Odaily Planet Daily News JPMorgan Chase said in a research report on Monday that the total market value of cryptocurrencies fell 8% in June to around $2.25 trillion, recouping most of the gains in May. "The market value of tokens, DeFi and NFTs all retreated in June," wrote analyst Kenneth Worthington. Data showed that daily spot crypto trading volume fell 18% from the previous month, "from a valuation and trading volume perspective, March 2024 is the peak of the crypto ecosystem in the current cycle." The bank pointed out that this trend is in stark contrast to traditional markets, with the S&P 500 up 4% and the tech-heavy Nasdaq up 6% that month. However, the report added that stablecoins outperformed other crypto sectors in June, mainly driven by USDT. In addition, the total market value of listed Bitcoin mining companies also increased by 19%, and these companies benefited from the gains brought by "electricity use cases related to artificial intelligence." (CoinDesk)
