JPMorgan: The total market value of cryptocurrencies fell by 8% in June, with stablecoins performing better than other sectors

ChainCatcher news, according to CoinDesk, JPMorgan stated in a research report on Monday that the total market capitalization of cryptocurrencies fell by 8% in June, to around $2.25 trillion, recovering most of the gains made in May.

Analyst Kenneth Worthington wrote, "The market capitalization of tokens, DeFi, and NFTs all experienced a pullback in June." The data shows that daily spot cryptocurrency trading volume decreased by 18% compared to the previous month, "from a valuation and trading volume perspective, March 2024 is the peak of the current cycle for the crypto ecosystem."

The bank noted that this trend stands in stark contrast to traditional markets, where the S&P 500 index rose by 4% and the tech-heavy Nasdaq index increased by 6% during the same month. However, the report added that stablecoins outperformed other crypto segments in June, primarily driven by USDT.