The biggest crypto highs and lows of July; Ethereum-linked token skyrockets 400%

After the end of a quarter that was negatively marked with Bitcoin (BTC) falling below $20,000, the month of July closes amid a strong recovery in the market, which has gained more than $200 billion in capitalization. in the last 30 days.

Bitcoin hit a high of almost 20% in the period, following the exchanges in reaction to the changes in the macroeconomic scenario and the consecutive 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 started to consider that the monetary tightening may have reached its peak, and is already starting to price 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 widespread contamination in the sector caused by the credit crunch that followed the fall of the cryptocurrency. hedge fund Three Arrows Capital (3AC).

Furthermore, the announcement of a new date for an update that will see Ethereum (ETH) change its mining system has fueled a strong rally in the second-largest cryptocurrency on 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 out the biggest highs and lows of July 2022 below, considering only the 100 most valuable assets (remembering that the cryptocurrency market does not close, so there may be variations until the end of the 31st):

biggest highs of july

In light of Ethereum’s gains, the best performing altcoins are those impacted by speculation surrounding the cryptocurrency’s network upgrade.

This is the case with Lido (LIDO), a token from the platform of the same name that soared almost 400% in July due to the greater belief among investors that Ethereum will successfully adopt the staking system, which delivers income to investors in exchange for the work of validation of the data that travels on the blockchain – Lido is a staking intermediary.

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

As a result, investors expect that Ethereum Classic will be able to grow by inheriting miners who will leave Ethereum from September, when the upgrade takes place. The ETC token is up 160% in the month ending this week.

The ranking of highs for the month also includes the Curve DAO Token (CRV) protocol and Convex Finance (CVX), a solution that maximizes returns on assets deposited at Curve.

The top 5 biggest highs of July still counts Bitcoin Gold (BTG), an ancient cryptocurrency born from the original Bitcoin code that has skyrocketed more than 100% in the month without a clear cause.

The cryptocurrencies with the highest gains for July 2022 (as of 1:30 pm on the 29th):

cryptocurrencyMonth closureVariation
Read DAO (READ)$2.25+398.45%
Ethereum Classic (ETC)$38.84+160.32%
Bitcoin Gold (BTG)US$ 33.77+120.14%
Convex Finance (CVX)$7.77+115.83%
Curve DAO Token (CRV)$1.46+113.92%

biggest drops of july

This month’s rebound was strong enough to leave the list of all-time lows with just four cryptocurrencies, and only one with a really sharp drop.

The worst result was again from TerraClassicUSD (USTC), previously just called TerraUSD (UST), which collapsed along with the Terra (LUNA) project in May. Despite the project being relaunched, the former stablecoin remained traded on exchanges, but its price remains far from the $1 par for which it was intended.

Amid complete user flight and dwindling hope that the Terra blockchain will revive, the crypto closes July down 22.2% at $0.03.

Then comes the UNUS SED LEO (LEO), a token from the Bitfinex exchange that was alone in the list of highs for the first half of the year, with an accumulated gain of more than 48%. After taking profits, the cryptocurrency reaches the end of July with a drop of 10.92%.

LEO’s pullback 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 in the “crypto winter” and announced, at the end of June, the cut of 300 employees.

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

The cryptocurrencies with the biggest drops of July 2022 (as of 1:30 pm on the 29th):

cryptocurrencyMonth closureVariation
TerraClassicUSD (USTC)US$ 0.03642-22.20%
UNUS SED LEO (LEO)$5.14-10.92%
Huobi Token (HT)US$ 4,486-7.44%
Helium (HNT)$9.14-2.45%

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About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

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