ChainCatcher reported that according to CoinDesk, JPMorgan Chase said in a research report on Monday that the total market value of cryptocurrencies fell 8% in June to around US$2.25 trillion, recovering most of the gains in May.
Analyst Kenneth Worthington wrote: "The market capitalization of tokens, DeFi, and NFTs all retreated in June." Data shows that daily spot crypto trading volume fell 18% compared with the previous month. "From the perspective of valuation and trading volume, March 2024 is the peak of the crypto ecosystem in the current cycle."
The bank noted that this trend was in stark contrast to traditional markets, with the S&P 500 up 4% and the tech-heavy Nasdaq up 6% for the month. However, the report added that stablecoins outperformed other crypto sectors in June, driven primarily by USDT.
