August 16, 2022

After the long and painful downturn in the cryptocurrency market in April and June that sent Coin King, BitcoinThe leading altcoin, Ethereum The bulls regain their strength in July as they chase terrifying bottoms.

With its price still far from its November 2021 high, Bitcoin has grown by more than 18% over the 31-day period. Closing the month at an index price of $1,680, ETH stock also grew by 54%.

Blockchain analytics platform, Santiment, in its latest version Report He notes that two of the leading cryptocurrencies have made huge strides on the chain over the 31-day period.

July 2022: BTC and ETH

Since the beginning of the bear market when the year began and BTC and ETH began to move beyond their all-time highs, the sentiment of the trading crowd has been negative, according to Analytics firm Santiment.

However, with the correction in the prices of these assets in July, the confidence of traders recovered and Santiment found that traders now believe that “prices can continue to rise naturally after the impressive July.”

Source: Santiment

Reportedly, in the past six months, as the price of the king’s coin has fallen, key stakeholders have become increasingly suspicious of the coin’s accumulation.

The reason for this may be attributed to “fear of inflation or another interest rate hike coming in September (after the latest was announced last week), or waning concerns or the ongoing wars in Ukraine”.

Moreover, in the past six months, major stakeholders who own 100 to 10,000 bitcoins have given up 2.26% of the bitcoin supply, Sanment reports.

On the social front, Bitcoin’s social dominance maintained its highest levels in July. According to Santiment, the downturn in the market has “wakened up to traders and made them flock away from their cryptocurrency, back to the relative safe haven, Bitcoin.”

Hence, the growth of social dominance. A look at ETH also revealed the same pattern of growth in its social dominance over the same period.

Source: Santiment

Moreover, over a 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 number recorded in daily active addresses in July was 994,000 which was recorded on July 19.

Source: Santiment

Finally, Santiment revealed that in July, ETH became “too cheap to navigate.” This was a result of the decline in Ethereum trading since the beginning of the year.

In July, the cost of transactions on the ETH network dropped significantly. Thus, coins were transferred at a cheaper rate.

Source: Santiment

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