Promising Cryptos: Top 5 Performers for the Month of July!

While the bear market has hit cryptocurrencies hard since the start of the year, there was nevertheless some technical recovery in the market during the month of July. According to data collected on Coinmarketcap, the total capitalization of cryptocurrencies grew by 30.7% in July. Some projects have managed to achieve triple-digit performance, e.g. during bull market periods. In this article, discover the top 5 cryptos that have experienced the highest increase in monthly data.

In context

For almost ten months, cryptos have developed in a bear market. On average, the value of digital assets has fallen by more than 70% from their ATH. May and June were the deadliest months for the sector. The collapse of the Terra ecosystem, the inflationary situation, the conflict in Ukraine, together with the main central banks’ monetary policy tightening shook the financial markets during this period.

During the month of July, however, the crypto market, along with other risky assets, took a breather. Notably, Bitcoin rose 21.4% during the month. Ethereum also saw a nice monthly rally of 61.5%. Other altcoins such as BNB, Solana or Polygon saw their prices increase by 34.9%, 33.1% and 102.9% respectively monthly.

This increase is primarily due to the optimism surrounding the Ethereum migration scheduled for September 19. The global recovery trend in the financial markets has also worked in favor of cryptocurrencies. Wall Street’s flagship index rose 9.11% in July. The CAC 40 on the Paris Stock Exchange has gained 8.71% over the last 30 days. The index on the Frankfurt stock exchange, namely the DAX 30, also rose by 5.48%.

Crypto selection method

Based on the monthly performance of cryptocurrencies, we have chosen to present you the 5 projects among the top 200 in the market, which experienced the strongest increase in July. The method we have chosen to select these 5 cryptocurrencies is based on the development of the price at the beginning of the month compared to a monthly peak regardless of its performance after the ATH (monthly).

This means that a project can be selected even if its price returns to the price at the beginning of the month after the monthly ATH. Fortunately, the cryptos in our selection have not deviated too much from their monthly ATH.

As for the sample, we stopped at the top 200 because we did not want to take into account projects with a capitalization of less than $100 million.

So without further ado, here are our top 5 promising cryptos for the month of July.

Bitcoin Standard Hashrate Token (BTCST): The token for cryptominers

Crypto Start course Monthly high Current course ATH
Bitcoin Standard Hashrate Token (BTCST) 5.4 USD 40.1 USD $29.17 $91.94

This crypto saw a meteoric rise during the month of July. Its price has actually increased by 642.59% during the month. As you can see on the chart, its rise comes at the end of the month. Over the past three days (July 28 to 31), the price of BTCST rose from $12 to $40 and then fell to $29.17. Clearly, the crypto has had an extreme streak of volatility.

If the reasons behind this increase remain unknown, Bitcoin Standard Hashrate Token is still quite an interesting crypto project. This is an application that seeks to bring liquidity to the Bitcoin mining market. Knowing the huge cost of mining, BTCST gives everyone an opportunity to expose themselves to this sector at the lowest cost.

During the bull market, the price of the token had risen as high as 91.94%, but eventually fell to $4.3 during that year. This increase will have allowed BTCST to erase some of its losses in May and June.

Lido Dao (LDO): Crypto Prepares for the Ethereum Merger

Crypto Start course Monthly high Current course ATH
Lido Dao (LDO) $0.46 $2.40 $2.32 $7.30

It is one of the projects that has been greatly affected by the fall in the crypto market. The flagship of the protocol, namely staked ether, has experienced a serious depeg compared to Ethereum. The threat of liquidation of other products from struggling companies such as Celsius Network has shaken Lido DAO.

Fortunately, the optimism surrounding the migration of Ethereum allowed stEther to gradually regain its parity value with ETH. Thus the Lido DAO token, LDO has made an extraordinary leap in the crypto market. Its value rose from $0.46 to a high of $2.40 during the month of July, an approximate increase of 421.73%.

Lido Dao is a platform that allows users to stake their ethers in smart contracts. In return, the protocol gives them stEther tokens that they can use in other decentralized finance protocols for lending or yield farming.

Optimism (OP): Layer 2 of Ethereum Explodes

Crypto Start course Monthly high Current course ATH
Optimism (OP) $0.53 $1.80 $1.76 $2.10

Optimism is one of the cryptocurrencies that has greatly benefited from the Ethereum rally. Its token registered a growth of 239.62% during the month of July.

Three factors fueled Optimism’s rise. First, there is the news of Ethereum’s mainnet. Next, Optimism officials announced at the EThcc conference that they plan to implement the Proto-Danksharding or EIP-4844 enhancement proposal. Finally, there is TVL for the ecosystem, which has doubled in the last 30 days.

Remember that Optimism is a layer 2 protocol of Ethereum. Its blockchain is home to projects like Synthetix, Uniswap and Velodrome.

Ethereum Classic: Hunt for the Two Biggest Cryptos on the Market

Crypto Start course Monthly high Current course ATH
Ethereum Classic (ETC) $14.6 44.1 USD $39.22 $167.09

Ethereum Classic took advantage of the merger news, but in reverse. Unfortunately, when Ethereum switches to the Proof of Stake consensus mechanism, miners in the ecosystem will be forced to cease operations because validating transactions and creating new tokens within the network will no longer be done based on computing power.

Miners will then seek refuge in Ethereum Classic, which will continue to operate under the proof-of-work mechanism. So all this context has created some excitement around the token. Over the last 30 days, the price of Ethereum Classic has increased by 202.50%. According to experts, the ETC token should continue to rise, at a much higher rate than Ethereum or Bitcoin.

Pundi X (PUNDIX): Blockchain for Traders

Crypto Start course Monthly high Current course ATH
Pundi X (PUNDIX) $0.39 $0.7929 $0.6919 $10.07

Pundi X is definitely the least known crypto on this list. It is actually a project created in 2017. The purpose of the creators is to promote other use cases of cryptocurrencies than trading on exchanges. Pundi X is very focused on payment solutions for retailers.

During this month of July, the price of Pundi X took 120.25%. As you can see from the chart, the surge in crypto comes at the end of July. At the time of writing, the price of PUNDIX has taken over 65%.

Disclaimer

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