CoinEx Research Released: June Crypto Recap Including Bitcoin’s Range, Ethereum’s ETF Buzz, and Solana’s Comeback
HONG KONG, July 10, 2024 /PRNewswire/ — June provided a diverse platform for the market with numerous major changes in assets like Bitcoin, Ethereum, Solana and assets like Toncoin. Here’s how this month changed the shape of the market.
Bitcoin‘s Range-Bound Trading
The price of Bitcoin was stuck in the range of $60,800 to $71,700 for the entire month of June. The cryptocurrency encountered resistance in its attempts to cross the upper boundary ultimately returning to the lower end of the range. Technical analysis demonstrated the persistence of Bitcoin as it recovered significant support levels and was supported by a steady inflow of ETFs totaling about $666 million for the month.
Ethereum‘s ETF Anticipation and Layer-2 Challenges
With increased anticipation for the approval of its ETF which is expected to begin trading in early July, Ethereum was able to maintain mid-range stability. Gas prices however decreased significantly during the month and there was also a decrease in on-chain activity. While raising questions in the community about valuation discrepancies and post-TGE (Token Generation Event) market dynamics, the token launches of well-known layer-2 solutions like ZKSync and Blast demonstrated Ethereum‘s continued efforts to scale.
Solana‘s Resurgence and Innovations
After momentarily falling below $138 Solana stood out as a performer and recovered quickly. The recovery happened after VanEck filed for the first Solana US ETF, indicating a rise in institutional attention. Analysts are optimistic about the ETFs near-term prospects but they are still cautious due to possible differences in inflows between Solana and Ethereum. Market sentiment was further enhanced by innovations such as Solana Blinks. The products which were created in partnership with Dialect, bridge between Web2 and Web3 technologies by enabling smooth on-chain transactions. These solutions have already been incorporated by more than 70 ecosystem builders increasing the resilience of Solanas ecosystem.
Toncoin’s Growth Trend
Toncoin showed notable growth as evidenced by its Total Value Locked (TVL) rising from $99 million at the end of Q1 to $700 million by the end of June. Furthermore USDT’s net circulation on Ton exceeded $500 million indicating the ecosystem’s faster adoption. Although Toncoin is still in its early stages, its growing infrastructure makes it a promising player in the changing blockchain scene.
Market Liquidity and Outlook
The crypto market navigated through phases of declining liquidity in June, as indicated by stablecoin inflows tapering off. While concerns about liquidity persist, the absence of significant outflows suggests a resilient market foundation. Analysts suggest monitoring ongoing consolidation phases for potential renewed inflows, which could bolster liquidity and signal future market movements.
Conclusion
June presented a dynamic crypto landscape characterized by Bitcoin‘s consolidation phase amidst institutional inflows, Ethereum‘s anticipation of ETF approval alongside Layer 2’s challenges, Solana‘s resurgence with ETF aspirations, and Toncoin’s rapid ecosystem expansion. As the market continues to evolve, these developments underscore the market’s resilience and potential for innovation amid fluctuating market conditions.
The market’s landscape is dynamic, with multiple Bitcoin consolidation phases amid the wave of institutional inflows, Solana‘s resurgence, Ethereum‘s ETF anticipation and Toncoin’s explosive growth.
About CoinEx
CoinEx, established in 2017, is a global exchange with the goal of making trading easier for everyone. The platform provides a wide range of services, including spot and margin trading, futures, swaps, automated market makers, and financial management services. It has over 5 million users across 200 countries and regions.
More reports @ CoinEX Research
SOURCE CoinEx Global
