There were major declines in Bitcoin and altcoins in June and July. While the declines were due to Mt.Gox refunds and sales by the German government, an updated analysis came from JP Morgan.
Stating that the total value of the cryptocurrency market fell by 8 percent in June, JP Morgan said that most of its gains in May were given back.
While cryptocurrencies performed poorly in June, stablecoins and BTC miners outperformed, according to JP Morgan.
In the face of these declines, analysts predicted that March 2024 could be the peak of the current cycle, while spot Bitcoin ETFs experienced their second worst month since launch, with an estimated net outflow of $662 million.
“Not everything is pessimistic for the cryptocurrency industry.
Stablecoins outperformed the rest of the crypto ecosystem in June and their market caps remained stable.
The value increases were primarily driven by tether (USDT).
Bitcoin miners also performed well. The total market cap of publicly traded Bitcoin miners grew by 19% due to these companies' “AI-related power use cases.”
Across the data, daily spot crypto transaction volumes have fallen by as much as 18% compared to the previous month, and March 2024 now appears to be the peak in the current cycle for the crypto ecosystem in terms of both valuation and volume.”
*This is not investment advice.
