July Is The Best Month For Cryptocurrencies So Far In 2018; Will The Trend Continue?

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During the month of July, Bitcoin increased by about 25% to $24,000, while Ethereum increased by nearly 55% to $1,700.

Cardano, Solana, Polkadot, Polygone, Dogecoin, and Shiba Inu all recovered quickly, helping to push the total value of the crypto market past $1 trillion.

According to WazirX Trade Desk, Ethereum’s gain will be twice as large as Bitcoin’s

Elon Musk’s Tesla sold 75% of its Bitcoin holdings in July, which was interesting. Last year, a portion of the company’s stock was sold.

Cathie Woods Ark made a $75 million bid for 1.4 million Coinbase shares. The SEC is looking into WazirX for allowing Americans to trade in tokens that should have been registered as securities, according to the company.

The global crypto market began to steadily recover last week as a result of a less hawkish Fed, lower inflation fears, and a resurgence in traders’ appetite for riskier assets.

In an interview with CryptoCompare, Edul Patel, CEO, and Co-Founder of Mudrex, stated that Ethereum and its associated products were the driving force behind the market’s recovery in July. “We’re only one step away from a merger,” he said.

Some cities in the United States, such as Miami, have consistently backed crypto expansion plans. According to him, the city of Miami is collaborating with Mastercard, Time, and Salesforce to launch 5,000 Ethereum NFTs.

According to Patel, Bitcoin will approach the $25,000 mark in the coming weeks. According to him, Ethereum could reach $2,000 if it consistently breaks the $1,700 barrier.

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Analysts believe that the market will continue to advance at its current rate

According to UniFarm’s COO and Cofounder Tarusha Mittal, the crypto market has seen a mini-rally in recent months, led by heavyweights like Bitcoin and Ethereum.

According to the researcher, Uniswap has seen a massive rally since its low point earlier this year, rising by more than 140 percent due to the excitement surrounding the activation of the “Fee Switch,” which is expected to reward Uniswap holders.

While macroeconomic factors will guide the financial markets, inflation, high energy costs, and recession fears will keep traders on their toes in the coming weeks.

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