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Report: The cryptocurrency market's capitalization increased by 6.1% in July, while the total TVL of DeFi grew by 3.5%

Report: The cryptocurrency market's capitalization increased by 6.1% in July, while the total TVL of DeFi grew by 3.5%

Bitget2024/08/12 08:01

PANews reported on August 12 that Binance Research Institute discussed the major developments in the cryptocurrency market over the past month in its latest report: Driven by positive developments such as the approval of 9 spot ETH ETFs by the U.S. Securities and Exchange Commission and Germany's sale of 50,000 BTC, the market capitalization of cryptocurrencies increased by 6.1% in July. However, concerns remain about Mt. Gox's repayment and US government's BTC transfer. After launching spot Ethereum ETFs, trading volume was strong in first week (about $5.8 billion), but net outflows were around $484 million mainly due to Grayscale’s ETHE outflow. Excluding ETHE, net inflows into ETFs were $1.5 billion.

In July, DeFi total TVL grew by 3.5%. Notable increases this month include CORE, Scroll and Mantle with gains of 121.2%, 66% and 30.9% respectively.This trend is attributed to improvements in user experience, increased liquidity and widespread trading of Meme coins.Influenced by election cycle development,the prediction platform Polymarket saw record numbers for transaction volumes and active traders; transaction volume soared above $387 million in July which is more than a whopping increase of over614% compared to January.

In July,NFT market sales fell down7 .14 %to$400million.DMarket led with sales revenueof$16 .2million,followedbyDogeZukionSolana,salesrevenuewas$13 .9million.The sales volumeof Solanacollectibles like Solana Monkey BusinessandRetardio Cousinsincreased significantly whilemajorEthereumcollectiblesandtopOrdinals collectiblesexperienceda significant decline.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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