Cryptocurrency in July: Who were the winners and losers?
In the month of July, we saw two-month highs for both daily volume and total market capitalization. Bitcoin grew in value by just under one third and broke past the much vaunted $8,000 mark which it continues to hover comfortably above. However, it fell back again to $7,500.
Total market capitalization climbed 14% from $257 billion to $293 billion by the end of the month. The first half of the month was in a downtrend with a low of $243 billion on the 13th, this was followed by a rally that took total market cap back over $300 billion for the first time since the second week of June.
Bitcoin continued to establish its dominance over other cryptocurrencies as its market share increased from 42% to 49%. The coin grew 15% month-on-month. However, other top coins did not follow suit.
Stellar (XLM): Stellar had one of the most spectacular performances in its history with a 42% gain, jumping from $0.19 to $0.27 in July. The price of XLM was driven by a new partnership with Singapore based payments provider, TransferTo, and another partner, SatoshiPay, entering the London Stock Exchange.
Bitcoin Cash (BCH): Bitcoin Cash (BCH) climbed around $66 from $750 to $816 over the month. The almost 9% gain follows a month of heavy losses in June for BCH and was likely driven by its big brother’s performance.
Cardano (ADA): Cardano made small gains in July which follows three months of heavy declines. ADA ended the month up 11.6% to $0.154 from $0.138 at the start. It was down trending at the end of July though and Cardano usually falls fast in these market conditions.
Ethereum (ETH): Ethereum started out at around $455 and trading at $457 by the end of the month. ETH briefly broke above $500 on July 18 during the mini bull run but rapidly retreated back to previous levels around $460. Notably, it is the third month in a row that Ethereum has made no gains.
Ontology (ONT): July was nothing short of tragic for Ontology with its departure from NEO and subsequent housing on its own blockchain. ONT tokens haven’t fared so well in that time, dropping from a price of $5.30 to the current valuation of $3.19, marking a 40% loss.
EOS: EOS dropped 4.6% across July sliding back from $8.15 to $7.77. Since it’s over-hyped and maligned mainnet launch, and the all-time high of over $21 at the end of April, EOS has crashed 63% in the last three months.