Looking at the monthly charts, July saw BTC produce its second best performing month of price action during 2018 after gaining in value by more than 20%. By contrast, the majority of leading cryptocurrency markets by capitalization posted their third consecutive red monthly candle. Stellar was the highest performing top crypto market during July, gaining roughly 45% over USD.
Also Read: Markets Update: Cryptocurrency Price Trends Turn from Bullish to Bearish
BTC Gains 20% During July
In July, the BTC markets posted their second strongest performing month for 2018 so far. BTC gained approximately 21%, rallying from an opening price of roughly $6,400 USD at the start of the month to close at $7,730.
July saw a price action range of approximately 40%, bouncing from a low of roughly $6,100 on the 12th before posting a local top at $8,500 on the 24th. Despite the bullish price action, July’s monthly trade volume was the second lowest of 2018 thus far.
As of this writing, BTC has a market capitalization of $130.5 billion and is trading for approximately $7,610.
BCH Posts Modest Gains
The Bitcoin Cash markets produced a modest green candle for the month of July, gaining approximately 3.5% from roughly $750 at the start of the month before closing at around $775.
Despite the modest gain, BCH traded within a 35% range, with Bitcoin Cash testing support at roughly $660 on the 12th of July before ramping up to test resistance at $890 on the 18th. When measuring against BTC, BCH lost approximately 17%, with BCH/BTC starting the month at roughly 0.117 BTC before closing at 0.1 BTC.
As of this writing, Bitcoin Cash has the fourth largest market capitalization with nearly $13.2 billion and is trading for roughly $760.
Many Leading Altcoins Post Third Consecutive Monthly Red Candle Against USD
Ethereum posted its third consecutive red monthly candle for July after dropping by 5% from an opening price of roughly $455 to close at around $430. ETH traded within an approximately 19% range, with ETH/USD posting a low of $420 on the 12th of July before ramping up to test resistance at $515 on the 18th. The trade volume for ETH/USD during July was the lowest monthly volume posted this year thus far.
Ethereum also lost 22% of its value when measured against BTC in July, falling from an opening price of 0.071 BTC to close at roughly 0.055 BTC. Ethereum currently boasts the second largest cryptocurrency market cap of almost $43 billion and is trading for roughly $420.
The USD price of XRP fell for the third month in a row, by 7% from July’s opening price of $0.468 to close at $0.435. XRP traded within a roughly 19% range for the month, bouncing off a low of $0.425 on the 12th of July before rallying to test resistance at $0.525 on the 18th.
When measuring against BTC, XRP fell by roughly 23% from the month’s opening price of 0.0000732 BTC to close at 0.0000562 BTC. Monthly trading volume for both BTC and USD XRP pairing was the lowest of 2018 so far. XRP is currently the third largest market cap with $17.7 billion and is trading for $0.45.
EOS also posted its 3rd consecutive red monthly candle after falling by roughly 10% during July from an opening price of $8.11 to close at roughly $7.3. EOS traded within a 30% range after testing a low of $6.6 on the 12th before rallying to test resistance at $9.35 on the 18th of July.
When measuring against BTC, EOS fell by 25.5% from the month’s opening price of 0.001275 before closing at roughly 0.0095. EOS is currently the fifth largest market by capitalization with $6.6 billion and is trading for $7.33.
Stellar Gains 45% During July
Of the top cryptocurrency markets by capitalization, Stellar produced the strongest performance during July.
The Stellar markets gained roughly 45% from the month’s opening price of roughly $0.1935 before closing at $0.28. The total range for the month’s price action was more than 95%, with Stellar bouncing off $0.18 on the 12th of July before testing $0.35 on the 25th of July.
Stellar was the only leading altcoin to gain over BTC during July, gaining nearly 20% from 0.00003 BTC before losing at roughly 0.000036.
Poloniex – STR/BTC – 1M
The month’s bullish action has propelled Stellar to the position of sixth largest market capitalization with $5.17 billion. Stellar is trading for approximately $0.27 as of this writing.
Do you think that altcoins will continue to bleed out against BTC this coming month? Share your outlook in the comments section below!
Images courtesy of Shutterstock, Trading View
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