Following the long and painful crypto market downturn in April and June that sent Kingcoin, Bitcoinand major altcoins, ethereum After chasing scary lows, the bulls regained strength in July.
While its price is far from the all-time high of November 2021, Bitcoin has grown by over 18% in 31 days. ETH, which ended the month with an index price of $1680, also gained 54%.
Latest Blockchain Analytics Platform Santiment report noted that two major cryptocurrencies have made significant progress on-chain in 31 days.
July 2022: BTC and ETH
Since the beginning of the bear market, when BTC and ETH began to rise further from their all-time highs at the turn of the year, sentiment from the trading crowd has been negative, according to analytics firm Santiment.
However, once the prices of these assets were corrected in July, trader confidence was restored, with Santiment saying that traders “price could continue to rise organically after an impressive July.” I have found that I have faith.
Source: Santimento
Key stakeholders have become increasingly skeptical of the coin’s hoarding, as the King Coin’s price has reportedly fallen over the past six months.
This is due to “concerns about inflation or further interest rate hikes scheduled for September (after the latest rate hike was announced last week), waning coronavirus concerns, or the ongoing war in Ukraine.” There is likely to be.
Moreover, in the past six months, major stakeholders holding between 100 and 10,000 BTC have given up 2.26% of the BTC supply, Santiment reports.
On the social front, Bitcoin’s social dominance reached a new all-time high in July. According to Santiment, the market downturn has “woke up traders to move away from shitcoins and back to their relatively safe haven: bitcoin.”
Hence the growth of social dominance. Looking at ETH reveals that social dominance has grown in the same pattern over the same period.
Source: Santimento
Additionally, within the 31-day period, Santiment found that on July 26, the ETH network logged an index of 1.06 million active addresses per day. It was the highest price ever.
In terms of BTC, the highest recorded daily active address for July was 994,000 registered on July 19th.
Source: Santimento
Finally, Santiment revealed that ETH became “very cheap to move” in July. This is a result of the decline in Ethereum circulation since the beginning of the year.
July saw a significant drop in transaction costs on the ETH network. Therefore the coins were moved cheaper.
Source: Santimento
