Market Analysis Report (11 Jul 2022)

CryptoCompare’s latest Asset Report details that while the price of Bitcoin fell 37.4% in June to close the month at $19,908, its Lightning Network – a layer-2 scaling solution designed to make BTC transactions as fast and cheap as possible – saw its capacity grow to stand at 4,96 BTC at the end of June.

Total fees paid for BTC transactions decreased by 28.7% to $11.5 million, with the average transaction fee falling from $2.01 in May to $1.54 last month. The cryptocurrency’s price has notably since increased to now be close to the $21,000 mark.

CryptoCompare’s report, which tracks price performance and on-chain metrics for five cryptoassets – Bitcoin, Ethereum, Cardano, XRP, and Solana – details that over the last three months the cryptoassets covered in the report lost half of their value, with BTC being the top performer after losing 56.3% of its value, and Solana being hit the hardest, losing 72.5% of its value.

Average daily volumes for BTC/USD dropped 23% last month to $1.12 billion with Binance and Coinbase being the top two exchanges. Read more via CryptoCompare’s latest Asset Report.