In our previous blog, we wrote about the explosion of DeFi projects and the continued outperformance of altcoins relative to Bitcoin. Last month, Bitcoin finally broke out of its long-term downtrend that started in December 2017, which is a strong confirmation of the new trend.
The hype about Bitcoin is expanding, and we also notice an increase in crypto discussions online and offline. Exciting months are ahead of us.
Solidum strategies generated double-digit returns in July and just slightly underperformed the crypto market.
In our June market overview, we have stated that after Bitcoin breaks out of its two-month consolidation range, we can expect a decisive move. This is precisely what happened, as Bitcoin gained 24% in July. If Bitcoin manages to stay above $10,000 in the coming weeks (highly likely), we expect the crypto market to be much higher by the end of the year.
All top 25 assets by market cap recorded a positive performance in July. The top three performers were VeChain (+95%), Chainlink (+70%), and Cardano (+67%). Altcoins continue to outperform Bitcoin, and the crypto market recorded a return of 37.8% in July. Bitcoin represented 62.4% of the total cryptocurrency market capitalization at the end of the month, down from 71% in September 2019.
DISCLAIMER: This article is for informational and discussion purposes only and does not constitute a marketing message, an investment survey, an investment recommendation, or investment advice. The article was prepared exclusively for a better understanding of market dynamics.
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