MKR, XRP, and XLM were the top cryptocurrency gainers in July.

MKR, XRP, and XLM were the top cryptocurrency gainers in July.

The Surprising Winners and Losers of the Blockchain Industry in July

While bitcoin and ether, the two leading cryptocurrencies, experienced a slight downturn in July, two other tokens stole the show with significant gains. MakerDAO’s MKR surged by an impressive 47%, making it the top gainer among the constituents of the Coindesk Market Index (CMI). Following closely behind was Ripple Labs’ XRP, which added 46.6% to its value. This surge in XRP came as a result of a U.S. judge ruling that the sale of XRP tokens on exchanges does not constitute investment contracts.

The rise in MakerDAO’s MKR can be attributed to the introduction of a token buyback program. The token’s price surged to a near one-year high, capturing the attention of investors. On the other hand, Ripple experienced a momentous climb, reaching as high as 93.8 cents on July 13, immediately after the District Court for the Southern District of New York’s ruling. Although XRP has since pulled back to the $0.70 level, it still recorded significant gains for the month.

Stellar’s XLM token also saw noticeable gains in July, climbing by 35%. The Stellar Foundation’s release of a research report detailing its off-ramps was cited as a reason for the token’s sudden 12% jump in just 24 hours. This report created a narrative that XLM is one of the most well-connected and integrated USDC cash off-ramps, attracting traders looking for fundamental-based moves.

Another gainer in July was Solana’s SOL, which rose by 25%, likely influenced by the surge in Ripple’s value. However, not all tokens had a positive month. Bitcoin Cash (BCH) experienced a 20% loss, and Litecoin (LTC) dropped by 18%. Litecoin’s decline occurred just before its third halving event, which involves a 50% reduction in the pace of new issuance for the cryptocurrency.

As we enter August, historically a slower month for markets, there are still some positive catalysts to consider. One potential catalyst is an SEC decision on spot bitcoin ETF applications. The market is optimistic that this will eventually be approved, especially if it comes from a well-established and respected name like BlackRock. Such approval could open the floodgates for institutional adoption and drive significant demand.

Looking back at historical trends, August has typically been a challenging month for U.S. stocks. However, FundStrat suggests that the common perception of August as a risky month may mean it defies expectations this year. This adds an interesting twist to the usually sluggish market activity during this time.

In conclusion, July brought surprising winners and losers in the blockchain industry. While bitcoin and ether saw minor declines, tokens like MKR, XRP, XLM, and SOL experienced significant gains. The market now turns its attention to August, anticipating potential breakthroughs in the form of SEC approval for bitcoin ETFs and hoping to break the traditional pattern of a slow summer month. The future of the blockchain industry holds many exciting developments, and investors are eagerly waiting for the next major push towards institutional adoption.

Table: July Performance of Key Cryptocurrencies

Cryptocurrency Monthly Performance
MKR +47%
XRP +46.6%
SOL +25%
BCH -20%
LTC -18%

Source: Coindesk Market Index (CMI)

  • Alpher, Stephen. (July 2022). “The Surprising Winners and Losers of the Blockchain Industry in July.” Coindesk Market Index.
  • FundStrat. (2022, July). “Monthly Market Thought: August.” FundStrat Global Advisors.
  • LMAX Digital. (2022, August). “Morning Note.” LMAX Digital.
  • Newhouse, Christopher. (2022, July 13). Personal conversation between an independent crypto derivatives trader and the author.

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