Binance Research has released a comprehensive report detailing key trends in the crypto sphere in June 2024. The report highlights the recent resurgence of the crypto market, reflecting an 8.6% increase in total market capitalization last month. Key markers in this rally are attributed to the preliminary approval of spot ETH ETFs by the SEC and the passing of the FIT21 legislation by the U.S. House of Representatives.
The study noted positive trends in the DeFi market, with its TVL increasing 21.7% within the month. On the contrary, the NFT market declined, registering a 41% decrease in total sales volume to $0.63 billion.
The report highlighted the strong performance of Solana in May, with its price escalating by 33.9% due to a spike in its DeFi TVL, and increased on-chain DEX trading volumes. Ethereum displayed a significant rally, rising 26.8% for the month due to the SEC's approval of spot ETH ETFs. Furthermore, TON showed a 24.2% price increase as its DeFi TVL reached new highs.
In contrast to the wider industry dynamics, the NFT market took a hit, declining considerably in May. However, the launch of the trading card game, Fantasy Top, on Blast provided some glimmers of positivity amidst the downturn.