July’s Biggest Crypto Highs and Lows; Ethereum-linked token skyrockets 400%

After an end to the quarter negatively marked by the fall in Bitcoin (BTC) below US$20,000, July ends with a strong rally in the market, which has gained more than US$200 billion in market capitalization over the past 30 days.

O Bitcoin recorded a rise of almost 20% over the period, following the stock markets reacting to changes in the macroeconomic scenario and the continued hikes in US interest rates to contain the highest inflation in 40 years.

Despite the record increase of 75 basis points announced by the Federal Reserve (Fed) and the fear of a recession in the American economy, the market began to consider that the monetary tightening may have reached its peak and is already beginning to assess the reduction in the rate of interest rate increases.

At the same time, crypto investors are starting to show signs that they are less concerned about the widespread contamination of the sector caused by the credit crisis that followed the cryptocurrency’s fall. hedge fund Capital of the Three Arrows (3AC).

Also, the announcement of a new date for an update that will make Ethereum (ETH) change your system mining fueled a strong rally in the second major cryptocurrency of the market. ETH ends July with a gain of more than 50%, its best monthly result since January 2021 – despite this, the crypto is not on this month’s list.

Check the July 2022 highs and lows below, considering only the 100 most valuable assets (remembering that the cryptocurrency market does not close, so there may be variations up to the end of 31):

July highs

In the face of Ethereum gains, altcoins with the best results are those impacted by speculation around the cryptocurrency network update.

This is the case of the Lido (LIDO), token namesake platform, which soared nearly 400% in July due to greater belief among investors that Ethereum will successfully adopt the staking system, which provides income to investors in exchange for data validation work that pass through the platform. block chain – Lido is a staking broker.

Second of the month comes Ethereum Classic (ETC), a cryptocurrency that emerged after a 2015 fork of the Ethereum network amid a major hack. Unlike conventional ETH, the Classic version will retain the original mining engine.

As a result, investors expect Ethereum Classic to grow by inheriting miners leaving Ethereum starting in September when the upgrade takes place. The ETC token is up 160% in the month ending this week.

In the monthly highs ranking, the Curve DAO Token protocol also appears (HRV) ea Convex finance (CLC), a solution that maximizes returns on assets deposited with Curve.

Top 5 Highest July Highs Still Count Bitcoin Gold (BTG), an ancient cryptocurrency born from the original Bitcoin code that has skyrocketed over 100% in the month without a clear cause.

Cryptocurrencies with the highest gains for July 2022 (at 1:30 p.m. on the 29th):

cryptocurrency Monthly closing Variation
Lido DAO (LIDO) $2.25 +398.45%
Classic Ethereum (ETC) $38.84 +160.32%
Bitcoin Gold (BTG) $33.77 +120.14%
Convex Finance (CLC) $7.77 +115.83%
Curve DAO Token (HRV) $1.46 +113.92%

the biggest drops of july

This month’s rebound was strong enough to leave the list of all-time lows with only four cryptocurrencies, and only one with a very steep decline.

The worst result was again TerraClassicUSD (USTC), previously only called TerraUSD (UST), which collapsed with the Terra project (LUNA) in May. Despite the relaunch of the project, the former stablecoins continued to be traded Exchangesbut its price is still far from the $1 par for which it was designed.

Amid a complete user drain and dwindling hope for the Terra blockchain to revive, the crypto closed July down 22.2% to $0.03.

Then appears the UNUS SED LEO (LEO), a Bitfinex exchange token that was alone in the list of first-half highs, with a cumulative gain of over 48%. After taking profits, the cryptocurrency reached the end of July with a decline of 10.92%.

LEO’s decline was followed by 7.44% for Huobi Token (HT), also issued by a crypto exchange. Huobi was one of the exchanges that suffered the most from the “crypto winter” and announced, at the end of June, the loss of 300 employees.

The list ends with Helium (NHT), a crypto asset that promises to create a decentralized internet, but is going through a crisis amid the precipitous drop in compensation offered to investors who agreed to create servers for the network.

Cryptocurrencies with the biggest drops in July 2022 (at 1:30 p.m. on the 29th):

cryptocurrency Monthly closing Variation
TerraClassicUSD (USTC) $0.03642 -22.20%
ONE BUT LEO (LEO) US$5.14 -10.92%
Huobi Token (HT) $4,486 -7.44%
Helium (NHT) US$9.14 -2.45%

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