Bitcoin had a blast in July, along with major cryptocurrencies which achieved their best production in the last month.
During the month of July, Bitcoin grew by around a quarter and briefly touching the elusive $24,000 mark, while Ethereum grew by close to 50 percent and traded for around $1,700.
Despite the Federal Reserve’s decision to raise interest rates by 0.75 percent and fears that the economy may be entering a recession, BTC’s performance was remarkable.
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As of this writing, Bitcoin is trading at $22,774, up nearly 7% in the last seven days. More importantly, BTC’s 30-day ascent is the biggest surge the crypto had since October, data from Coingecko show.
Ether (ETH), the second-largest cryptocurrency behind Bitcoin in terms of market capitalization, outperformed Bitcoin by 57 percent in July, ahead of the forthcoming migration to Proof-of-Stake.
Ethereum is trading at $1,577, up nearly 9% in the last seven days, Coingecko figures noted.
Chart: Arcane Research
Can Bitcoin Carry On Its July Performance This August?
According to data released by Arcane Research on Monday, after a terrible start to the year, July was the best month for Bitcoin in 2022, with a nearly 17 percent price increase.
The crypto declined after hitting its highest levels since mid-June on Saturday in the face of optimism that the crypto market may have finally thawed from its worst levels.
BTC fell as much as 3.6% to $22,958 on Monday after surpassing $24,000 over the weekend, marking its highest level since mid-June.
June was the most volatile month for Bitcoin in the past decade. In it, BTC fell from $30,000 to a multi-year low of $17,500, and after recovering some ground by the end, it concluded with a 37 percent loss.
Bitcoin Showing Renewed Strength, Despite Terrible Start For 2022
The year has been difficult for the leading cryptocurrency, and according to Arcane statistics, selling ceased in July. With a monthly return of 16.6%, BTC registered its best month of 2022 and its most impressive monthly return since October of last year.
Bitcoin is still well behind its November record high of roughly $69,000, but it has recently shown some renewed vigor as the stock market has also risen. The S&P 500 soared about 10 percent in July, its largest advance since November 2020.
Meanwhile, August has historically been a poor month for cryptocurrencies, and many analysts are cautious. Overall, it’s still early, and many things can still happen as traders brace for what crypto may bring on the table in the next few days and weeks.
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BTC total market cap at $437 billion on the daily chart | Source: TradingView.com Featured image from TIME, chart from TradingView.com
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Author: Jet Encila