Crypto market staged a sharp rebound in July, with the total market value that climbed 14% from the previous month to $ 3.7 trillion, Wall Street Bank JPMorgan (JPM) said in a research report on Thursday.
Average market capital increased 12% in the same period, driven by broad -based gains across tokens, decentralized financing (Defi)Non-spurious symbols (Nfts) and exchange -traded products (ETPS)But ether (Eth) Stal the limelight, says the report.
Ether’s market capital rose 49% last month, far surpassed Bitcoin’s 8% gain. JPMorgan partially attributed the speed to Ethereum Blockchain’s dominant role in stablecoin issuing and growing institutional currents in one-linked products.
US Spotether ETPs experienced $ 5.4 billion in net flow, lifting the total ETP ETP assets to $ 21.5 billion, JPMorgan said. Bitcoin
Spot exchange -traded funds (ETFS) added $ 6 billion, bringing their total assets under management to $ 152 billion.
Trade activity accelerated with average daily quantities above the ecosystem that jumped 49% in July, the bank noted. Coindesk -Data showed token volumes that rose 51% mother. Ether -token volumes rose 60%, four times Bitcoin’s increase of 15%. Defi- and NFT markets also logged significant volume growth.
JPMorgan pointed to the passage of the Genius Act, a growing list of crypto-bound initial public offers (IPOS)and elaboration of partnerships between traditional funding and decentralized funding as key tribers behind the rally.
The bank said these factors, along with a broader risk-on mood in global markets, suggest that the recent gains in prices and quantities could prove to be sustainable.
Read more: Ether Price targets lifted to $ 7.5,000 at the end of the year and $ 25K in 2028 on Standard Chartered
