According to a report by CoinDesk, JPMorgan stated in a research note on Monday that the total market capitalization of cryptocurrencies declined by 8% in June, falling to approximately $2.25 trillion, erasing most of the gains from May.

Analyst Kenneth Worthington wrote, "The market cap of tokens, DeFi, and NFTs all saw pullbacks in June." The data shows that daily spot crypto trading volumes decreased by 18% compared to the previous month, indicating that "March 2024 marked the peak of the current cycle in the crypto ecosystem in terms of valuation and trading volume."

The report highlighted that this trend contrasts sharply with traditional markets, where the S&P 500 rose by 4% and the tech-heavy Nasdaq index climbed by 6% in the same month. However, the report noted that stablecoins outperformed other crypto sectors in June, primarily driven by USDT.