MKR, XRP, and XLM Shine in July While BCH and Other Cryptos Fall
- Maker, XRP, and XLM are part of the best-performing cryptos in July as they recorded 47 percent, 46 percent, and 35 percent price gains respectively.
- Bitcoin Cash and Litecoin, however, recorded negative gains in July ahead of August which is termed as a “seasonal risk.”
July 2023 was one of the best months in the first half of the year as several cryptos recorded incredible growth to regain a considerable proportion of their lost gains from a series of unfortunate crypto events. MakerDAO’s (MKR) saw a massive gain of 47 percent in July with its near one-year high coming on July 21. This was after the introduction of the buyback program of the token. Maker still has a bullish sentiment, and has in the last seven days surged by 15 percent to trade at $1,333.46.
XRP was the second-performing asset with a surge of 46.6 percent in July. Its rally was triggered by the court ruling that the token sales on exchanges do not constitute an investment contract. Immediately after this, it nearly doubled its price to hit 93.8 cents on July 13. As of press time, the asset had pulled back to trade at $0.695303. In the last seven days, XRP has fallen by 1 percent.
Stellar’s XLM token also saw an interesting surge of 35 percent in July. XLM is currently trading at $0.149683 and has made a seven-day gain of 4 percent. Analysts believe that this performance was a result of the research paper issued by the Stellar Foundation to explain its off-ramps. In just 24 hours, the asset moved by 12 percent on the price curve. According to Christopher Newhouse, an independent crypto derivatives trader, the research paper changed the narratives of investors to see it as an opportunity for a more fundamental-based move.
Solana Saw Growth While BCH, LTC, and Other Cryptos Performed Poorly
These named assets were followed by Solana (SOL) which recorded a growth of 25 percent in July. The asset has lost some of its gains to a mere 1 percent growth in the last seven days and a current price of $23.67.
The market could even gain more traction as the US Securities and Exchange Commission is set to decide on the multiple spot Bitcoin ETF applications.
LMAX Digital spoke about this:
Approval of an ETF of a well-established and well-respected name like BlackRock could really open the door to a huge wave of demand, ushering in the next major push for institutional adoption.
It is also important to point out that the positive growth recorded in July did not affect all assets as Bitcoin Cash (BCH) lost 20 percent of its value with Litecoin (LTC) falling by 18 percent in the period under review. In August, the market is expected to remain stagnant or lose some of its gains as the final month of the summer is usually expected to see a weakened market depth. In the last 35 years, August has been the worst month on average for U.S. stocks. Bitcoin (BTC) saw a 14 percent fall in August 2022 with Ethereum falling by 8 percent in the same period.
Having admitted that August is a seasonal risk, FundStrat believes that things could go in the opposite direction. Bitcoin currently has a bullish market sentiment and is trading at $29,617.20 while Ethereum (ETH) has neutral market sentiment with a trading price of $1,858.79.
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