Coin Race: Top Winners/Losers of July; Ethereum & Ethereum Classic Win the Month
June 2022 is behind us, and it seems that there were fewer avalanches for traders and investors to live through during this crypto winter month than the one that preceded it.
As a reminder, June saw the crypto market drop substantially, with all coins in the top 10 by market capitalization seeing double-digit percentage losses and the top two cryptoassets, bitcoin (BTC) and ethereum (ETH), recording a weaker performance than in May. For example, this was BTC’s worst month on record, with a 40% drop.
Yet, after the initial shock of the market crash and all the massive issues surrounding companies such as Terra (LUNA), Three Arrows Capital, Celsius Network (CEL), Voyager Digital, BlockFi, and others, the market finally saw green.
Top 10 coins in July
Looking at the top 10 coins by market capitalization clearly shows what a turn for the greener July had taken. All coins – except for one – saw double-digit increases (not taking stablecoins into consideration).
The undeniable winner of the month is ETH, with a rise of more than 58%. It is notable that the month was filled with the news of the upcoming Merge, when the project will move from the current proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS). This has been tentatively scheduled for September.
ETH is followed by BNB, the native token of the Binance exchange, which went up 30%, as well as solana (SOL) and its 29% rise. Then come XRP and BTC, both of which appreciated more than 19% during the past month.
Best from the top 50 in July
And the greenery continues in the top 50 category by market capitalization, where the throne is occupied by ethereum classic (ETH) – it appreciated nearly 150% in July. At one point in mid-July, ETC rallied in the market and outperformed ETH on a year-to-date basis. This is all happening as a narrative about Ethereum miners potentially switching over to Ethereum Classic as Ethereum transitions to PoS is gaining traction. Also, in late July, mining pool AntPool confirmed that it had invested USD 10m to support the Ethereum Classic ecosystem and plans to continue investing more.
As for the other coins on this list, they all appreciated between 52% and 59%, while the only coin from the top 10 included here is ETH.
Worst from the top 50 in June
Observing the red-to-green ratio in the top 50 is always among the best ways to learn how the coins performed in the month behind us.
Indeed, today we see a completely opposite situation from the one exactly a month ago. Only one coin ended July in red in this category, and that is LEO, an exchange token issued by Bitfinex. Interestingly, this had been the best performer in the month of June.
Best & worst from the top 100 in June
There were plenty of green coins to talk about in July among the top 100 by market capitalization. The first place is occupied by lido DAO token (LDO), with a monthly increase of 365%. Lido Finance made news in July, as it announced that it aimed to expand services across various Ethereum Layer 2 scaling solutions, but it also put forward a proposal that turned out to be unacceptable – the community members voted against selling LDO 10m tokens to crypto investment firm Dragonfly Capital for DAI 14.5m, and the team soon came back with a second, “better”, proposal.
LDO is followed by the already mentioned ETC, FIL, and MATIC. The second part of the ten best performers among the top 100 include bitcoin gold (BTG), QNT, curve DAO token (CRV), and convex finance (CVX), respectively – all of which are up between 95% and 80%. The last on the list is the troubled CEL, which, despite the mess it has found itself in, managed to finish July with a rise of 79%.
Not taking stablecoins into consideration, there were only four red coins among the 100. Huobi token (HT) is in the sixth place with a drop of 3%, the mentioned LEO is in the third place, the very troubled terra classic (LUNC) occupies the second place with a 17% fall, and in the first sits tenset (10SET) with a fall of 17%.
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