Binance Presents Crypto Trends, Summer 2023

Global cryptocurrency exchange platform Binance presents the global trends of the crypto market for the months of June and July, showing an increase in altcoin growth amid favorable regulatory developments, within the context of a relatively calm market.

July was a relatively slow month for the crypto markets, with overall capitalization increasing by just 1.0%, the lowest monthly change for the current year. This was partly due to decreased anticipation following the ETF registration in June. However, the altcoin space saw increased activity. The main factor was the outcome of the SEC case against Ripple in the US, in which the judge ruled that XRP was not a security when sold to the public on the secondary market.

XRP showed the strongest performance in July, with its price increasing by 47.4% following a favorable ruling in the aforementioned case. This momentum reverberated across the altcoin space, also boosting the prices of SOL and MATIC. With Twitter’s rebranding to X, DOGE also saw a significant price increase, seemingly due to its perceived association with X’s owner, Elon Musk.

BTC and ETH, among the top 10 coins by market capitalization, had modest performances, decreasing by 4.1% and 4.0%, respectively. Following a surge of spot Bitcoin ETF demand in June, the excitement gradually waned as investors now await the SEC’s future decisions.

In June, the crypto market had a slight recovery, with global capitalization growing by 3.3%. This growth was largely driven by the increase in BTC, as the world’s largest asset manager, BlackRock, applied for a bitcoin ETF fund. A wave of optimism spread across the market, with BTC and ETH surpassing the $30,000 and $1,900 thresholds, respectively.

Complete information can be accessed here: August and July