The crypto market staged a sharp rebound in July, with total market capitalization climbing 14% from the previous month to $3.7 trillion, Wall Street bank JPMorgan (JPM) said in a research report Thursday.
Average market cap rose 12% in the same period, driven by broad-based gains across tokens, [decentralized finance](https://www.coindesk.com/arc/outboundfeeds/PMorgan cites the GENIUS Act, a robust crypto IPO pipeline, and growing TradFi-DeFi partnerships as key drivers of July’s rally.) (DeFi), non-fungible tokens (NFTs) and exchange-traded products (ETPs), but ether (ETH) stole the spotlight, the report said.
Ether’s market cap surged 49% last month, far outpacing bitcoin’s 8% gain. JPMorgan attributed the move partly to the Ethereum blockchain’s dominant role in stablecoin issuance and growing institutional flows into ETH-linked products.
U.S. spot ether ETPs saw a record $5.4 billion in net inflows, lifting total ETH ETP assets to $21.5 billion, JPMorgan said. Bitcoin (BTC) spot exchange-traded funds (ETFs) added $6 billion, bringing their combined assets under management to $152 billion.
📖 Related Reading
- 📰 Crypto Market Cap Halts at $3.7T as Traders Rotate Out, Institutions Double Down on BTC, ETH
- 📰 $302 Million Lost to Crypto Scams, Hacks, and Exploits in May: CertiK
Trading activity accelerated, with average daily volumes across the ecosystem jumping 49% in July, the bank noted. CoinDesk data showed token volumes rising 51% MoM. Ether token volumes surged 60%, four times bitcoin’s 15% increase. DeFi and NFT markets also logged significant volume growth.
JPMorgan pointed to the passage of the GENIUS Act, a growing roster of crypto-linked initial public offerings (IPOs), and deepening partnerships between traditional finance and decentralized finance as key drivers behind the rally.
The bank said these factors, alongside a broader risk-on sentiment in global markets, suggest the recent gains in prices and volumes could prove sustainable.
** Read more: Ether Price Target Lifted to $7.5K at Year-End and $25K in 2028 at Standard Chartered**
🔗 You Might Also Be Interested In
Crypto Market Cap Halts at $3.7T as Traders Rotate Out, Institutions Double Down on BTC, ETH
$302 Million Lost to Crypto Scams, Hacks, and Exploits in May: CertiK
State of Crypto: The Senate Responds to Clarity Act
💡 Stay updated with the latest cryptocurrency news and insights by following our website! 🔔 Bookmark this site to get first-hand blockchain and digital currency news!