TechFlow news, according to Coindesk, JPMorgan reported on July 8 that the total market capitalization of the crypto market declined by 8% in June to approximately $2.25 trillion, erasing around $18 billion and giving up most of May's gains.
JPMorgan analyst Kenneth Worthington noted that market caps for tokens, decentralized finance (DeFi), and non-fungible tokens (NFTs) all contracted. Nevertheless, stablecoins and Bitcoin miners performed well. Stablecoin market cap remained flat or slightly increased, primarily driven by Tether (USDT). Bitcoin miner market cap rose 19%, benefiting from AI-related power applications.
In addition, data showed that daily spot crypto trading volume in June dropped 18% month-on-month. JPMorgan pointed out that March 2024 may have marked the peak for the current cycle in terms of valuation and trading volume within the crypto ecosystem. The report also mentioned that U.S. spot Bitcoin ETFs saw a net outflow of $662 million in June, the second-worst performance on record.
