Key points
In this blog, you can view an excerpt from a recent Binance Research report that discusses key developments in the cryptocurrency markets over the past month.
In June, the cryptocurrency market experienced a significant downward momentum, falling 11.4%.
In line with the market downturn, total TVL in DeFi fell by 8.7% in June. In June, the NFT market experienced a prolonged decline, recording a total of $46 million in sales, down 26.2% from May.
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Today's blog looks at key events in the Web3 world in June 2024 to highlight the current state of the ecosystem. We analyze the crypto, DeFi and NFT markets, as well as the main events to watch out for in July 2024.
Crypto market indicators in June 2024
Despite a successful start to June, the market later faced major sell-offs and large-scale liquidations. Among the drivers was the convergence of payout distribution by the Mt. Gox scheduled for July for over 140,000 BTC. It is noteworthy that the US and German governments moved large amounts of BTC to centralized exchanges, which increased the negative market sentiment. On a positive note, asset managers VanEck and ARK 21Shares filed to open the first yf Solana ETFs in the US, providing optimism amid a challenging market.
The capitalization of the cryptocurrency market decreased by 11.4% in June
Source: CoinMarketCap (June 30, 2024)
Monthly price dynamics of the 10 largest coins by market capitalization
Source: CoinMarketCap (June 30, 2024)
Amid the market-wide selloff, most of the top ten coins by market capitalization ended the month in the red. TON was the only significant outperformer, reaching an all-time high of $8.24 and closing the month with a gain of 17.5%. In addition, the TVL of the TON token in DeFi increased to US$700 million, mainly thanks to "The Open League", a long-term incentive program for TON users, teams and traders.
BNB fell 18.8% to close the month in the red. XRP experienced similar volatility, closing the month down 9.0%. BTC is down 10.9% month over month, largely driven by the announcement of Mt. Gox. ETH fell 10.0% in June compared to the previous month, despite positive developments in the SEC investigation into Consensys and Ethereum 2.0, as well as progress in the approval of ETF trading on Ethereum. Later that month, the SEC filed another lawsuit against Consensys' MetaMask and its staking platforms Lido and Rocket Pool. ADA and SOL fell 14.0% and 16.2% for the month, respectively. However, at the end of June, SOL showed a noticeable increase due to applications for the first spot ETFs on Solana in the United States by digital asset management companies VanEck and ARK 21Shares. AVAX recorded a significant drop of 23.0%, while SHIB and DOGE were down 27.7% and 34.8%. Memcoins bore the brunt of the market decline, underperforming the market as a whole.
Decentralized Finance (DeFi)
In line with the market downturn, total TVL in DeFi fell by 8.7% in June. Notable gainers for the month included Tier 2 Bitcoin networks Bsquared and CORE, which recorded impressive TVL gains of 332% and 300% respectively. TON also continued its impressive growth trajectory, increasing TVL by 109% month-over-month to reach another all-time high of $685.9 million, driven by the success of "The Open League." June saw the long-awaited release of airdrops and token generation events from several notable projects, including LayerZero, zkSync, Blast, and Eigenlayer (Phase 2).
Share of TVL of the largest blockchains
Source: DeFiLlama (June 30, 2024)
Non-Fungible Tokens (NFT)
Monthly NFT trading volume
Source: CryptoSlam as of June 30, 2024
The negative trend in the NFT market continued in June, with total sales of $46 million, down 26.2% from May. DMarket, the marketplace for in-game items on Mythos, led the way with the highest monthly sales at $18.9 million, followed by CryptoPunks at $16.1 million. Ordinal's largest collections, such as Bitcoin Puppets and NodeMonkes, experienced a sharp drop in sales, falling 40.6% and 41.0%, respectively. Bored Ape Yacht Club saw a slight decrease in monthly sales, while Pudgy Penguins outperformed the market with a 68.9% increase.
In the leading networks, the volume of sales of NFTs has decreased significantly. Bitcoin and Ethereum recorded volume declines of 48.2% and 50.2% respectively, indicating a decline in the hype around NFTs on Bitcoin. Solana's monthly sales fell 40.9%, while Blast faced a massive 81.0% drop after the airdrop campaign ended.
Upcoming events and token unlocks
To help users stay up to date with the latest Web3 news, the Binance Research team has prepared an overview of the most important events and token unlock announcements for the coming month. Stay tuned for upcoming blockchain developments.
Key events of July 2024
Source: Binance Research, CoinMarketCap
Largest token unlocks in dollar terms
Source: Token Unlocks, Binance Research
Binance Research
The Binance Research team strives to conduct objective, independent and comprehensive analysis of the crypto space. We publish in-depth insights on Web3 topics including, but not limited to, the crypto ecosystem, blockchain applications, and the latest market developments. This article is just a brief overview of the full report, which includes a deeper analysis of the most important charts from the past month. The full report also looks at the trend that Bitcoin miners are now mostly pure Bitcoin sellers, especially after the Bitcoin halving in April, the record performance of TON, the continued strength of BNB, and the emergence of competition in the staking environment with new entrants such as Karak and Symbiotic. that challenge the dominance of EigenLayer.
Read the full version of this Binance Research report here.
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