29 tokens came out on top in July: HashKey Capital report

HashKey Capital, a leading asset manager investing in blockchain, fintech technologies, and digital assets, has released a new report on the cryptocurrency market. According to the publication covering July 2024, the situation isn't as dire as it might seem.

Key Insights from HashKey Capital's Report:

• At the beginning of July, the total market capitalization of cryptocurrencies fell to $1.9 trillion, but by the end of the month, it reached $2.2 trillion. Bitcoin rose by 1.5%, while the S&P 500 index increased by 1%, indicating Bitcoin's greater resilience in times of economic instability.
• From the lowest to the highest price during the month, Bitcoin surged by 27%, while the entire cryptocurrency market grew by 23.5%. In contrast, the S&P 500 index recorded only a 2.2% increase during the same period.
• There was an overall increase in Total Value Locked (TVL) of 8.9%, suggesting new capital inflows into blockchain ecosystems. Avalanche and Arbitrum experienced TVL growth of 33% and 23%, respectively. The TVL metric measures the total value of assets staked.

1. Avalanche: +33%
2. Arbitrum: +23%
3. Polygon: +6.2%
4. Ethereum: +1.6%
5. Bitcoin: -33.3%
6. BNB: -4.5%
7. Solana: -3.26%
8. Tron: -1.8%
9. Ton: -0.3%

• In the U.S., the assets under management (AUM) for Bitcoin ETFs increased by 12.6%. This indicates that more people are investing in these funds. In contrast, spot Ethereum ETFs saw a decline in assets as investors sold shares following the conversion of the Grayscale Ethereum Trust (ETHE) into a different format.
• BTC and ETH displayed an inverse correlation with American stocks (when one asset rises, the other falls).
• In July, the hash rate increased by 12%, indicating a revival among miners following the halving.
• Among the top 100 coins, 29 finished the month in the positive, with Mantra, Helium, and XRP leading the way, while Chiliz, Beam, and Celestia were among the laggards.
• In July, the total amount of money locked in DeFi protocols remained stable, as the market did not show significant growth. The overall value of DeFi tokens decreased by 6%. This implies that investors may have sold their tokens for profit, while keeping their funds locked in the protocols without fully withdrawing from DeFi.

Major Events in July 2024

• The liquidated crypto service Mt. Gox compensated 70% of its creditors in Bitcoin and Bitcoin Cash.
• Asset managers applied for spot ETFs for Solana with the U.S. Securities and Exchange Commission (SEC).
• Bitcoin ETFs witnessed a significant capital influx, led by the Blackrock IBIT ETF, which attracted over $100 million.
• The inflation rate in the U.S. stood at 3%.
• An assassination attempt was made on presidential candidate Donald Trump.
• BlackRock CEO Larry Fink stated that Bitcoin is a legitimate financial asset.
• Spot Ethereum ETFs were launched in the U.S.
• The HashKey Bosera Bitcoin ETF became the most popular BTC ETF in Hong Kong.
• At the Bitcoin 2024 conference, Donald Trump announced plans to create a strategic Bitcoin reserve for the U.S., while Senator Cynthia Lummis expressed that Bitcoin as a reserve asset would strengthen the U.S. dollar.
• Michael Saylor updated his Bitcoin price forecast to $13 million by 2045.

Source:HashKey Capital