Markets Report - June 2024
The June 2024 report reveals notable momentum in the crypto market, with an 8.6% increase in total market capitalization during May. This growth was driven by favorable regulatory actions, such as the approval of eight #ETH🔥🔥🔥🔥 spot ETFs by the SEC and the passage of the Financial Innovation and Technology for the 21st Century (FIT21) Act by the US House of Representatives. Additionally, the value of tokenized treasuries reached a new high of $1.5 billion in May, demonstrating 80% growth year-to-date.
In the DeFi space, prediction markets have seen a resurgence, seeing a 68.6% increase in total value locked since January. This has been largely driven by the upcoming US election year, which has increased activity on platforms such as Polymarket.
#solanAnalysis has also shown significant progress, with the approval of a proposal to distribute 100% of priority fees to network validators. This, along with an increase in daily transaction fees approaching those of Ethereum and the rise of the Phantom wallet to third position in the utility category in the Apple App Store, underscores the continued growth of the Solana ecosystem. .
The report also highlights the narrowing of the Grayscale Ethereum Trust's (ETHE) discount to its net asset value, reaching 1.4%, the lowest level in almost three years. This phenomenon reflects the growing confidence in the approval of ETH spot ETFs.
In summary, the June 2024 report offers an optimistic view of the crypto market, highlighting important developments in regulation, the tokenization of real-world assets, and the growth of prediction markets and blockchain platforms like Solana.
$BTC
