"Last month, the total market capitalization of virtual assets increased by 14%…Ethereum's market cap alone surged by 49%"
Summary
- JPMorgan reported that in July the market capitalization of the virtual asset market increased by an average of 12%, and the market capitalization of Ethereum surged by 49%.
- It cited the passage of the GENIUS Act, increase in cryptocurrency-linked IPOs, and deepened partnerships between traditional and decentralized finance as the main factors behind this rebound.
- JPMorgan stated that the average daily trading volume of virtual assets increased by 49%, and that both the DeFi and NFT markets showed significant growth in trading activity.
According to an analysis, the virtual asset (cryptocurrency) market rebounded significantly in July, led by Ethereum (ETH).
On the 14th (local time), CoinDesk, a media outlet specializing in virtual assets, reported that global financial firm JPMorgan stated in a research report: "The average market capitalization of virtual assets rose by 12% last month, with steady gains observed across decentralized finance (DeFi), non-fungible tokens (NFT), and exchange-traded products (ETP)."
JPMorgan cited as the backdrop for this rally: ▲ the passage of the 'GENIUS Act' by the U.S. Congress, ▲ an increase in cryptocurrency-linked IPOs, and ▲ deepened partnerships between traditional finance (TradFi) and decentralized finance. The report analyzed, "These factors, combined with stronger global risk asset appetite, may sustain the upward trend in prices and trading volumes for a while."
In particular, Ethereum's market capitalization surged by 49%, far outpacing Bitcoin (BTC), which rose by 8%. An analysis also emerged that after the passage of the stablecoin regulatory bill, the GENIUS Act, last month, Ethereum—the foundation of major stablecoins—benefited from this development.
Trading activity also increased significantly. JPMorgan said that in July, the average daily trading volume of virtual assets rose by 49% compared to the previous month. The report added, "Both the DeFi and NFT markets saw meaningful growth in trading activity".
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.![[Exclusive] FSS to examine ZKsync coin that surged '1,000%' in three hours](https://media.bloomingbit.io/PROD/news/1da9856b-df8a-4ffc-83b8-587621c4af9f.webp?w=250)
