TechFlow news, according to the latest report from Binance Research, the cryptocurrency market experienced significant adjustments in August 2024. The total market capitalization of the crypto market dropped by 13.1%, influenced by global macroeconomic concerns and weak U.S. employment data. Although a "flash crash" occurred on August 5, the market quickly stabilized and rebounded, primarily driven by expectations of a potential Fed rate cut in September and stronger-than-expected U.S. Q2 GDP growth.
The report noted that NFT market sales declined by 10.7% month-on-month to $383 million. However, CryptoPunks performed exceptionally well, achieving $18 million in sales. Certain NFT gaming projects such as Guild of Guardians, Sorare, DeGods, and y00ts defied the broader downturn with significantly increased trading volumes.
In the DeFi sector, total value locked (TVL) decreased by 15.8%, reflecting the overall bearish market trend. Major public blockchains like Ethereum and Solana saw substantial outflows. Notably, Sui's TVL rose逆势 by 35.63%, mainly fueled by growth in native DeFi applications and positive developments such as the launch of the Grayscale Sui Trust.
