Promising Cryptos: Top 5 Artists for July!

While the bear market has hit cryptocurrencies hard since the start of the year, there was still some technical rebound in the market during the month of July. According to data collected on Coinmarketcap, the overall capitalization of cryptocurrencies grew by 30.7% in July. Some projects have managed to score triple-digit performances such as during bull market periods. Find out in this article the top 5 cryptocurrencies that recorded the highest increase in monthly data.

In the context

For nearly ten months, cryptocurrencies have been evolving in a bear market. On average, the value of digital assets has decreased by more than 70% compared to their ATH. May and June were the deadliest months for the industry. The collapse of the Earth ecosystem, the inflationary situation, the conflict in Ukraine together with the monetary tightening policies of the main central banks have shaken the financial markets in this period.

However, during the month of July, the cryptocurrency market, along with other risky assets, took a breather. Bitcoin notably gained 21.4% over the month. Ethereum also saw a nice monthly rally of 61.5%. Other altcoins such as BNB, Solana or Polygon have seen their prices rise by 34.9%, 33.1% and 102.9% monthly respectively.

This increase is mainly due to the optimism about the Ethereum migration scheduled for September 19. The global recovery trend in financial markets has also worked in favor of cryptocurrencies. Wall Street’s leading index jumped 9.11% in July. The CAC 40 of the Paris Stock Exchange has taken 8.71% in the past 30 days. The Frankfurt stock exchange index, the DAX 30, also grew by 5.48%.

Cryptocurrency selection methodology

Based on the monthly performance of cryptocurrencies, we have chosen to present you the 5 projects of the top 200 in the market that recorded the strongest increase in July. It is based on the methodology we have chosen to select these 5 cryptocurrencies the evolution of the price at the beginning of the month compared to a monthly peak regardless of its performance after the ATH (monthly).

This means that a project can be selected even if its price returns to the start-of-month price after the monthly ATH. Fortunately, the cryptocurrencies in our selection haven’t strayed too far from their monthly ATH.

As for the sample, we stopped in the top 200 because we didn’t want to take into account projects with a capitalization of less than $ 100 million.

So without further ado, here are our top 5 promising cryptocurrencies for the month of July.

Bitcoin Standard Hashrate Token (BTCST): the token for cryptocurrency miners

Crypto Start the course High monthly Current course ATH
Bitcoin standard hashrate token (BTCST) $ 5.4 $ 40.1 $ 29.17 $ 91.94

This cryptocurrency experienced a dramatic increase during the month of July. In fact, its price increased by 642.59% over the month. As you can see from the graph, its increase comes at the end of the month. Over the past three days (July 28 to July 31), the price of BTCST has risen from $ 12 to $ 40 and then dropped to $ 29.17. Clearly, crypto has had an extreme range of volatility.

While the reasons for this increase remain unknown, the Bitcoin Standard Hashrate Token is still a rather interesting crypto project. This is an application that seeks to bring liquidity to the Bitcoin mining market. When we know the immensity of the costs of mining, BTCST allows anyone to expose themselves to this sector at the lowest cost.

During the bull market, the token price had risen as high as 91.94%, but eventually dropped to $ 4.3 during that year. This increase will have allowed BTCST to write off part of its losses in May and June.

Lido Dao (LDO): Crypto prepares to merge Ethereum

Crypto Start the course High monthly Current course ATH
Lido Dao (LDO) $ 0.46 $ 2.40 $ 2.32 $ 7.30

It is one of the projects that has been largely influenced by the fall in the cryptocurrency market. The flagship of the protocol, namely Staked Ether, has seen a serious depeg compared to Ethereum. The threat of liquidation of stEther products by troubled companies like Celsius Network has rocked Lido DAO.

Fortunately, the optimism about Ethereum’s migration has allowed stEther to gradually regain its parity with ETH. Thus, the Lido DAO token, the LDO made an extraordinary leap in the cryptocurrency market. Its value jumped from $ 0.46 to a high of $ 2.40 during the month of July, an increase of approximately 421.73%.

Lido Dao is a platform that allows users to stake their ether in smart contracts. In return, the protocol provides them with stEther tokens that they can use in other decentralized financial protocols for lending or yield farming purposes.

Optimism (OP): Ethereum level 2 explodes

Crypto Start the course High monthly Current course ATH
Optimism (OP) $ 0.53 $ 1.80 $ 1.76 $ 2.10

Optimism is one of the cryptocurrencies that benefited greatly from the Ethereum rally. Its token recorded a 239.62% growth during the month of July.

Three factors have fueled the rise of optimism. First, there is the news of the Ethereum mainnet. Subsequently, optimism officials announced at the EThcc conference that they intend to implement the Proto-Danksharding or EIP-4844 improvement proposal. Finally, there is the ecosystem TVL which has doubled over the past 30 days.

Remember that optimism is an Ethereum layer 2 protocol. Its blockchain hosts projects such as Synthetix, Uniswap and Velodrome.

Ethereum Classic: stalking the two largest cryptocurrencies on the market

Crypto Start the course High monthly Current course ATH
Classic Ethereum (ETC) $ 14.6 $ 44.1 $ 39.22 $ 167.09

Ethereum Classic took advantage of the merger news but in a reverse direction. When Ethereum switches to the Proof of Stake consensus mechanism, miners in the ecosystem will unfortunately be forced to cease operations because the validation of transactions and the creation of new tokens within the network will no longer be based on computing power.

The miners will then take refuge in Ethereum Classic, which will continue to work with the proof-of-work mechanism. So all this context created some excitement around the token. Over the past 30 days, the price of Ethereum Classic jumped 202.50%. According to experts, the ETC token is expected to continue to rise, at a much faster rate than Ethereum or Bitcoin.

Pundi X (PUNDIX): The blockchain for traders

Crypto Start the course High monthly Current course ATH
Pundi X (PUNDICE) $ 0.39 $ 0.7929 $ 0.6919 $ 10.07

Pundi X is definitely the least known cryptocurrency on this list. It is in fact a project born in 2017. The goal of the creators is to promote other cases of applicability of cryptocurrencies other than trading on exchanges. Pundi X is very focused on payment solutions for retailers.

During this month of July, the price of Pundi X took 120.25%. As you can see from the chart, the rise in cryptocurrencies comes at the end of July. At the time of writing, the PUNDIX price has exceeded 65%.

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