Bitcoin surged 19% in July, the best trading month since 2021
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Answer Bitcoin surged 19% in July, the best trading month since 2021
Bitcoin is down more than 65% from its all-time high recorded in November 2021 at $69,000, but it has had a unique month since last year, as the largest cryptocurrency surged 19% in the past 30 days and is set to post its best month since last year.
trading Bitcoin is at $23,800 at the time of writing, up 4.7% for seven days.
But most importantly, Bitcoin’s 30-day rally is the biggest since October.
These can be considered bullish signs, as Bitcoin and the rest of the cryptocurrency market have previously been hit hard by rising inflation and a possible global recession.
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With the Federal Reserve raising interest rates, investors usually get rid of risky assets.
This includes US stocks and cryptocurrencies, led by Bitcoin.
Given today’s data, Bitcoin is doing better than expected and is still closely aligned with the US stock market, a typical pattern seen in 2022.
US stocks rose for a third day in a row on Friday, and are set to make their best.
Investors seem less afraid of the Fed’s moves to cool inflation.
Bitcoin is not a digital currency that has had a good month, with Ethereum now trading for $1,700, a 62% increase over the last 30 days.
This is likely related to the long-awaited Ethereum upgrade known as the “merge.”
By September, Ethereum is expected to transition to a more energy-efficient consensus mechanism called PoS.
This upgrade will eliminate the need for miners, and will instead rely on validators to maintain the security of the network and process transactions by locking the cryptocurrency into wallets that support the process.
Some say the merger could have a deflationary effect on the cryptocurrency, so investors are more bullish on Ethereum than before.
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