July encryption market review: ETH ETF online failure, SOL pump against the trend, XRP leads the July gain

Original author: VIKTOR

Original Compilation: DeepC TechFlow

BTC: After breaking through the 4-month range, it rebounded and finally challenged the $70,000 resistance level.

BTC experienced a sharp fall in the first 5 days of this month, finally ending on July 5th with a range breakthrough and market dumping (including AltCoin and BTC), falling to as low as 53,500. This dumping is likely due to improper Holdings by market participants, but the main panic news at the time was the German government selling 50,000 $BTC confiscated a few years ago.

Subsequently, $BTC fluctuated between $54,000 and $58,000 for a few days. On July 13th, Donald Trump was shot at a meeting, which triggered a strong rebound of $BTC for several days and also increased the possibility of Trump winning the election. Within a week, $BTC basically pumped to $68,000 with almost no pullback. All of this happened while Mt. Gox began distributing $BTC to creditors, involving billions of dollars of $BTC, but the price impact on BTC was not significant, which was considered a very bullish signal.

On July 27, Trump gave a speech at the BTC conference in Nashville and it was reported that he would announce the launch of BTC strategic reserves if he was re-elected. This caused a lot of fear of missing out in the market, and $BTC broke through $69,000 in the few hours before the speech. During the speech, the price slightly fell, but the mentioned “strategic reserves” were seen as a quite bullish signal.

Subsequently, as $BTC approached $70,000, the open interest (OI) continued to pump (although this is usually a sign of disaster, but will it be different this time? Haha), it touched $70,000 in just one second and then fell back to $66,000 within a few hours. The month closed at $65,000, and now we know that dumping continued to fall below $50,000 in early August, but this will be discussed in the next monthly review.

ETH ETF is launched, price performance is not good

ETH has been following BTC in the first half of July, with slightly inferior performance. ETH ETF was launched on July 23rd, and although the volume was not particularly disappointing compared to expectations, we saw a large amount of ETHE outflow every day after the launch. ETHBTC dumped big to 0.048 on the second and third day of ETF trading. $ETH closed at $3,230 at the end of the month, and the overall performance of the ETF launch was disappointing.

Most direct ETH beta Tokens also performed poorly in July.

$SOL and its ecosystem perform exceptionally well

Although ETH’s performance is average, $SOL, on the other hand, has outperformed the market throughout July, pumping from the bottom by over +50% and nearing $193 at the end of July.

SOLETH is approaching the All-time high and has reached the resistance level that was previously rejected three times in March, April, and May. $JUP is the beta Token most directly related to $SOL, and other outstanding performers in this ecosystem include: $PYTH, $JTO, $RAY, $HNT.

CAT leader: $POPCAT, $MOG and $MEW

In July, Catcoin became the most outstanding currency in the market: $MOG and $POPCAT became the new “PEPE and WIF”, always performing best during the pump. They both reached a new ATH and were close to a market capitalization of $1 billion. $MEW also joined this list, becoming the third most important cat coin, almost tripling from bottom to top.

Unexpected surprise, $XRP leads the July increase

An unexpected coin performed well in July - $XRP significantly outperformed the market, ending July with a +31% increase. One factor driving this trend is the rumor about a possible settlement between Ripple and the SEC. Other coins that performed strongly in July include: $TRX, $BCH, $XMR, $XLM, $ZEC.

Decentralized Finance 1.0 giants $MKR and $AAVE are performing well

In July, a coin was significantly affected by a piece of news, that is $MKR. The news is BlackRock’s plan to apply for MakerDAO’s $1 billion coinized national treasury plan, which caused $MKR to pump +10% within a few hours, and overall pumped from the bottom to the top +50%.

MKR belongs to the Decentralized Finance 1.0 token, which, despite its low valuation, has generated a substantial amount of income. Another similar token is AAVE, which has performed strongly since May 2024, surpassing the market. They have also announced the new Aavenomics, which will introduce fee adjustments for $AAVE Token holders.

AltCoin’s dumping and Rebound, $WLD’s shorts squeeze

As I mentioned before, July 5th is the sell-off day for AltCoin, accompanied by a large amount of liquidation, usually followed by a strong Rebound. Many high FDV and low circulation risk investment coins experienced a Rebound, some of which dropped from the All-time high by 80% to 90%, with Rebound ranging from +40% to 2 times.

Especially on $WLD, there was a strong squeeze as they announced an extension of the vesting period for certain Tokens. $WLD experienced a short-term squeeze of +85% in 2 days, and then fell back again. Overall, AltCoin performed less well than BTC in the second half of July.

AltCoin dumping, Rebound, and then performing poorly again.

Ordinals quietly perform well

After the dumping in early July until the end of the month, ordinals became one of the best performing tokens, mainly including $SATS, $ORDI and $RATS. However, the Runes Token, which was originally considered the next evolution of ordinals, did not perform well.

Among the new coins, only $ZRO has performed well.

In July, there were not many major currencies launched. $AVAIL went live, it is a data availability solution, competing with Celestia.

Among the recently launched coins, the most remarkable one is $ZRO, which rose from $2.5 to $5.5 within this month. $TAIKO also performed well in the market until the end of July.

Will $NEIRO become the new DOGE?

The mother of Kabosu, the original owner of the meme $DOGE dog, has posted a photo of her new Shiba Inu, Neiro. Naturally, people rushed to create the ‘DOGE #2’ meme coin, resulting in three $NEIRO meme coins: two on Solana and one on the Ethereum network.

In the first few days, two tokens on Solana were the obvious leaders, taking turns leading each other, but surprisingly, $NEIRO on ETH ultimately emerged as the winner, with a market capitalization approaching $200 million at the end of the month.

Best Performing Coin List:

Best performers in large-cap coins in July:

• XRP : + 31%
• ZRO : + 28%
• JTO : + 23%
• JUP : + 22%
• SOL : + 17%
• TAO : + 11%
• TAIKO : + 11%
• ICP : + 10%
• AAVE : + 10%
• MKR : + 10%
• PYTH : + 9%
• KAS : + 8%

Some smaller currencies performed well in July:

• NEIRO: 5 0X (if purchased in the first few days)
• BNX : + 70%
• ZEC : + 61%
• DSYNC : + 67%
• OM : + 49%
• MEW : + 47%
• HONEY : + 46%
• ALPH: +46%
• ZEN : + 44%
• HNT : + 41%
• SATS : + 39%
• KMNO: +30%
• GAL : + 25%

Smaller currencies:

• SCF: If invested early, the increase can reach 10 0X
• ZKML : + 282%
• MUMU: + 277%
• Y 2 K: +256%
• AZUR : + 97%
• RETARDIO : + 72%
• STMX : + 72%

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