Market sentiment shifted in July, with both traditional and digital asset markets rebounding. Ethereum was the best performing high-profile asset by a considerable margin, returning 57% month on month as anticipation for the merge continues to build.
- ETH’s price rose 57.0% in July to $1,680, closing the month with a market capitalization of $205bn. Total Value Locked in EthereumDeFi also increased, rising 24.0% to $57.9bn, mainly attributed to ETH’s increase in price.
- BTC/BUSD and ETH/BUSD volumes saw a significant increase in July, and actually surpassed USD volumes in the month – BTC/BUSD volumes increased 69.2% to $46.4bn, while ETH/BUSD volumes rose 10.3% to $23.0bn.
- CryptoCompare Order Book data visualises the decline in bids immediately after the wallet exploit – with bids on the Binance SOL/USDT pair falling 7.1% from 764k bids to 709k in the hour following the exploit.