Altcoin season – a phenomenon that keeps crypto investors excited. Right then. This is a period of multiple wins, with valuations and prices of altcoins rising rapidly. This usually happens after a bull run in the price of Bitcoin. Now that summer is in full swing, altcoins seem to be having the time of their lives as they are all performing exceptionally well.
Altcoins are driving the market higher
Altcoins currently dominate the market – even if Bitcoin has posted decent gains. Investors were welcomed in July after the market downturn in June. The numbers for this month are now in – and they show: The crypto market had a good month in July.
Mid-cap altcoins have been the market winners for the past month. These cryptocurrencies, which continue to be proud of a strong community, produced the best results of the month. Data shows that the returns for the Central Capital Index were 40% – the highest of any index, by a wide margin.
Next came the Small Cap Index. Interesting: It lags the large-cap index because that index is known for being successful in markets like this. Still, the Small Cap Index posted the second highest return at 30% in July.
The large-cap index naturally lags behind its smaller peers. It saw a 26% return in June, only ahead of Bitcoin in this regard. Those numbers represent an incredible month for the market — despite the issues that plagued it.
Bitcoin continues with double digit returns
Bitcoin was not spared from the gains recorded in July either. The leading cryptocurrency has also followed the trend of double-digit gains – albeit at a much slower 17% compared to its smaller peers. This is due to the gains that saw Bitcoin rise above $24,000 at times. However, he also had to tackle the altcoins on another front.
The battle between Ethereum and Bitcoin continues to be a showdown for the history books. Ethereum’s strength against Bitcoin has recovered somewhat, with Ethereum recovering 0.43% of the market share.
Bitcoin market dominance is down 0.22%. Stablecoin dominance also decreased by 0.48%, 0.49% and 0.14% for USDT, USDC and BUSD respectively. This suggests that confidence in the market is returning and that investors are no longer flocking exclusively to ‘safe havens’.
Text credit: Bitcoinist
Last updated on August 4, 2022
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