Ethereum rose 56% in July, while Bitcoin gained nearly 17%

In July, the price of the second-largest cryptocurrency by market capitalization rose by 56.6%, while Bitcoin posted more modest gains — 16.8%. According to ForkLog’s report.

Among mid-cap assets, the largest gain was shown by the the collapsing Terra ecosystem token. The asset rose 350% on the back of the recovery of the stETH/ETH peg.

Positive momentum was also seen in the OP token of the L2 protocol Optimism (over 200%) and Ethereum Classic (almost 150%). The latter’s rise was prompted by statements by Ethereum developers about the upcoming transition to PoS testnet Goerli. The community expects miners to migrate to the PoW protocol of the “closest relative.”

Among the underperformers were assets the collapsing Terra ecosystem in light of statements about the authorities investigating its collapse and conducting searches of top managers.

Shares of the vast majority of publicly traded crypto companies and miners rose in line with the market’s overall recovery. The exception was broker Voyager Digital, which filed for bankruptcy.

The month’s standout was Marathon Digital, whose shares rose 140%. The company said it remained committed to a HODL strategy, despite significant selling pressure from public miners.

By the end of July, almost all DeFi tokens in the top-20 by market capitalization were in the green — a reversal from the April–June 2022 period.

The best momentum was shown by the yEarn Finance project token — over the month the YFI price rose by 86%. The market value of Uniswap, Curve and SushiSwap tokens also rose significantly. This indicates growing user interest in decentralized platforms.

As of writing, Bitcoin is trading around $23,015, Ethereum around $1,670. The total market capitalization stands at $1.13 trillion.

Ark Invest analysts projected Bitcoin could rise by as much as 240% from current levels.

In August, Arcane Research analysts said that if Bitcoin sustains above $20,700, its price would quickly rise to the range of $27,000–$28,000.

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