cryptocurrency market usually shows growth in July, with an average growth rate of 7.3%. The analysis since 2013 showed seven successful months with growth of up to 24%, while only five months were unprofitable with a drop of at least 10%.
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Two important events are expected in the second month of summer, which the entire cryptocurrency market is closely following: the payment of cryptocurrency to Mt. Gox customers, who have been waiting for ten years, is an event that causes unrest in the community due to the possible impact of sales on the price.
The cryptocurrency community is also anticipating the possible launch of ethereum spot ETFs. Their approval could become a strong driver of the cryptocurrency market growth. On July 8, several companies issuing ethereum spot ETFs submitted updated applications on Form S-1 to the SEC.
