Decline Market Value in June and its Impact on DeFi and NFT Markets

Bittime - In June, the total market value or crypto market value experienced a significant decline of 11.4%. This decline reflects the instability being experienced by the crypto industry as a whole.  

DeFi Total Locked Volume (TVL) Drops

Apart from the overall decline in market value, the DeFi sector also experienced a decline. DeFi TVL fell by 8.7% in June. This decline indicates reduced investor confidence and participation in DeFi projects. 

TVL is an important metric that measures the amount of funds locked in DeFi smart contracts, and this decline indicates a reduction in liquidity and user participation.

NFT Market Sales Decline

In addition to DeFi TVL, The NFT market has not been spared from the impact of this downturn. Sales on the NFT market fell by 26.2% in June. The NFT market, which previously experienced a surge in popularity and sales, is now facing major challenges in maintaining its sales volume. 

Despite this, some NFT projects still performed strongly, such as DMarket and CryptoPunks, which recorded sales of $18.9 million and $16.1 million, respectively.

Main Cryptocurrency Performance

TON: Well Performing Crypto 

In the midst of the overall decline in market value, TON is one of the crypto assets that has managed to excel. TON price increased by 17.5%, and DeFi TVL on the TON network increased to $700 million. 

This shows that even though the crypto market as a whole is experiencing a decline, there are several assets that are still able to show positive performance and attract investor interest.

Major Crypto Asset Decline

Conversely, several major crypto assets experienced significant price declines. BNB fell by 18.8%, XRP fell by 9.0%, while BTC and ETH fell by 10.9% and 10.0% respectively. 

This decline reflects broader market sentiment and investor concerns regarding the volatility and risks associated with crypto investments.

Rise in Bitcoin's Layer 2 Network

In the DeFi sector, Bitcoin's Layer 2 network is showing impressive performance. TVL on the Bsquared and CORE networks increased by 332% and 300%, respectively. 

This upgrade shows growing interest in Layer 2 solutions that can improve the efficiency and scalability of the Bitcoin network, as well as potential growth in the DeFi sector.

Solana: Rebounds Amid ETF News

Solana (SOL) is also showing signs of recovery with a price rebound driven by news of the launch of the first Solana ETF. 

This indicates that positive news and new developments in the Solana ecosystem are able to provide a boost to the price of its assets, even though the crypto market as a whole is experiencing a decline.

Decline Market Value Kripto

The decline in crypto market value in June shows the sluggishness that is occurring in the crypto market as a whole. The decline in TVL in DeFi and selling in the NFT market reflects reduced investor activity and participation. 

However, the positive performance of several crypto assets such as TON and Solana's rebound shows that there are still growth and investment opportunities in the crypto market.

Thus, it can be concluded that although the crypto market may experience volatility in the short term, the potential for long-term growth still exists, especially with technological developments and new innovations that continue to emerge in the industry.

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor graphic movement of the price of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.