Hot Take: Crypto Industry Gains Traction as Asset Management Companies File ETF Applications
In the month of June, the crypto industry experienced various events that had a significant impact on the market. The SEC’s legal action against Binance and Coinbase caused tremors in the decentralized ecosystem. However, the industry gained traction when asset management giants like BlackRock, Fidelity, and VanEck filed their ETF applications in both the US and Hong Kong. This renewed investor interest and resulted in a 1.2% increase in global crypto market capitalization, reaching $1.21 trillion, a two-month high.
Key Points:
1. Bitcoin Cash (BCH) has been the top gainer among the top 100 cryptocurrencies in June, with a 155.6% increase. It reached a 14-month high of $325 and currently stands at $293 with a market cap of $5.7 billion.
2. Compound (COMP) has also experienced significant gains, rising by 82.6% in the past 30 days and 20% in the past 24 hours. It is currently trading at $64.99.
3. Bitcoin SV (BSV), eCash (XEC), and Maker (MKR) secured the next three spots with gains of 45.7%, 42.8%, and 37.6% respectively.
4. The meme coin Pepe (PEPE) saw a 31.4% increase in the past 30 days, with a trading volume surge of 83% to $166 million. It is currently trading at $0.0000017.
5. Stacks (STX), Litecoin (LTC), Stellar (XLM), and Monero (XMR) also made it to the top gainers list among the top 100 crypto assets.
The current bull run’s longevity is uncertain, but a recent report suggests that Bitcoin investors are accumulating more rather than selling, indicating steady growth in the market.
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