Bitcoin ETF momentum slows amid the crypto market’s summer lull. DeFi and NFT sectors struggle while crypto stocks remain resilient. A summer slump in July has significantly offset the anticipated surge in Bitcoin bull run. Besides, BlackRock’s application for a spot in Bitcoin ETF has followed the event. Ripple Labs’ partial victory against the U.S. Securities and Exchange Commission boosted some altcoins, with XRP gaining +49% for the month.
However, the broader market reaction to the lawsuit outcome was less pronounced than expected. All because the ruling on XRP’s sales doesn’t necessarily apply to other coins. With expectations of an SEC appeal and reduced market activity during the summer, cryptocurrency performance remained mixed.
Cointelegraph Research’s “Investor Insights Report” analyzes various aspects of the digital asset sector’s performance, including venture capital, DeFi, derivatives, mining, regulation, and more.
NFTs and DeFi Struggle
NFTs experienced a challenging month, with even classic collections facing price declines comparable to pre-2021 levels. The Bored Ape Yacht Club saw its floor price drop below 30 Ether, while the top five NFT collections earned just $800,000 in royalties.
The DeFi sector also suffered setbacks, including a security vulnerability exploited through the Vyper programming language. Curve Finance faced a $61 million reentrancy hack, causing CRV’s price to plummet. Cointelegraph Research’s monthly trends report covers these developments and others in the DeFi space.
Bitcoin Revival: Crypto Stocks Maintain Resilience
Cryptocurrency stocks exhibited unusual strength, notably among mining stocks, which consistently outperformed Bitcoin revival. The Cointelegraph Research Investor Insights Report tracked this trend throughout the year.
In July, publicly traded crypto companies gained an average of 23.9% in stock price. Coinbase shares surged by 32.19% after the Ripple lawsuit’s outcome, and MicroStrategy closed the month up 27.25%. Mining companies like Stronghold Digital Mining, TeraWulf, and Riot Platforms posted significant gains, emphasizing their outperformance.
About Cointelegraph Research
Comprising accomplished talents from the blockchain industry, the Cointelegraph Research team combines academic expertise with practical experience to offer precise, insightful content. Leveraging their diverse backgrounds in finance, technology, and research, the team presents accurate, up-to-date information in the latest Investor Insights Report.
Coin Base’s Layer 2 Blockchain Records Surging User Adoption
Coinbase’s layer 2 blockchain achieved more than 100,000 daily active users just one day after its official launch. Data from Dune Analytics on August 10 displayed over 136,000 daily users, the highest in its short history, coinciding with the network’s second public release day. Around 30% of the users on August 10 were new Base users, totalling nearly 42,000, although the record stands at over 60,000 on July 31.
Bitcoin bull run: Crypto market data platform CryptoRank reported on August 10 that Base ranks 4th in daily transactions per second among layer 2 solutions, trailing zkSync Era, Arbitrum, and Optimism.
