Bitcoin had a blast in July, along with major cryptocurrencies which achieved their best production in the last month.
During the month of July, Bitcoin grew by around a quarter and briefly touching the elusive $24,000 mark, while Ethereum grew by close to 50 percent and traded for around $1,700.
Despite the Federal Reserve’s decision to raise interest rates by 0.75 percent and fears that the economy may be entering a recession, BTC’s performance was remarkable.
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As of this writing, Bitcoin is trading at $22,774, up nearly 7% in the last seven days. More importantly, BTC’s 30-day ascent is the biggest surge the crypto had since October, data from Coingecko show.
Ether (ETH), the second-largest cryptocurrency behind Bitcoin in terms of market capitalization, outperformed Bitcoin by 57 percent in July, ahead of the forthcoming migration to Proof-of-Stake.
Ethereum is trading at $1,577, up nearly 9% in the last seven days, Coingecko figures noted.
Chart: Arcane Research
Can Bitcoin Carry On Its July Performance This August?
According to data released by Arcane Research on Monday, after a terrible start to the year, July was the best month for Bitcoin in 2022, with a nearly 17 percent price increase.
The crypto declined after hitting its highest levels since mid-June on Saturday in the face of optimism that the crypto market may have finally thawed from its worst levels.
BTC fell as much as 3.6% to $22,958 on Monday after surpassing $24,000 over the weekend, marking its highest level since mid-June.
June was the most volatile month for Bitcoin in the past decade. In it, BTC fell from $30,000 to a multi-year low of $17,500, and after recovering some ground by the end, it concluded with a 37 percent loss.
Bitcoin Showing Renewed Strength, Despite Terrible Start For 2022
The year has been difficult for the leading cryptocurrency, but according to Arcane statistics, selling ceased in July. With a monthly return of 16.6%, BTC recorded its best month of 2022 and its greatest monthly return since October of last year.
Bitcoin is still well behind its November record high of roughly $69,000, but it has recently shown some renewed vigor as the stock market has also risen. The S&P 500 rose about 10 percent in July, its largest rise since November 2020.
Meanwhile, August has historically been a poor month for cryptocurrencies, and many analysts are cautious. Overall, it’s still early, and we’re not out of the woods yet.
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BTC total market cap at $437 billion on the daily chart | Source: TradingView.com Featured image from TIME, chart from TradingView.com