Market Wrap – Cardano, Tezos and Other Altcoins Preferred by Investors in July
The crypto market has had a difficult second quarter this year, along with a latent third quarter. As the price of Bitcoin went sideways, most of the significant cryptocurrencies followed its lead because of their high association with BTC.
Still, there are numerous altcoins in the market that have been successful in drawing in more attention than Bitcoin and Ethereum.
According to a recent report published by the investment platform eToro, Bitcoin is still the number one investment asset, followed by Ethereum in July of this year. BTC gained 7 percent in comparison to the previous month’s investments, while Ethereum raised by a whopping 89 percent.
However, Binance Coin, which placed 15th in June when it comes to investment volume, moved up to the sixth position by managing a 521 percent raise. Similarly, Zcash went from the 13th position to the seventh by gaining 294 percent in investment volume.
The chart provided by eToro shows that the most part of the retail investors in July chose higher performance altcoins such as Cardano (ADA), Tezos (XTZ), Zcash (ZEC) and Binance Coin. Still, the growth of these coins happened not just because of a high association with Bitcoin but was led by an increase in BTC’s operation compared to June.
Altcoins in the Top Ten Positions
Each project had more overall development happening; for instance, Cardano was getting ready for the launch of the Shelley network, which took place on July 29th.
As per a recent report coming from Binance, altcoins even dominate the top ten positions when it comes to returns offered for USDT-Margined Contracts. VeChain (VET) and Chainlink (LINK) surpassed every other crypto coin, gaining a whopping 95 percent and 70 percent, respectively. Bitcoin recorded 24 percent in returns, and its low volatility risk also had a significant part in altcoins succeeding.
As the market heads towards a speculative bullish move, volatility remains rather high, and the traders are still covering risks of sudden sell-offs in the Bitcoin market using altcoins.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.