Bitcoin briefly hit its highest level since the beginning of June at ~ $24,500
July has provided the much-needed relief rally in the crypto market — a welcome turn of events for the battered digital assets’ investors/traders. While Ethereum investment products led July gains, Bitcoin ended July with a 17% gain — the best month for the premier digital coin since Oct. 2021 (chart above). The classic relief rally was dominated by Altcoins, as the mid-cap index emerged as the clear winner with a gain of 40%. Large Cap Index closed July with a 26% gain.
I might sound like a broken record, but the first six months of this year have seen relentless selling. Finally, the selling stopped in July. Bitcoin posted a monthly return of 16.6% — the best monthly return in 2022 and the highest in 9 months. Only two other months recorded gains this year — February and March, with 12% and 5% gains, respectively. This monthly gain stands out, even more, considering Bitcoin posted the worst monthly performance in June, since 2011.
Most of the time, Bitcoin determines the direction of the broader crypto market with its outsized influence, but Ethereum completely outpaced its contemporary this month as it heads towards the upcoming migration to the Proof-of-Stake protocol. The transition is expected to occur in September. Bitcoin’s correlation with the U.S stock market has continued to highlight itself — Bitcoin bottomed on June 18th, just a day after the stock market bottomed and started rising again.
Originally Published on Medium
Email | Twitter | LinkedIn | StockTwits | Telegram | Newsletter
