In August 2024, the cryptocurrency market experienced a significant 13.1% drop in total market capitalization due to global macroeconomic concerns and weak U.S. unemployment data. However, there was a quick recovery following expectations of a potential rate cut in September and higher-than-expected second-quarter GDP growth in the U.S. The NFT market also saw a decline in sales volume, but CryptoPunks stood out with significant sales. NFT games such as Guild of Guardians, Sorare, DeGods, and y00ts performed well. The DeFi market also saw a decrease in total value locked (TVL), with alternative chains experiencing steeper declines. Sui and Symbiotic were notable gainers in the DeFi sector. The report also previews major events in the blockchain space for September 2024.



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