The crypto market has experienced a significant resurgence in June 2024, with a total market capitalization increase of 8.6% last month. According to a comprehensive report by Binance Research, this rally is attributed to several key markers, including the preliminary approval of spot ETH ETFs by the SEC and the passing of the FIT21 legislation by the U.S. House of Representatives.

The report highlights positive trends in the DeFi market, with its TVL increasing 21.7% within the month. On the contrary, the NFT market declined, registering a 41% decrease in total sales volume to $0.63 billion. The study notes that the strong performance of Solana in May, with its price escalating by 33.9% due to a spike in its DeFi TVL and increased on-chain DEX trading volumes, contributed to the overall market growth.

Ethereum displayed a significant rally, rising 26.8% for the month due to the SEC's approval of spot ETH ETFs. Furthermore, TON showed a 24.2% price increase as its DeFi TVL reached new highs. The report highlights the strong performance of these cryptocurrencies, which are driving the market's growth.

In contrast to the wider industry dynamics, the NFT market took a hit, declining considerably in May. However, the launch of the trading card game, Fantasy Top, on Blast provided some glimmers of positivity amidst the downturn. The report notes that the NFT market's decline is a significant departure from its previous growth trends, and its performance will be closely watched in the coming months.

The report concludes that the crypto market's resurgence in June 2024 is driven by a combination of regulatory developments and DeFi growth. The strong performance of certain cryptocurrencies, such as Solana, Ethereum, and TON, has contributed to the overall market growth. As the market continues to evolve, it will be important to monitor the performance of these cryptocurrencies and the broader market trends to gain insights into the future direction of the crypto space.