Bitcoin continued to climb, gaining 8.9 per cent to reach a record USD 123,000, but its market dominance dropped by 5.2 percentage points to 60.6 per cent
The global cryptocurrency market capitalisation grew 13.3 per cent in July 2025, with a significant shift of capital from Bitcoin to altcoins, according to Binance Research’s latest Monthly Market Insights. Ethereum emerged as the primary beneficiary of this rotation, with its price rising 51 per cent and corporate ETH holdings increasing by 127.7 per cent to over 2.7 million ETH. The report attributed this rise to institutional demand, staking yield benefits, Ethereum’s deflationary supply structure, and a preference for direct holdings over exchange-traded fund (ETF) exposure.
Bitcoin continued to climb, gaining 8.9 per cent to reach a record USD 123,000, but its market dominance dropped by 5.2 percentage points to 60.6 per cent. Altcoin dominance rose to 39.2 per cent, marking one of the largest monthly shifts in 2025. The trend was supported by improving macroeconomic conditions, expectations of US Federal Reserve rate cuts, and the absence of major market disruptions. Other notable altcoin gainers in July included SUI (+34.6 per cent), ADA (+33.8 per cent), DOGE (+30per cent), and BNB (+22.1 per cent), aided by network upgrades, corporate treasury interest, and positive sentiment in decentralised finance and tokenisation.
The stablecoin market was buoyed by the passage of the GENIUS Act on 17 July, creating the first US federal framework for fully reserved, anti-money-laundering compliant stablecoins. Institutional adoption followed, with JPMorgan expanding its deposit-token trials, Citi testing tokenised deposits for cross-border settlements, and Visa planning to widen stablecoin settlement services. On-chain stablecoin volumes reached approximately USD 2.1 trillion on a rolling 30-day basis, continuing to surpass Visa’s payment volumes since late 2024.
NFT trading volumes increased by 49.9 per cent in July, driven by a 393 per cent surge in CryptoPunks sales following a major acquisition. Ethereum-based NFTs regained the top position with a 58 per cent increase in sales, while Bitcoin NFTs rose 28.1 per cent. Polygon-based NFT sales declined. The report noted growing discussion about including NFTs in ETF structures, suggesting potential institutional entry into the sector.
Tokenised equities also recorded strong growth, with market capitalisation reaching USD 370 million and active on-chain addresses rising from 1,600 to more than 90,000. Excluding the Exodus Movement issuance, tokenised stocks such as Tesla (TSLA) and the SPDR S&P 500 ETF Trust (SPY) rose 220 per cent since June. Binance Research suggested that if just 1 per cent of global equities were tokenised, the market could be worth USD 1.3 trillion.
“July marked a pivotal moment for the crypto market, with altcoins, especially Ethereum, stepping into the spotlight,” said Kushal Manupati, Regional Growth & Ops Lead of South Asia at Binance. “The market is showing a clear evolution from being price-driven to being shaped by deeper structural shifts. We are seeing stronger institutional participation, regulatory clarity that builds long-term confidence, and growing use cases that connect blockchain technology directly to real-world finance.”
The report concluded that regulatory developments, institutional allocations, and growth in tokenisation are accelerating the market’s maturity. While macroeconomic risks remain, Binance Research said digital assets are increasingly positioned for integration into public markets, corporate balance sheets, and global payment infrastructure.
