Crypto Market Grows 13% in July Driven by Altcoins and Stablecoins
The crypto market increased by 13% in July, driven by a shift from Bitcoin into altcoins, as reported by Binance Research.
- Ether surged 48%, with corporate holdings rising 128% to 2.7 million ETH, nearly half of ETF holdings.
- Bitcoin's dominance decreased by 5.2 percentage points to 60.6%, influenced by expected Federal Reserve interest-rate cuts and recent U.S. crypto regulatory clarity.
- Stablecoin transfer volumes reached $2.1 trillion, surpassing Visa, with JPMorgan and Citi expanding tokenized deposit initiatives.
- Tokenized stocks' market cap jumped 220%, with active on-chain addresses increasing from 1,600 to 90,000.
- NFT sales rose nearly 50%, led by a 393% increase in CryptoPunks transactions.
The report indicates that ongoing macroeconomic trends could further integrate crypto into mainstream finance.