The crypto market presented a sharp rebound in July, with a total market capitalization that climbed 14% from last month to $ 3.7 trillion, Wall Street Bank JPMorgan (Jpm) Said in a research report Thursday.
The average market cap rose 12% at the same time, driven widely based on tokens, Decentralized Finance (Defi), unimaginable tokens (NFTS) and exchange -exchanged products (ETPS)But Ether (Et) The spotlight was stolen, the report said.
Ether’s market cap moved 49% last month, which is far from the 8% benefit of Bitcoin. JPMorgan presented the transition partial to the dominant role of the Ethereum blockchain in the issuance of stablecoin and growing institutional flows in ETH-related products.
The US spot ETHER ETPS has found a record of $ 5.4 billion in net inflows, lifting the total ETH ETP assets to $ 21.5 billion, JPMorgan said. Bitcoin
Funds exchanged by exchange (ETFS) Added $ 6 billion, carrying their joint genitals under management of $ 152 billion.
Trade activity was accelerated, with an average -day -to -day volume throughout the ecosystem that jumped 49% in July, the bank said. CoinDesk data showed token volumes that increase 51% mother. Ether token volumes moved 60%, four times 15% of bitcoin increases. Defi and NFT markets also swing significant volume growth.
JPMorgan pointed to the passage of the Genius Act, a growing roster of initial offerings linked to Crypto (IPO)and deepening partnerships between traditional finances and decentralized finances as the main drivers behind the rally.
The bank said these factors, next to a broader region at risk in global markets, suggests recent gains at prices and quantities may prove to be sustainable.
Read more: Ether’s target price raised to $ 7.5k by the end of the year and $ 25k to 2028 in Standard Chartered
