Bitcoin Closes July Green, Polkadot (DOT) Soars 7% Daily: Market Watch

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Bitcoin was finally able to break its months-long negative streak with a 17% increase in July.

The alternative coins have calmed since the start of the weekend, and the past 24 hours went similarly. Polkadot is among the few exceptions with a substantial price increase.

Bitcoin Stalls at $23K

The past several days went quite well for the primary cryptocurrency, especially after the US Federal Reserve hiked the interest rates by 75 basis points and President Biden reinvented the meaning of a recession.

These developments pushed the asset north, which went from under $21,000 to over $24,500 in a matter of days. The latter even became BTC’s highest price tag in well over a month.

However, bitcoin couldn’t sustain that level and returned below $24,000 shortly after. It spent the weekend primarily there, aside from one brief pump-and-dump that drove it to $24,200 and $23,400. Thus, bitcoin closed July with a 17% increase – the best month the asset has seen since October 2021.

As of now, bitcoin still stands at just over $23,000, and its market cap has dipped to just under $450 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Polkadot Leads the Alts

The alternative coins mimicked BTC’s performance in the past several days, meaning that most stand calm now.

Ethereum had soared to a multi-week high above $1,700 a few days back. Now, though, the second-largest crypto sits just under that level after a minor daily decline.

Binance Coin, Cardano, Solana, Dogecoin, and Avalanche have decreased by similar percentages.

Ripple and Polygon are down by about 3%. Ethereum Classic, the highest-flyer recently, has declined by 8.3% in a day and trades at $37.

Polkadot, on the other hand, is up by 7% and is the best performer from the larger-cap alts. Consequently, DOT sits close to $9.

From the lower- and mid-cap altcoins, Filecoin continues to steal the show with a massive 22% surge. As a result, FIL is up to $10.

The overall crypto market cap sits calmly at around $1.1 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto

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