The bear rush blanketed the crypto space in April and continued into June. During this time, Bitcoin, along with Ethereum, experienced a severe pullback. However, the bulls regained control of the crypto market in July.
Although the recent surge has caused the price of Bitcoin to rise 18% in 31 days, it is still far from its all-time high from November 2021. On the other hand, Ethereum closed the month of July at $1,680, after the coin experienced an increase of 54%.
In general, holiness holiness in chain Followers: 0 View profile an analysis firm, has suggested that Bitcoin and Ethereum have performed well during July 2022.
Bitcoin and Ethereum regain strength
It is important to note that since the beginning of 2022, both major currencies have moved away from their all-time highs and market sentiment was turning increasingly negative.
However, as currencies began to regain power on the rally, trader confidence seemed to renew as they jumped back up.
Now, the Santiment report states that there is a belief among traders that the coins will organically rise long after the July bull market.
As Bitcoin’s value fell over the past six months, major investors were understandably less willing to hoard the coin. The reason for this could be fears of inflation and interest rate hikes by the Federal Reserve, the Ukraine war, and Covid concerns.
The report also said that over the past six months, the market saw 2.26% of the Bitcoin supply shadowed by stakeholders holding between 100 and 10,000 BTC.
According to data from Santiment, the market correction forced traders to move away from their other holdings and back into Bitcoin, resuming its status as the most influential currency. BTC gained social dominance, but ETH was not far behind.
Additionally, Santiment found that on July 26, over the span of 31 days, the ETH network recorded an average of 1.06 million daily active addresses, an all-time high.
On the other hand, Bitcoin recorded its highest daily active addresses in July at 994,000.
Santiment concluded that ETH was “economic to trade” in July due to the decline in Ethereum usage since the start of the year.
The cost of transacting on ethereum ethereal Blockchain networkTechnology Followers: 0 View profile network decreased drastically in July. As a result, moving cash was more affordable.