July 2022 Crypto Recap: BTC rises, ETH thrives, Altcoins fluctuate

As August unfolds into hot autumn, the cryp­to win­ter seems to have melt­ed in July. Bitcoin(BTC), Ethereum(ETH), Polygon(MATIC), Solana(SOL), and many more cryp­tocur­ren­cies showed improve­ment. Com­pared to June’s cryp­to prices, July is quite pos­i­tive. The cryp­to com­mu­ni­ty hopes to see prices rise for August as well.

Is the cryp­to win­ter final­ly over? The cryp­to mar­ket seems to be recov­er­ing from its loss­es in June. Many peo­ple believed that the cryp­to firms’ bank­rupt­cies and the DeFi indus­try crash might pum­mel the prices down, but the end of July shows the cryp­to mar­ket is still going stronger than ever. 

Addi­tion­al­ly, Bit­coin proved that glob­al prices will not affect its per­for­mance by show­ing good prices as the infla­tion and gas per­cent­age shot upwards in the tra­di­tion­al economy.

Bitcoin price hit $24k

Bitcoin(BTC) showed a good per­for­mance dur­ing the last week of July. The BTC prices that began from $19K rose to a high of almost $24,500 on July 30, which is the high­est peak for the month. Accord­ing to Coin­Mar­ket­Cap, Bit­coin rose 5.56% in the last 7 days, giv­ing a good sign to the mar­ket analysts. 

“The out­look for bit­coin exceeds offi­cial esti­mates,” says Michael Say­lor, CEO of MicroS­trat­e­gy, while a Bloomberg ana­lyst says, Bit­coin has the ten­den­cy to “out­per­form most assets.” 

August will sure­ly bring good news to the cryp­to and BTC community. 

Ethereum The Merge pushes ETH up

Ethereum(ETH) surged to an all-time high fol­low­ing the shad­ow fork announce­ment for The Merge in the mid­dle of July. On July 16, the Ethereum dev team updat­ed they were deploy­ing the ninth shad­ow fork, which makes only one hard fork left until The Merge happens. 

At the start of July, Ethereum trad­ed around $1,050, by mid-July, the prices surged to $1,200, and last week ETH rose to trade at $1,700. There was an 8.79% increase in prices dur­ing the end week of July.

The last fork is expect­ed to hap­pen in August, and final­ly, The Merge will most like­ly launch by the end of this year. Ethereum coin is thriv­ing in its prime and has exceed­ed all the cryp­to coins when it comes to gains. 

Even Ethereum Clas­sic (ETC)  has become a cen­ter of atten­tion in the cryp­to mar­ket. ETC rose 45.70% in the last 7 days, accord­ing to Coin­Mar­ket­Cap. 

How­ev­er, user @rovercrc believes Ethereum needs to break out from its $1,600 resis­tance for a par­a­bol­ic move­ment. He tweeted: 

Other altcoins

Fol­low­ing the rise in BTC prices, the alt­coins have been fluc­tu­at­ing up and down over the past month. When talk­ing about the clos­ing week of July or 7d track­ing, File­coin (FIL) is the biggest gain­er with 68.42%, Seedify.fund (SFUND) rose by 35.87%, Pan­cakeswap (CAKE) hit a 13.80% high, Solana (SOL) increased by 7.26%, and BNB coin hit 10.52%.

The high­light of this month is Poly­gon (MATIC) which hit 90.49% in 30-day track­ing, based on Coin­Mar­ket­Cap. Its projects, part­ner­ship with Dis­ney, and over­all mar­ket strat­e­gy has pushed MATIC to an all-time high. 

Cur­rent­ly, Poly­gon (MATIC) trades at $0.8977 on August 1, 2022. 

Final words

Over­all, the progress of the cryp­to mar­ket looks bet­ter than in June. Although July began with depres­sive prices, it man­aged to recov­er and push upwards and closed the month with promis­ing results. 

The biggest rea­son behind the cryp­to market’s rise is the devel­op­ment aspect which hasn’t stopped for even a day. Every day new inno­va­tions, fea­tures, tech­nolo­gies, and advance­ments are hap­pen­ing in Web3, and this is what boost­ed the dig­i­tal econ­o­my up. 

As August unfolds this week, the prices are trad­ing high and the com­mu­ni­ty has a pos­i­tive expec­ta­tion for the eighth month of 2022 that would hope­ful­ly push towards the bull­ish pat­terns in BTC and Ethereum. 

Cur­rent­ly, Bit­coin trades at $23,054.76 and Ethereum is at $1,659.13 at the time of writing.