The company’s analysts believe that the growth of the SOl coin was due to an increase in trading volume on decentralized exchanges (by 42.2% month-on-month). The average daily number of active addresses in the network was a record 1.7 million.
“Positive sentiment around the ecosystem was reinforced by several developments in the DeFi market, including the introduction of Jito restaking and the announcement of the Drift prediction market,” Binance added. Research.
In turn, the rise in the XRP rate began after the launch of CME benchmark indices and reference rates, experts noted. The statement by Brad Garlinghouse, CEO of the company issuing this cryptocurrency, Ripple Labs, about the resolution of the legal dispute with the American regulatory agency also had a positive effect.
In July 2024, some assets showed a drop in quotes. In particular, ether fell in price by 1.6%, and the coin TON suffered a 12% decline, although the ecosystem continued to grow thanks to the clicker game Hamster Kombat.
The crypto market capitalization as a whole grew by 6.1%. There are two reasons, according to Binance Research: the German government sold 50,000 bitcoins, and the US Securities and Exchange Commission (SEC) approved applications to launch nine ETH-ETFs.
Previously, representatives of the CryptoQuant platform stated,
that Bitcoin has managed to break through a major resistance level of the current bull cycle. However, according to their estimates, the asset shows no signs of recovery in the short term.
Source: Bits
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