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Top 5 Cryptocurrencies to Watch in July
Sat June 29, 2024 ▪ 8 min reading ▪ by Luc Jose A.
Historically, July is a month of big gains, and this year could well continue that trend. For savvy investors, it’s a great time to reassess their portfolios and seize market opportunities. Five cryptos stand out in particular for their growth potential and recent developments. Whether you’re a seasoned investor or new to crypto, these five assets deserve your full attention. Find out why Bitcoin, Solana, Ethereum, BNB, and XRP are the cryptocurrencies to watch in July.
1. Bitcoin (BTC)
July is shaping up to be a strategic month for Bitcoin, the most emblematic crypto on the market. Historically, this month has often marked significant gains for Bitcoin. Since 2013, the month of July has been favorable, with an average increase of 7.98% and a median gain of 9.6%. These historic performances are not coincidences but reflect a robust trend that could well be repeated this year.
Despite a recent decline, where Bitcoin fell below the $60,000 mark, several technical indicators suggest an imminent recovery. The Pi Cycle Top indicator, for example, shows that Bitcoin price has fallen below its market bottom for the first time in 2024, signaling a possible trend reversal. Additionally, analysis of past market cycles and price trends indicates a high probability of significant gains for Bitcoin in July.
Institutional investors, despite the recent massive capital outflows, could regain confidence thanks to positive signals from the market. CoinGlass analysts estimate that if the historical trend persists, Bitcoin could see a 10-25% increase by the end of July.
2. Solana (SOL)
Solana is emerging as one of the most promising cryptocurrencies to watch in July. Known for its speed and scalability, Solana has recently attracted the attention of institutional investors. VanEck, an asset management giant, announced the filing of an application with the SEC to launch an ETF based on Solana, which had an immediate and significant impact on the market. Following this news, SOL’s value jumped 8.1% and this could well continue.
This VanEck initiative is not isolated. In Canada, Asset manager 3iQ has also filed to list a Solana ETF on the Toronto Stock Exchange.. If approved, this product will provide investors with direct exposure to Solana as well as attractive staking yields estimated at 6% to 8%. This dual recognition in North America underscores Solana’s growing credibility as a valuable crypto.
VanEck’s proposed ETF would mark a first in the U.S. crypto industry, and the breakthrough could pave the way for even broader institutional adoption of Solana. Having respected companies in the asset management space choose Solana for their new investment products reinforces the legitimacy and appeal of this blockchain. This positive momentum is likely to attract more institutional investors, thereby increasing the adoption and use of Solana in financial markets.
3. Ethereum (ETH)
Ethereum is positioning itself as another cryptocurrency to watch in July. With the second largest market capitalization, Ethereum has always been at the heart of cryptocurrency innovation, and recent news further reinforces its potential.
VanEck, following the success of its previous ETFs, filed Form 8-A for its Ethereum spot ETF, a key step toward the launch of this highly anticipated product. The announcement of this filing coincided with a dramatic increase in activity on the Ethereum network, marking a 56% increase in the number of active addresses in just one week. This burst of activity is often the precursor to a major event and, in this case, it suggests a fervent anticipation on the part of investors for the approval of Ethereum ETFs.
The growing interest in Ethereum ETFs is also fueled by major players like BlackRock, which have filed similar applications. This institutional dynamic indicates increased confidence in Ethereum, not only as a technology platform but also as a viable investment asset. Experts predict that the approval of these ETFs could transform the crypto investment landscape, attracting a new wave of institutional capital.
Currently, the price of ETH remains in a stable range, but analysts are optimistic about a future rise. Some believe that ETH Could Hit $4,000 with the imminent approval of ETFs. This anticipation, coupled with increased network activity, positions Ethereum as an exceptional investment opportunity for July.
4. Binance Coin (BNB)
Binance Coin (BNB) continues to stand out as a solid investment option in the crypto ecosystem. Launched in 2017, this crypto offers significant advantages to its holders in the market Binance Platform. By holding BNB, users benefit from reduced transaction fees, access to the exclusive Launchpad and Launchpool programs, and cashback on purchases made with the Binance Visa card. These incentives build demand for BNB and increase its utility within the Binance ecosystem.
One of the recent initiatives that has sparked investor interest is Binance’s HODLer Airdrops program. This program rewards users for holding their BNB in Binance’s Simple Earn lending products. The distributed tokens come from projects with a large circulating supply and will soon be listed on Binance, providing additional incentives to hold BNB. This initiative aims to encourage BNB retention and proactively reward users.
In conclusion, Binance Coin is well positioned to offer attractive investment opportunities in July. With its multiple utilities on the Binance platform, its essential role in the BNB chain and innovative programs like HODLer Airdrops, BNB remains a strategic choice for investors looking to diversify their portfolio with an asset with high growth potential.
5. XRP (Ripple)
XRP, the native cryptocurrency of the Ripple platform, stands out for its ability to offer fast and low-cost transactions, making it an attractive option for various applications, including remittances and cross-border payments. Launched in 2012, XRP continues to evolve and adapt to market needs, cementing its position as one of the leading cryptocurrencies.
One of the main reasons to consider investing in XRP this month is Ripple’s recent announcement regarding the launch of a US dollar-backed stablecoin on the XRP Ledger. This new stablecoin, fully backed by USD deposits, short-term US Treasuries, and other cash equivalents, aims to improve transparency and user trust. Ripple plans to publish monthly attestations from a third-party accounting firm to ensure that the stablecoin is fully backed, reassuring investors and users of its stability. David Schwartz, Ripple’s CTO and one of the original architects of the XRP Ledger, noted that this stablecoin could be a “game changer” for users and developers.
Ripple has also implemented products such as On-Demand Liquidity (ODL), which uses XRP to facilitate efficient and cost-effective cross-border money transfers. The growing adoption of these solutions by financial institutions and businesses around the world is increasing the demand for XRP and contributing to its valuation.
These five cryptocurrencies offer diverse and complementary perspectives, allowing investors to diversify their portfolio while maximizing their chances of making significant gains. By keeping a close eye on these assets and staying informed of market developments, you can approach July with confidence and anticipation.
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Luc José A.
A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I took the commitment to raise awareness and inform the general public about this constantly evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. I strive every day to provide an objective analysis of current events, to decipher market trends, to relay the latest technological innovations and to put into perspective the economic and societal issues of this ongoing revolution.