Press Release View Non-AMP

CoinEx Research Released: June Crypto Recap Including Bitcoin’s Range, Ethereum’s ETF Buzz, and Solana’s Comeback

Published by
PR Manager

June provided a diverse platform for the market with numerous major changes in assets like Bitcoin, Ethereum, Solana and assets like Toncoin. Here’s how this month changed the shape of the market.

Bitcoin’s Range-Bound Trading

The price of Bitcoin was stuck in the range of $60,800 to $71,700 for the entire month of June. The cryptocurrency encountered resistance in its attempts to cross the upper boundary ultimately returning to the lower end of the range. The technical analysis demonstrated the persistence of Bitcoin as it recovered significant support levels and was supported by a steady inflow of ETFs totalling about $666 million for the month.

Ethereum’s ETF Anticipation and Layer-2 Challenges

With increased anticipation for the approval of its ETF which is expected to begin trading in early July, Ethereum was able to maintain mid-range stability. Gas prices however decreased significantly during the month and there was also a decrease in on-chain activity. While raising questions in the community about valuation discrepancies and post-TGE (Token Generation Event) market dynamics, the token launches of well-known layer-2 solutions like ZKSync and Blast demonstrated Ethereum’s continued efforts to scale.

Solana’s Resurgence and Innovations

After momentarily falling below $138 Solana stood out as a performer and recovered quickly. The recovery happened after VanEck filed for the first Solana US ETF, indicating a rise in institutional attention. Analysts are optimistic about the ETFs near-term prospects but they are still cautious due to possible differences in inflows between Solana and Ethereum. Market sentiment was further enhanced by innovations such as Solana Blinks.

The products which were created in partnership with Dialect, bridge between Web2 and Web3 technologies by enabling smooth on-chain transactions. These solutions have already been incorporated by more than 70 ecosystem builders increasing the resilience of Solanas ecosystem.

Toncoin’s Growth Trend

Toncoin showed notable growth as evidenced by its Total Value Locked (TVL) rising from $99 million at the end of Q1 to $700 million by the end of June. Furthermore, USDT’s net circulation on Ton exceeded $500 million indicating the ecosystem’s faster adoption. Although Toncoin is still in its early stages, its growing infrastructure makes it a promising player in the changing blockchain scene.

Market Liquidity and Outlook

The crypto market navigated through phases of declining liquidity in June, as indicated by stablecoin inflows tapering off. While liquidity concerns persist, the absence of significant outflows suggests a resilient market foundation. Analysts suggest monitoring ongoing consolidation phases for potential renewed inflows, which could bolster liquidity and signal future market movements.

Conclusion

June presented a dynamic crypto landscape characterized by Bitcoin’s consolidation phase amidst institutional inflows, Ethereum’s anticipation of ETF approval alongside Layer 2’s challenges, Solana’s resurgence with ETF aspirations, and Toncoin’s rapid ecosystem expansion. As the market continues to evolve, these developments underscore the market’s resilience and potential for innovation amid fluctuating market conditions.

The market’s landscape is dynamic, with multiple Bitcoin consolidation phases amid the wave of institutional inflows. The Solana’s resurgence, Ethereum’s ETF anticipation and Toncoin’s explosive growth.

About CoinEx

CoinEx, established in 2017, is a global exchange to make trading easier for everyone. The platform provides, spot and margin trading, futures, swaps, automated market makers, and financial management services. It has over 5 million users across 200 countries and regions.

More reports @ CoinEX Research

PR Manager

Press release about recent ICOs, announcement from startups, new cryptocurrency launch by firms and unlike.

Recent Posts

Time to Buy Ethereum? Whales Buy 15,563 ETH Amid Price Crash

Despite the bearish market sentiment, crypto whales are showing strong interest in Ethereum (ETH). Data…

April 4, 2025

Navigate the Markets with Confidence: OnEquity’s Comprehensive Trader Glossary

March 2025 – In the dynamic world of trading, a solid understanding of key terms…

April 4, 2025

What Will the Price of Pi Network (PI) Be If It Matches Ripple’s (XRP) Market Cap?

Even after Pi Network's listings on significant exchanges, its price swings and ongoing essential developments…

April 4, 2025

Cardano (ADA) Stumbles with 8% Drop, but Ruvi AI’s (RUVI) Token Takes Center Stage for Crypto Investors with 100% Bonus

The cryptocurrency market has once again found itself under the spotlight, with Cardano (ADA) seeing…

April 4, 2025

Is Pi Coin Headed to Zero Amid Rug Pull Fears?

Pi Coin has dropped to an all-time low of $0.51, marking an 83% drop since…

April 4, 2025

Grayscale Submitted S-1 Form for Solana ETF, But Staking Is Off the Table

Grayscale, the leading cryptocurrency asset manager, has officially submitted an S-1 form to the U.S.…

April 4, 2025