HONG
KONG, July 10, 2024 /PRNewswire/ -- June
provided a diverse platform for the market with numerous major
changes in assets like Bitcoin,
Ethereum, Solana and assets like Toncoin.
Here's how this month changed the shape of the market.
Bitcoin's Range-Bound Trading
The price of Bitcoin was stuck in the range of
$60,800 to $71,700 for the entire month of June. The
cryptocurrency encountered resistance in its attempts
to cross the upper boundary ultimately returning to the lower end
of the range. Technical analysis demonstrated the persistence of
Bitcoin as it recovered significant support levels and
was supported by a steady inflow of ETFs totaling about
$666 million for the month.
Ethereum's ETF Anticipation and Layer-2
Challenges
With increased anticipation for the approval of its ETF which is
expected to begin trading in early July, Ethereum was
able to maintain mid-range stability. Gas prices however decreased
significantly during the month and there was also a decrease in
on-chain activity. While raising questions in the community about
valuation discrepancies and post-TGE (Token Generation Event)
market dynamics, the token launches of well-known layer-2 solutions
like ZKSync and Blast demonstrated Ethereum's
continued efforts to scale.
Solana's Resurgence and Innovations
After momentarily falling below $138 Solana stood out as a performer
and recovered quickly. The recovery happened after VanEck filed for
the first Solana US ETF, indicating a rise in
institutional attention. Analysts are optimistic about the ETFs
near-term prospects but they are still cautious due to possible
differences in inflows between Solana and
Ethereum. Market sentiment was further enhanced by
innovations such as Solana Blinks. The products which
were created in partnership with Dialect, bridge between Web2 and
Web3 technologies by enabling smooth on-chain transactions. These
solutions have already been incorporated by more than 70 ecosystem
builders increasing the resilience of Solanas ecosystem.
Toncoin's Growth Trend
Toncoin showed notable growth as evidenced by its Total Value
Locked (TVL) rising from $99 million
at the end of Q1 to $700 million by
the end of June. Furthermore USDT's net circulation on Ton exceeded
$500 million indicating the
ecosystem's faster adoption. Although Toncoin is still in its early
stages, its growing infrastructure makes it a promising player in
the changing blockchain scene.
Market Liquidity and Outlook
The crypto market navigated through phases of
declining liquidity in June, as indicated by
stablecoin inflows tapering off. While concerns about
liquidity persist, the absence of significant outflows suggests a
resilient market foundation. Analysts suggest monitoring ongoing
consolidation phases for potential renewed inflows, which could
bolster liquidity and signal future market movements.
Conclusion
June presented a dynamic crypto landscape
characterized by Bitcoin's consolidation phase amidst
institutional inflows, Ethereum's anticipation of ETF
approval alongside Layer 2's challenges, Solana's
resurgence with ETF aspirations, and Toncoin's rapid ecosystem
expansion. As the market continues to evolve, these developments
underscore the market's resilience and potential for innovation
amid fluctuating market conditions.
The market's landscape is dynamic, with multiple
Bitcoin consolidation phases amid the wave of
institutional inflows, Solana's resurgence,
Ethereum's ETF anticipation and Toncoin's explosive
growth.
About CoinEx
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of making trading easier for everyone. The platform provides a wide
range of services, including spot and margin trading, futures,
swaps, automated market makers, and financial management services.
It has over 5 million users across 200 countries and regions.
More reports @ CoinEX Research
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SOURCE CoinEx Global