Cryptocurrencies-leaders And Outsiders Of The Market In July 2022
The digital market is highly dependent on external factors. In July 2022, the US Federal Reserve System (FRS) raised the key rate by 75 basis points for the second time. Cryptocurrencies reacted by rising rates. During the day, July 26-27, Bitcoin rose by 9.2% (from $20.78 thousand to $22.71 thousand). By the beginning of August, the rate of the leading cryptocurrency rose by another 5%, to $23.85 thousand. In total, the monthly growth of BTC amounted to 24.8%. The asset’s capitalization increased by 23.7% (from $367.52 billion to $454.9 billion).
Top coins traditionally followed the flagship. Ethereum grew by 69.3% over the month (from $1.01 thousand to $1.71 thousand), BNB – by 40% (from $212.16 to $297.06). The market generally added 23.7% of capitalization (from $921 billion to $1.14 trillion).
Top 5 Most Profitable Cryptocurrencies for July 2022
After positive changes in the community, they started talking about a trend reversal. However, many experts warn that the crypto winter is in full swing, and the market growth should be considered temporary warming.
Lido DAO is a native token of the Ethereum betting platform of the same name. The project makes ETH 2.0 staking liquid and accessible to users with any deposit. LDO is traded on major exchanges (Binance, P2PB2B, Huobi). The average daily volume of transactions with the coin is $227.06 million.
In second place in terms of profitability is Ethereum Classic (ETC). In July 2022, the fork of the leading altcoin increased by 181% (from $14.47 to $40.67). Unlike the prototype, ETC has a limited supply of 210.7 million coins. There are 136.15 million units in circulation with a total value of $5.11 billion.
Third on the leaderboard is Bitcoin Gold (BTG). Over the past 30 days, the coin has grown by 133.31% (from $14.98 to $34.95). The asset’s capitalization increased by 130.3% (from $264.48 million to $608.84 million).
Bitcoin Gold is one of the first forks of Bitcoin. The project solves BTC scalability issues by changing the mining algorithm. BTG uses Equihash, which allows you to mine cryptocurrency on video cards.
The top 5 most profitable cryptocurrencies also included:
- Polygon (MATIC) — the coin increased by 111.1% (from $0.45 to $0.95).
- Quant (QNT) — the asset has risen in price by 101.1% (from $52.43 to $105.48).
Rating of unprofitable coins for July 2022
Despite the generally upbeat mood of the market, some cryptocurrencies from the top 100 by capitalization sank in price. Investors lost 0.1-18.3%.
Tenset is a deflationary token that works on a unique technology. The asset combines the most promising cryptocurrencies in one portfolio. This allows you to maintain a stable return on investment. Nevertheless, in July, the capitalization of 10SET decreased by 7.22% (from $691.19 million to $641.23 million).
The second in the list of cryptocurrencies with the worst yield in July was LEO Token (LEO). In 30 days, the asset lost 10.74% of its value. In early July, LEO was trading at $5.77. By the end of the month, the price had fallen to $5.15.
LEO is the utility token of the iFinex financial platform. Asset holders receive preferences in the form of special conditions for margin trading and payment of commissions. At the end of July, the capitalization of the cryptocurrency is $4.81 billion, which is 10.5% less than at the beginning of the month ($5.38 billion).
The collateral token Amp (AMP) was among the top three losers. In July, the cryptocurrency fell by 10% (from $0.01 to $0.009). AMP is built on the Ethereum blockchain to facilitate the transfer of ownership. The token instantly insures any transactions as long as they remain unconfirmed on the network.
The top 5 coins with the worst returns in July 2022 also included:
- PAX Gold (PAXG) — the cryptocurrency lost 3.8% (from $1.83 thousand to $41.76 thousand).
- Dai (DAI) — the price of an asset decreased by 1% (from $1 to $0.99).