Looking at the monthly charts, July saw BTC produce its second best performing month of price action during 2018 after gaining in value by more than 20%. By contrast, the majority of leading cryptocurrency markets by capitalization posted their third consecutive red monthly candle. Stellar was the highest performing top crypto market during July, gaining roughly 45% over USD.
Also Read: Markets Update: Cryptocurrency Price Trends Turn from Bullish to Bearish
BTC Gains 20% During July
In July, the BTC markets posted their second strongest performing month for 2018 so far. BTC gained approximately 21%, rallying from an opening price of roughly $6,400 USD at the start of the month to close at $7,730.
July saw a price action range of approximately 40%, bouncing from a low of roughly $6,100 on the 12th before posting a local top at $8,500 on the 24th. Despite the bullish price action, July’s monthly trade volume was the second lowest of 2018 thus far.
As of this writing, BTC has a market capitalization of $130.5 billion and is trading for approximately $7,610.
BCH Posts Modest Gains
The Bitcoin Cash markets produced a modest green candle for the month of July, gaining approximately 3.5% from roughly $750 at the start of the month before closing at around $775.
Despite the modest gain, BCH traded within a 35% range, with Bitcoin Cash testing support at roughly $660 on the 12th of July before ramping up to test resistance at $890 on the 18th. When measuring against BTC, BCH lost approximately 17%, with BCH/BTC starting the month at roughly 0.117 BTC before closing at 0.1 BTC.
As of this writing, Bitcoin Cash has the fourth largest market capitalization with nearly $13.2 billion and is
