July's Altcoin Guessing Game Left Many Coming Up Lame
It's tough to figure out what to make of a very topsy turvy crypto July. Bitcoin's price retraced -5.5%, and Ethereum was right behind the top asset at -4.7%. But the story throughout the first half of the month was Ripple's triumphant victory in the SEC lawsuit, where the judge ruled that XRP is NOT a security.
As one of the biggest winner's of the month, XRP's +42% return in July was deceptive as other market caps bled. Other outlier assets that saw nice gains included Stellar, Maker, and XinFin.
Notably, Santiment's data has began revealing a concerningly low level of whale transactions. Even with the drop below $30k, key stakeholders are not showing a big interest in buying the dip while Bitcoin's market cap has slowly faded down to its current $29k price level.
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