It certainly is a case of “so far so good” for cryptocurrencies in the month of July.
After starting the month with a market value of approximately US$255 billion according to Coin Market Cap, a recent positive run means that the crypto market has managed to push 7% higher month-to-date to US$273.3 billion.
Here is the state of play on the market so far this month:
The Bitcoin (BTC) price has risen 5.5% since the start of the month to US$6,730.04. The world’s largest cryptocurrency had a shaky time last week amid concerns over falling CoinBase user growth and lower Google searches for “bitcoin”. But it has bounced back with a bang since the weekend and is up 9.5% since dropping as low as US$6,103 on Friday. News that BlackRock could be planning to launch a crypto ETF has been a recent boost.
The Ethereum (ETH) price has climbed 6.9% month-to-date to US$478.93 per token. Ethereum has had a reasonably quiet month. Perhaps the most notable news was the revelation that Google co-founder Sergey Brin is an Ethereum miner. According to Market Watch, Brin revealed this at a Blockchain Summit in Morocco on July 8.
The Ripple (XRP) price has gained 3.2% since the start of July to 47.8 U.S. cents. It had been having a weak month until a surge higher over the last few days. The Ripple price has pushed higher despite news that the CoinBase exchange is planning to add five other coins to its platform. The five coins include Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX). Ripple continues to be overlooked by CoinBase, which has raised a few eyebrows at FINRA.
The Bitcoin Cash (BCH) price has been one of the biggest movers so far this month with a gain of 7.6% to US$796.76 per token. The Bitcoin spin-off was heavily sold off in June and it appears some traders felt it had fallen into bargain territory. It may have also been given a boost in recent days from its addition to the Robinhood trading platform along with Litecoin (LTC).
The EOS (EOS) price is the only one in the top five to be in the red month-to-date. The fledgling alt coin is down just over 1% since the start of the month at US$7.93. However, it is worth noting that last week the EOS price was as much as 16% lower month-to-date at US$6.73 following issues with its Mainnet. Recent news that EOS developer Block.one has secured an investment from PayPal co-founder and renowned tech investor Peter Thiel could have helped lift the coin’s price.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.