Want Bitcoin [BTC] along with Ethereum [ETH] 5x this month
After the long and painful decline in the cryptocurrency market in April and June that sent the king coin, Bitcoinand the leading altcoin, Ethereum after frightening downturns, the bulls regained strength in July.
With its price still far from its November 2021 high, Bitcoin gained over 18% over the 31-day period. Ending the month at an index price of $1680, ETH grew the leading all by 54%.
Blockchain analytics platform, Santiment, in its latest report noted that two leading cryptocurrencies made significant on-chain advances during the 31-day period.
July 2022: BTC and ETH
Since the beginning of the bear market, when the year started and BTC and ETH started moving further from their all-time highs, sentiment from the trading public has been negative, according to research firm Santiment.
However, as the prices of these assets corrected in July, traders’ confidence was restored, and Santiment found that traders now have the belief that “prices can organically continue to rise after an impressive July.”
Source: Sentiment
It is said that over the past six months, as the price of the royal coin fell, key stakeholders became increasingly leery of collecting the coin.
The reason for this could be attributed to “fear of inflation or further interest rate hikes coming in September (after the latest one was announced last week), easing of covid concerns or ongoing wars in Ukraine.”
Additionally, over the past six months, key stakeholders holding 100 to 10,000 BTC have released 2.26% of the BTC supply, Santiment reported.
On a social front, Bitcoin’s social dominance maintained its high in July. According to Santiment, the downturn in the market “awakened traders and caused them to flow away from their shitcoins and back to the relative safe haven of Bitcoin.”
Hence the growth in social dominance. A look at ETH also revealed the same growth pattern in its social dominance within the same period.
Source: Sentiment
Additionally, during the 31-day period, Santiment found that on July 26, the ETH network recorded an index of 1.06 million daily active addresses. It was at an all-time high.
As for BTC, the highest logged daily active addresses in July was 994,000 which was recorded on July 19th.
Source: Sentiment
Finally, Santiment revealed that in July, ETH became “extremely cheap to move.” This was a result of the decrease in the circulation of Ethereum since the beginning of the year.
In July, the cost of trading on the ETH network dropped significantly. Thus, coins were moved around more cheaply.
Source: Sentiment
