Binance Research recently released a report on the state of the cryptocurrency market in June 2024, revealing some interesting trends and developments. The market capitalization saw an 11.4% decline over the month, which is in line with historical data showing that June has typically been a challenging month for cryptocurrencies. Only twice in the last five years did the market close June with positive gains.
One of the few tokens that saw growth amid the overall decline was Toncoin (TON), which surged by 17.5% to reach a historic high of $8.24. This growth was attributed to the success of The Open League program and ecosystem support through grants. The number of active daily addresses on the Toncoin network also reached a record high of nearly 578,000.
In terms of airdrops, several projects, including LayerZero, ZKsync, Blast, and Eigenlayer, conducted token distributions in June. LayerZero, for example, identified over 803,000 potential Sybil wallets, with 85% of the allocation redistributed to eligible addresses.
The NFT sector, however, did not see any growth in June, with total sales amounting to $46 million, down 26.2% from May. DMarket NFT marketplace led the monthly sales volume with $18.9 million, followed by CryptoPunks with $16.1 million. Collections like Bitcoin Puppets and NodeMonkes experienced declines in sales during the month.
Miners have been consistently selling BTC since November 2023, resulting in the lowest BTC balances among miners in the last 14 years. This trend is attributed to the block reward representing the primary income for miners, leading them to sell their holdings for survival.
Looking ahead to July, historical data suggests that the crypto market typically shows growth during this month, with an average growth rate of 7.3%. Two significant events to watch out for are the long-awaited payments of cryptocurrency to Mt. Gox clients after ten years and the potential launch of spot Ethereum ETFs. The approval of spot Ethereum ETFs could serve as a catalyst for market growth.
Overall, despite the challenges faced by the cryptocurrency market in June, there are still pockets of growth and potential opportunities on the horizon. It will be interesting to see how these developments unfold in the coming months and their impact on the broader market.
