Source: Binance; Compiled by: Baishui, Golden Finance
This article reviews recent Binance research reports and discusses the main developments in the crypto market over the past month;
The crypto market showed a clear downward momentum in June, with a drop of up to 11.4%;
In line with the market downturn, the total locked amount of DeFi fell by 8.7% in June. The NFT market experienced a long downturn in June, with total sales of US$46 million, down 26.2% from May.
This article explores the development of Web3 in June 2024 to outline the current state of the ecosystem. Before previewing major events to watch in July 2024, we analyze the performance of the cryptocurrency, DeFi, and NFT markets.
Despite a strong start to June, the market suffered a major sell-off and large liquidation events, mainly due to a few key factors. These include the repayment of over 140,000 BTC by Mt. Gox scheduled for July. Notably, the US and German governments were observed to transfer large amounts of BTC to centralized exchanges, which exacerbated the negative sentiment in the market.On the positive side, asset managers VanEck and ARK 21Shares applied for the first Solana ETFs in the United States, bringing optimism to the challenging market.
Monthly cryptocurrency market cap fell 11.4% in June
Source: CoinMarketCap, as of June 30, 2024
Monthly price performance of the top 10 tokens by market cap
BNB retreated 18.8% and ended the month in the red. XRP experienced similar volatility, ending the month down 9.0%. BTC fell 10.9% month-on-month, mainly affected by the Mt. Gox announcement. ETH fell 10.0% month-on-month in June, despite the SEC's conclusion of its investigation into Consensys and Ethereum 2.0, as well as progress on Ethereum ETF trading approvals. 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% month-on-month, respectively. However, at the end of June, SOL saw a significant rebound due to the launch of the first Solana spot ETF in the United States by digital asset management companies VanEck and ARK 21Shares. AVAX fell sharply by 23.0%, while SHIB and DOGE retreated by 27.7% and 34.8%, respectively. Memecoins initially bore the brunt of the market downturn, underperforming the broader market.
Total DeFi TVL fell by 8.7% in June as the market tanked. Notable winners this month include Bitcoin Layer 2 networks Bsquared and CORE, which saw their TVL grow by 332% and 300%, respectively. TON also continued its astonishing growth trajectory, boosted by the success of “The Open League,” with TVL increasing by 109% month-over-month to a new all-time high of $685.9 million. In June, several notable projects announced their long-awaited airdrops and token generation events, including LayerZero, zkSync, Blast, and Eigenlayer (Phase 2).
TVL share of top blockchains
Data source: DeFiLlama, as of June 30, 2024
Monthly NFT trading volume
Source: CryptoSlam, as of June 30, 2024
The NFT market continued its negative growth trend in June, with total sales of US$46 million, a decrease of 26.2% from May. DMarket, an in-game item trading marketplace on Mythos, topped the list with $18.9 million in monthly sales, followed by CryptoPunks with $16.1 million. Top Ordinal series such as Bitcoin Puppets and NodeMonkes saw sharp declines in sales, down 40.6% and 41.0%, respectively. Bored Ape Yacht Club saw a slight decline in monthly sales, while Pudgy Penguins outperformed the market, up 68.9%.
Among the top blockchains, NFT sales fell sharply. Bitcoin and Ethereum fell 48.2% and 50.2%, respectively, indicating that the early hype around Bitcoin NFTs is gradually fading. After the airdrop, Solana's monthly sales volume fell by 40.9%, while Blast's monthly sales volume plummeted by 81.0%.
To help users stay up to date with the latest Web3 news, the Binance Research team has summarized major events and token unlocks for the coming month. Keep an eye on these upcoming developments in the blockchain space.
Important Events in July 2024
Source: Binance Research, CoinMarketCap
Maximum Token Unlock in USD
This article explores key Web3 developments in July 2024 to provide an overview of the ecosystem’s current state. It analyzes the performance of the cryptocurrency, DeFi, and NFT markets, then previews major events to watch for in August 2024.
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