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Mariah Carey has cancelled her Australian tour two months before she is due to arrive, citing a scheduling conflict.
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.
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 trading for roughly $ 760.
Many Leading Altcoins Post Third Consecutive Monthly Red Candle Against USD
Ethereum posted its third consecutive red monthly candle for July after dropping by 5% from an opening price of roughly $ 455 to close at around $ 430. ETH traded within an approximately 19% range, with ETH/USD posting a low of $ 420 on the 12th of July before ramping up to test resistance at $ 515 on the 18th. The trade volume for ETH/USD during July was the lowest monthly volume posted this year thus far.
Ethereum also lost 22% of its value when measured against BTC in July, falling from an opening price of 0.071 BTC to close at roughly 0.055 BTC. Ethereum currently boasts the second largest cryptocurrency market cap of almost $ 43 billion and is trading for roughly $ 420.
The USD price of XRP fell for the third month in a row, by 7% from July’s opening price of $ 0.468 to close at $ 0.435. XRP traded within a roughly 19% range for the month, bouncing off a low of $ 0.425 on the 12th of July before rallying to test resistance at $ 0.525 on the 18th.
When measuring against BTC, XRP fell by roughly 23% from the month’s opening price of 0.0000732 BTC to close at 0.0000562 BTC. Monthly trading volume for both BTC and USD XRP pairing was the lowest of 2018 so far. XRP is currently the third largest market cap with $ 17.7 billion and is trading for $ 0.45.
EOS also posted its 3rd consecutive red monthly candle after falling by roughly 10% during July from an opening price of $ 8.11 to close at roughly $ 7.3. EOS traded within a 30% range after testing a low of $ 6.6 on the 12th before rallying to test resistance at $ 9.35 on the 18th of July.
When measuring against BTC, EOS fell by 25.5% from the month’s opening price of 0.001275 before closing at roughly 0.0095. EOS is currently the fifth largest market by capitalization with $ 6.6 billion and is trading for $ 7.33.
Stellar Gains 45% During July
Of the top cryptocurrency markets by capitalization, Stellar produced the strongest performance during July.
The Stellar markets gained roughly 45% from the month’s opening price of roughly $ 0.1935 before closing at $ 0.28. The total range for the month’s price action was more than 95%, with Stellar bouncing off $ 0.18 on the 12th of July before testing $ 0.35 on the 25th of July.
Stellar was the only leading altcoin to gain over BTC during July, gaining nearly 20% from 0.00003 BTC before losing at roughly 0.000036.
The month’s bullish action has propelled Stellar to the position of sixth largest market capitalization with $ 5.17 billion. Stellar is trading for approximately $ 0.27 as of this writing.
Do you think that altcoins will continue to bleed out against BTC this coming month? Share your outlook in the comments section below!
Images courtesy of Shutterstock, Trading View
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The post Markets Report: July Posts Second Strongest Monthly BTC Performance of 2018 appeared first on Bitcoin News.
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The ranking of cryptocurrency projects by the Chinese government has been revised with two new crypto projects added. EOS tops the overall list of 30 crypto projects; Ethereum fell to second place while Bitcoin dropped to 17th place.
China Now Ranks 30 Crypto Projects
China’s Center for Information Industry Development (CCID), under the Ministry of Industry and Information Technology, has revised its crypto project rankings. The second monthly Global Public Chain Technology Evaluation Index was officially released on June 20 at the Shanghai Science Hall, consisting of 30 crypto projects.
The first index, introduced last month, has 28 projects, missing the two newly-added EOS and Nebulas.
According to the CCID Network, the center’s media network under the Ministry of Industry and Information Technology, the CCID Public Chain Technology Assessment Working Group has made some changes to the ranking structure of the index:
The second-phase assessment model has been optimized compared to the first phase. The security assessment algorithm has been improved and the evaluation indicator for ease of deployment of public-chain nodes has been added.
However, the basic model of technology assessment has not changed since the index was, the group explained. Evaluation criteria for the rankings are still focused on three aspects of the overall crypto projects: the basic level of technology displayed, the usefulness of the application, and the innovativeness of the project. There was no mention of typical factors used to rank cryptocurrencies such as liquidity, volume, adoption, or price.
EOS First, Bitcoin Dropped to 17th Place
EOS, which was not included on the original list, tops the second list overall. Ethereum, which ranked number one last month, has now been bumped to second place. Bitcoin has dropped from 13th place to 17th place. Bitcoin Cash fell slightly from 25th place to 28th place.
“The EOS main network went live on June 10. Although there was an accident such as a short-term suspension, it was highly active in technological innovation, and the software update speed was still one of the new generation public chains that are currently most concerned by the industry,” the CCID explained. “However, due to its short on-line time, the stability of the network remains to be observed.”
The center elaborated:
The results showed that the evaluation index of EOS…was 161.5, ranking first in the evaluation index list. Ethereum, the first player in the previous period, took the second place with a combined score of 138.4…Bitcoin’s public chain technology assessment index is 91.5, ranking 17th.
Two days after the Chinese index was released, the EOS Core Arbitration Forum issued its first censorship order, demanding its miners to refuse “to process transactions of any kind for the affected EOS account names and/or public keys, pending further review of the claims by an arbitrator.” 27 different wallet addresses are included in the order.
What do you think of China’s crypto project rankings? Let us know in the comments section below.
Images courtesy of Shutterstock, EOS, and CCID.
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The post China’s New Crypto Rankings – EOS First, Ethereum Second, Bitcoin Drops to 17th appeared first on Bitcoin News.
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WSJ.com: US Business