JPMorgan's report indicates that while the total crypto market cap is approximately $2 trillion, it has experienced a 24% decline since March’s peak, highlighting a lack of new catalysts for growth.
According to JPMorgan, 'Overall, we continue to see the crypto ecosystem lacking major catalysts, and we thus expect crypto token and asset prices to be incrementally more sensitive to macro factors,' indicating heightened sensitivity to broader economic changes.
Trading volumes have seen an uptick, with average daily volumes increasing by about 8%, particularly in bitcoin and ether, which saw more than a 10% month-on-month rise despite the decline in prices.
Stablecoins defy the overall downward trend in the crypto market, as their market caps and trading volumes have increased compared to previous months, reflecting some resilience within the sector.
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