The thrilling month of June has ended, and due to the intense agenda, no one could comprehend how quickly time passed. The month that started badly had turned positive as of June 15, and most altcoins rapidly rose from their low levels on June 10. Some altcoins even surpassed a gain of 100%. So, how did July begin? Here are the details.
July’s Cryptocurrencies
The Bitcoin price continues the day at $30,500, and the support level of $30,400 is positive. In addition, a portion of altcoins managed to separate positively, achieving double-digit gains. Past Julys have often hosted double-digit rises. If the same happens, we may see the Bitcoin price reaching a new peak above $35,000 this month. On the other hand, it is curious when the excitement of ETF applications will fade.
SEC leak published by WSJ caused the applications to be updated. Now, new leaks in the coming days could determine the direction of the markets. On the other hand, it is significant that BlackRock, like others, has not yet updated its application. If an update comes, it could be a good price catalyst; in the opposite scenario, we might see speculations about intending to abandon the application.
Altcoins Review
Most altcoins that started the day positively returned some of their gains as details of the PolyNetwork attack emerged. However, this event does not seem to trigger serious sales. The lack of liquidity in the network significantly reduced the impact of the attack.
The cumulative value of cryptocurrencies reached $1.19 trillion; a test coming from here to $1.3 trillion could multiply the gains in altcoins. On the other hand, the week’s winners were XEC, BCH, BSV, COMP, and INJ Coin. They made gains ranging from 39% to 22%. The rise in Bitcoin forks may be due to the weak possibility of being a security. On the other hand, speculations that BlackRock could choose its fork also affected the price. However, we had already published several comprehensive reports on this issue. The fork section in the ETF application is being processed under the potential risks heading and it does not mention the possibility of old forks being preferred. We could also associate the BCH-specific rally with the support of EDX Markets.
CFX, KAVA, and SUI are noteworthy with their prices running south, unlike most altcoins. The emission issue in SUI is striking and the number of active users on the network has dropped to the level of 400, these are worrisome.
