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Stablecoins Universe in Build Mode
The total cryptoassets market cap increased by 22.3% month-over-month, according to data gathered by CoinMarketCap. The jump was influenced by the excitement raving around the Merge, which finally got a tentative launch date. As shown in the figure below, DeFi protocol Lido saw 313% returns over the past 30 days, while Ethereum scalability solution Optimism saw 168%. In the meantime, Bitcoin and Ethereum respectively saw an 18% and 47% increase over the past month. Moreover, the correlation between Bitcoin and S&P 500 stood at 0.5 in mid-July, down from 0.6 levels for two months.
Figure 1: Price and TVL developments of the major crypto categories
Source: 21Shares
Key takeaways from this report
• UK published bill regulating stablecoins
• Merge got a launch date, Ethereum holders hoard
• Developments on stablecoins
• Uniswap onboarding NFT marketplaces on its DEX
• Luna, Celsius, and the Three Arrows Capital contagion
Research Newsletter
Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com
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