Binance Research studies crypto trends for July 2023, observing a relatively slow period in the market but noting a surge in altcoins in part due to favorable regulatory decisions.
In a recent Binance Research report, key developments in the crypto ecosystem during July 2023 are explored. The overall market capitalization increased by just 1.0%, marking the smallest monthly change so far this year, due to anticipation surrounding exchange-traded fund (ETF) applications in June subsiding.
Despite this, altcoins experienced a boost in activity, following the outcome of the U.S. Securities and Exchange Commission (SEC) case against Ripple. The judge ruled that XRP was not a security when sold to the public on the secondary market. The favorable decision had positive effects on other tokens such as SOL and MATIC. BTC and ETH saw a decline in price, by 4.1% and 4.0% respectively.
Decentralized Finance (DeFi) markets fell by 7.7% in total value locked (TVL) to $40.8B, and Ethereum's TVL dropped by 12.0% to $22.9B. Non-fungible tokens (NFTs) also experienced a decline in trading volume, reaching a new all-time low for both 2022 and 2023. Binance Research encourages users to keep an eye on notable events and token unlocks in the upcoming month, describing that knowledge is power in the crypto space.