Points
- The global crypto market cap increased by 6.1% in July, driven by positive industry developments and DeFi growth.
- DeFi total value locked （TVL） grew by 3.5% in July, reaching nearly $100 billion, with ecosystems like CORE and Scroll seeing significant gains.
- Despite the overall market growth, NFT sales volume dropped by 7.1% in July, with major collections on Ethereum and Bitcoin suffering declines.
- Solana-based NFT collections and gaming-focused platforms like Immutable saw increases in volume, contrasting with the broader decline.
The global cryptocurrency market experienced a notable upswing in July, with its total market capitalization rising by 6.1%. This growth was largely driven by favorable industry developments, including regulatory approvals and advancements in key Web 3 projects. Among the most significant drivers was the approval of nine spot Ethereum ETFs, which echoed the positive market impact seen earlier in the year with Bitcoin. This move brought Ethereum closer to mainstream investment avenues, spurring renewed interest and capital inflows into the market.
DeFi, or decentralized finance, continued to thrive during this period, with the total value locked （TVL） in DeFi protocols increasing by 3.5% to nearly $100 billion. This growth was mirrored in the broader market capitalization of cryptocurrencies, suggesting a strong correlation between the two. Notably, ecosystems such as CORE, Scroll, and Mantle saw substantial gains, highlighting the ongoing expansion and innovation within the DeFi space. Polymarket and Symbiotic were among the DeFi protocols that experienced remarkable growth, with their volumes surging by 614% and 283%, respectively.
However, not all sectors of the crypto market shared in this positive momentum. The non-fungible token （NFT） market faced challenges in July, with sales volumes dropping by 7.1%. This decline was particularly evident in major collections on Ethereum and Bitcoin, which saw significant decreases in activity. The downturn in NFT sales and participation has raised concerns about the sustainability of the speculative boom that had previously driven this market.
Despite the overall decline, there were pockets of growth within the NFT space. Solana-based NFT collections, such as Solana Monkey Business and Retardio Cousins, managed to buck the trend, recording volume increases even as other major collections struggled. Similarly, Immutable, a gaming-focused platform, saw a 75.68% increase in volume due to ongoing game development and the launch of titles like Illuvium. This suggests that while the broader NFT market may be cooling, niche segments with strong use cases and community engagement are still finding success.
The contrasting fortunes of the DeFi and NFT sectors highlight the evolving nature of the crypto market. While DeFi continues to attract capital and innovate, the NFT space is grappling with the challenges of sustaining interest and engagement beyond the initial hype. For investors, this underscores the importance of focusing on sectors with strong fundamentals and long-term growth potential.
Looking ahead, the market will be closely watching for developments in both DeFi and NFTs, particularly as new projects and technologies emerge. The continued growth of DeFi, coupled with the potential for recovery in the NFT space, could play a crucial role in shaping the future trajectory of the crypto market.
解説
- DeFi Growth Amid Market Expansion: The 6.1% rise in global crypto market capitalization in July was significantly driven by the DeFi sector, which saw its TVL approach $100 billion. The success of ecosystems like CORE and Scroll reflects the ongoing innovation and capital inflows into DeFi, making it a key area of focus for investors.
- NFT Market Challenges: While the overall crypto market grew, the NFT sector faced a 7.1% decline in sales volume. This downturn highlights the volatility and speculative nature of the NFT market, which may be struggling to maintain the momentum seen during its initial boom.
- Resilience in Gaming and Niche NFT Segments: Despite the broader decline in NFT sales, specific segments like Solana-based collections and gaming platforms such as Immutable saw growth. This indicates that niche markets with strong community engagement and practical applications can still thrive even in challenging conditions.
- Future Outlook for DeFi and NFTs: The contrasting trends in DeFi and NFTs suggest that investors should prioritize sectors with strong fundamentals. As the crypto market continues to evolve, the ability to adapt to changing conditions and sustain long-term growth will be crucial for success in both DeFi and NFTs.