In July, the price of the second largest cryptocurrency by capitalization rose by 56.6%, while Bitcoin showed more modest results – 16.8%. This is stated in the ForkLog report.
Daily chart of ETH/USDT on the Binance exchange. Data: Trading View.
Daily chart of BTC/USDT of the Binance exchange. Data: Trading View.
Among moderate-cap assets, LDO of the Lido protocol demonstrated the largest growth. The asset added 350% amid the recovery of the stETH/ETH peg.
Positive dynamics was also shown by the OP L2 protocol token Optimism (more than 200%) and Ethereum Classic (almost 150%). The reason for the growth of the latter was the statements of Ethereum developers about the upcoming transition to PoS of the Goerli testnet. The community is waiting for miners to migrate to the PoW “nearest kin” protocol.
Among the outsiders were the assets of the collapsed Terra ecosystem against the background of statements about the investigation of its collapse by law enforcement officers and searches of top managers.
Securities of the vast majority of public cryptocurrency companies and miners showed growth following the general recovery of the market. The exception was the broker Voyager Digital, which filed for bankruptcy.
The record holder of the month was Marathon Digital, whose shares rose by 140%. The company has committed to a HODL strategy despite significant selling pressure from public miners.
Data: ForkLog report.
According to the results of July, almost all DeFi tokens from the top 20 by capitalization were in the green zone — in the period from April to June 2022, the opposite situation was observed.
Top 20 DeFi coins by market capitalization. Data: Messari (as of 08/01/2022).
The token of the yEarn Finance project showed the best dynamics — the price of YFI increased by 86% over the month. The market value of Uniswap, Curve and SushiSwap tokens also increased significantly. This indicates an increase in user interest in decentralized platforms.
At the time of writing, Bitcoin is trading around $23,015, Ethereum is around $1670. The total market capitalization is $1.13 trillion.
Recall that Ark Invest specialists allowed the quotes of the first cryptocurrency to grow by 240% from current levels.
In August, Arcane Research analysts said , that if bitcoin fixes above $20,700, its price will quickly rise to a range of $27,000-$28,000.
Read ForkLog bitcoin news in our Telegram — cryptocurrency news, rates and analytics.