Perhaps somewhat surprisingly, July ended up being a green month. Despite the drops and sideways trading, the second half of the month did see an increase in crypto markets which pulled the month up into the green zone.
This comes after the crypto markets had ended June in red, without a single winner among the top ten coins by market capitalization to talk about, and only five among the top 50. At the time, bitcoin (BTC)’s 7% was the smallest drop, followed by ethereum (ETH)’s 13%.
In July, BTC was first slowly dropping from the USD 35,600 level to the USD 29,500 level seen in the second part of the month, around the 20th. That’s when its rise began, ending the month at almost USD 42,000. Similarly, ETH first fell from around USD 2,300 seen at the beginning of the month, to USD 1,500 around July 20, then rising again, finishing the month at USD 2,600. As for the developments in these two networks, two major ones are underway: Bitcoin’s major Taproot upgrade is being tested on the testnet, while the preparation for the upcoming Ethereum’s London upgrade are well underway as well.
Top 10 Coins in July
All but one coin among the top 10 had seen an increase over the course of July, some more than others. The race was close, but the winner of the month was uniswap (UNI), with an increase to its price of 21.5%. Right behind it were ethereum and bitcoin, crossing the finish line with a more than 20% gain.
As reported, Uniswap saw some major developments in July – most notably, decentralized finance (DeFi) startup Optimism launched the long-awaited Alpha layer-two (L2) solution for major decentralized exchange (DEX) Uniswap through the Optimistic Ethereum (OΞ) mainnet. However, Uniswap also faced significant governance drama.
Three more coins had double-digit increases, these being polkadot (DOT) and binance coin (BNB), with around 16%, and XRP with 13%.
Notably, BNB rallied despite the ongoing regulatory issues faced by the crypto exchange Binance. Meanwhile, Ripple deepened its relationship with its biggest Asian partner, the Japanese financial giant SBI, with a remittance deal it has labeled the “first live on-demand liquidity offering in Japan.”
Finally, cardano (ADA) was up 1% – and has generally been one of the better performers this year.
The only coin that went down in July was dogecoin (DOGE) – the winner of the second quarter and the first half of 2021. It’s down 14%.
Top winners in July
And we’ve got a full list of top 10 best-performing coins among the top 50 by market capitalization. Axie Infinity (AXS) is leading it by far, having gone up nearly 724%. The coin was hitting its multiple new all-time highs in July. In a mid-July post, the team behind it said that they “continue to see unparalleled growth,” also announcing that they would be deploying dedicated servers specifically for esports events over the next few months.
The very distant second and third place are taken by OKB and terra (LUNA), which went up 87% and 83%, respectively. AAVE was up 41%, FTT 44%, while the remaining four’s increases range between 24% and 28%.
Top losers in July
Though the green list is full, the red is too. Yet, the falls are not as large in comparison to the increases. The leader of this list is one of June’s winners, shiba inu (SHIB). In July, it dropped more than 25%.
It’s the only coin to fall more than 20%, while only two more saw double-digit drops: DOGE and THETA. While filecoin (FIL) depreciated nearly 5%, ethereum classic (ETC), bitcoin sv (BSV), and algorand (ALGO) all went down between 2% and almost 3%.
Lastly, polygon (MATIC) fell less than 2%, while tron (TRX) fell less than 1%.
Winners & losers from top 100
Looking at the ten best performers among the top 100 by market capitalization, we find AXS at the top, and it’s followed by FLOW and quant network (QNT), which went up 147% and 118%, respectively.
When it comes to the drops, the highest among them is mdex (MDX)’s 30%, followed by SAFEMOON, telcoin (TEL) and SHIB, all of which went down between 25% and 26%.
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Source: Cryptonews
