{"id":16031,"date":"2024-08-12T16:29:35","date_gmt":"2024-08-12T13:29:35","guid":{"rendered":"https:\/\/forklog.com\/en\/solana-and-xrp-lead-julys-crypto-market-rally\/"},"modified":"2024-08-12T16:29:35","modified_gmt":"2024-08-12T13:29:35","slug":"solana-and-xrp-lead-julys-crypto-market-rally","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/solana-and-xrp-lead-julys-crypto-market-rally\/","title":{"rendered":"Solana and XRP Lead July&#8217;s Crypto Market Rally"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>In July, Solana and XRP surged by 30.5% and 27.6% respectively, while the market capitalization rose by 6.1%.<\/li>\n<li>TVL in the DeFi segment increased by 3.5%, whereas NFT sales decreased by 7.14%.<\/li>\n<li>Binance maintained its lead in trading volumes among centralized exchanges, despite a decline in figures.<\/li>\n<\/ul>\n<\/div>\n<p>By the end of July, the price of Solana (SOL) had risen by 30.5%, and Ripple&#8217;s XRP had gained 27.6%, significantly outperforming other leading coins. This is according to a <a href=\"https:\/\/www.binance.com\/en\/blog\/research\/binance-research-key-trends-in-crypto--august-2024-9155389198586793922?hl=en\">report<\/a> by Binance Research.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/24242424.webp\" alt=\"24242424\" class=\"wp-image-238770\"\/><figcaption class=\"wp-element-caption\">July performance of top-10 coins by market capitalization. Source: Binance.<\/figcaption><\/figure>\n<p>The overall market capitalization increased by 6.1% over the month. Experts attribute this to several positive events, including:<\/p>\n<ul class=\"wp-block-list\">\n<li>the German authorities completing the sale of 50,000 BTC;<\/li>\n<li>the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> approving S-1 applications for nine spot Ethereum ETFs, which began trading on July 23;<\/li>\n<li>Donald Trump promising at the Bitcoin 2024 conference to create a strategic reserve in bitcoins if elected President of the United States.<\/li>\n<\/ul>\n<p>However, concerns remained in the market regarding the commencement of Mt.Gox&#8217;s $9 billion payouts to victims of the 2014 hack and the U.S. government&#8217;s transfer of 29,800 BTC, analysts noted.<\/p>\n<p>They believe Solana&#8217;s performance was largely driven by a 42.2% month-on-month increase in trading volumes on decentralized exchanges (DEX), reaching $54.6 billion, primarily due to meme coin trading. The average daily number of active addresses in the network hit a record 1.7 million, and daily transactions rose by 18.2% to 1.3 million.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Positive sentiment around the ecosystem was bolstered by several events in the DeFi market, including the implementation of Jito restaking and the announcement of the Drift prediction market,&#8221; added Binance specialists.<\/p>\n<\/blockquote>\n<p>The XRP rally began after CME and CF Benchmarks launched indices and reference rates for the asset, the report states. Investor confidence was further boosted by a statement from Ripple Labs CEO Brad Garlinghouse regarding a potential resolution of the legal dispute with the SEC.<\/p>\n<p>Tron (TRX) maintained positive momentum in July, gaining 9.8% and entering the top 10 coins by market capitalization, experts highlighted. The outlook for the cryptocurrency was buoyed by its founder Justin Sun&#8217;s announcement of a gas-free stablecoin development.<\/p>\n<p>The month was not positive for all major digital assets \u2014 Ethereum&#8217;s price fell by 1.6% during the period. After trading began, ETH funds initially recorded a net outflow of $484 million, analysts indicated.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Additionally, TON faced a 12.2% drop after strong results since March, although the blockchain ecosystem continued to grow thanks to the success of the Hamster Kombat game and other initiatives,&#8221; they wrote.<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\">Divergent Trends in DeFi and NFT Segments<\/h2>\n<p>The total value locked (TVL) in the DeFi segment increased by 3.5%. This roughly aligns with the overall upward trend in the crypto market, Binance specialists noted.<\/p>\n<p>Among protocols, Polymarket demonstrated significant TVL growth \u2014 the figure exceeded $387 million in July, up 614% from January.<\/p>\n<p>TVL on the Symbiotic platform grew by 283% in July. This was driven by market interest in restaking and partnerships with well-known projects like Mellow Protocol, Lido, Ether.fi, Ethena, and Pendle. By the end of the month, the protocol had reached all pool limits, raising $1.2 billion since its launch in May.<\/p>\n<p>Mellow Protocol&#8217;s figure increased by 69.6% thanks to the Modular Liquid Restaking Primitive initiative. It allows doubling the farming of reward points for future airdrops of both its own token and Symbiotic&#8217;s.<\/p>\n<p>Other protocols showing notable growth included CORE (121.2%), Scroll (66.0%), and Mantle (30.9%).<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Key-Trends-in-Crypto-August-2024-Binance-Blog-Google-Chrome.webp\" alt=\"Key-Trends-in-Crypto-August-2024-Binance-Blog-Google-Chrome\" class=\"wp-image-238771\"\/><figcaption class=\"wp-element-caption\">TVL by blockchain segment. Source: Binance.<\/figcaption><\/figure>\n<p>NFT sales volume in July decreased by 7.14%, reaching $430 million. Leading in this metric were DMarket ($16.2 million) and DogeZuki ($13.9 million).<\/p>\n<p>Significant volume growth was demonstrated by collections on Solana such as Monkey Business and Retardio Cousins, while NFT sales on Bitcoin and Ethereum saw a substantial decline, analysts noted.<\/p>\n<p>They also highlighted Immutable&#8217;s figure, which grew by 75.68% thanks to the development of blockchain games, including the launch of Illuvium.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Key-Trends-in-Crypto-August-2024-Binance.webp\" alt=\"Key-Trends-in-Crypto-August-2024-Binance\" class=\"wp-image-238772\"\/><figcaption class=\"wp-element-caption\">Monthly NFT trading volumes. Source: Binance.<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\">Binance&#8217;s 21% Trading Volume Loss Narrows Gap with Competitors<\/h2>\n<p>According to data from Colin Wu&#8217;s team, Binance maintained its lead among centralized exchanges (CEX) in trading volume with $336.8 billion, although it declined by 21% over the month.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Cex Data for July: The spot trading volume on major exchanges decreased by 9% MOM, with Cryptocom (+59%), Upbit (+26%), Gate (+21%) and Binance (-21%), Bitget (-18%), and OKX (-16%). Read more <a href=\"https:\/\/t.co\/l2SCt6dwnh\">https:\/\/t.co\/l2SCt6dwnh<\/a> <a href=\"https:\/\/t.co\/gpSlN3AOp8\">pic.twitter.com\/gpSlN3AOp8<\/a><\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1822957368705184059?ref_src=twsrc%5Etfw\">August 12, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>This allowed Bybit ($110.2 billion and -7%) and Gate ($90.5 billion and +20.9%) to significantly close the gap.<\/p>\n<p>The most notable growth among leading platforms was demonstrated by Crypto.com (59%) and Upbit (26%).<\/p>\n<p>In July, the spot trading volume on DEX relative to CEX reached a historic high, exceeding 14.3%.<\/p>\n<p>In the decentralized exchange segment, Solana&#8217;s ecosystem surpassed Ethereum for the first time in total trading volume \u2014 $55.8 billion versus $53.8 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In July, Solana and XRP surged by 30.5% and 27.6% respectively, while the market capitalization rose by 6.1%. TVL in the DeFi segment increased by 3.5%, whereas NFT sales decreased by 7.14%. Binance maintained its lead in trading volumes among centralized exchanges, despite a decline in figures. By the end of July, the price of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16030,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,1150,1252,839],"class_list":["post-16031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-news-plus","tag-reports","tag-trends"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16031","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=16031"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16031\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/16030"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=16031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=16031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=16031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}