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Binance Releases Crypto Market Report

Experts from the analytical division of the Binance exchange – Binance Research – published a report on the cryptocurrency market for June 2024. According to it, over the month, market capitalization decreased by 11.4%.

As you can see from the chart below, over the past five years, the crypto market has closed June in the black only twice.

Change in crypto market capitalization in different years by month in percentage. Source: Binance Research report.

The report noted that nine out of ten assets by market capitalization ended the month in the red. Experts attributed the decline to news of Mt. Gox customer payouts and the U.S. and German governments moving bitcoins to centralized exchanges.

However, Toncoin (TON) managed to stand out with a 17.5% growth, reaching a historical maximum of $8.24. Binance Research attributed this growth to the success of The Open League program and support for the ecosystem through grants. In addition, experts noted that the number of active daily addresses on the network reached a record high of almost 578,000.

BNB’s price is down 4.3% month-on-month, but has risen 86.4% year-to-date “thanks to Binance Launchpool’s ongoing events and new initiatives like the Megadrop and HODLer Airdrops.”

Price gain/loss of top 10 crypto assets by market capitalization. Source: Binance Research report.

The total volume of locked assets (TVL) of the DeFi sector decreased by 8.7% in June. Experts highlighted the growth of TVL of L2 networks Bsquared and CORE – 332% and 300%, respectively.

Network TVL change by month. Source: Binance Research report.

The report also mentions airdrops. In June, projects such as LayerZero, ZKsync, Blast, and Eigenlayer distributed tokens.

The NFT sector also showed no growth. Sales volume amounted to $46 million, which is 26.2% less than in May. The leader in monthly sales volume was the DMarket marketplace.

Binance Research also noted that the remaining bitcoins held by miners have reached a 14-year low. Analysts attribute this to halving.

In the restaking industry, EigenLayer’s dominance has dropped to 92.2%, signaling growing competition.

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Source: Cryptocurrency

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