July Saw Solid Growth in Crypto Market Capitalization: Binance Report
Main Idea
The cryptocurrency market grew by 13.3% in July, driven by Bitcoin's price highs and regulatory progress, with altcoins outperforming Bitcoin and tokenized stocks gaining traction.
Key Points
1. Bitcoin (BTC) hit several price highs in July, contributing to a 13.3% growth in the cryptocurrency market.
2. Regulatory progress in the U.S., including the passage of new stablecoin laws, boosted market confidence.
3. Altcoins outperformed BTC, reducing Bitcoin's market dominance to 60.6% and increasing altcoins' share to 39.2%.
4. Ether (ETH) saw a 127.7% rise in corporate holdings, reaching over 2.7 million ETH.
5. Tokenized stocks reached a market value of about $370 million, with popular assets like Tesla shares and the S&P 500 ETF accounting for $53.6 million.
Description
The cryptocurrency market grew by 13.3% in July, driven mainly by bitcoin (BTC) hitting several price highs throughout the month. The rally attracted increased institutional interest in Bitcoin, Ethereum, and major altcoins, supported by more companies integrating digital assets into their corporate treasuries. According to a monthly report by Binance, the world’s largest crypto exchange, regulatory progress in the U.S., including the passage of new stablecoin laws, helped build confidence among...
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