MENUCryptocurrency Market Update for July 2023
By Monica Barker
Published on August 03, 2023
Published on August 03, 2023
"The Authority in Online Gambling"
Finally! Bitcoin and altcoin owners alike had an overall positive July compared to the few months before. As the summer begins to wind down, we can re-examine the idea that the crypto market moves in a similar way to the stock market in that there is typically a summer slump.
We’ve gathered most of the necessary data for you to come to your own conclusions about the month of July, as well as some top news stories that hit the headlines this month.
If you want to read more about how you can earn $100,000 by successfully hacking the crypto wallet of an influential security figure or about the continuing battle of app and extension platforms versus cryptocurrency mining, we’ve got you covered.
Before we begin a deeper dive, we think it’s important to mention that cryptocurrency is volatile and unpredictable, meaning that speculations about what the market’s path will look like going forward should be taken with several grains of salt.
Though the crypto market has been around for several years, we only have a handful of years of active data to observe. We can use that data to make educated guesses, but not much more.
With that being said, let’s take a look at the market’s path in July overall and on the scale of individual coins.
On a broad-strokes basis, the last 30 days have been positive overall for the cryptocurrency market. There are some coins that will be exiting this month valuing less than they entered at, but for the most part, July has been something of a small bounce-back.
For the purpose of this overview, we’ll use Bitcoin as a model simply because it is currently the #1 coin in terms of market capitalization. Most of the coins in the cryptocurrency market followed this same pattern, but we’ll get into an even deeper dive in the next section.
In May, the market began to take a dive. In the first few days of the month, BTC reached $10,000 per share for the first time since it fell under that level in March.
But instead of continuing on an upward trajectory, it started to fall again, hitting about $7,500 per BTC by market close on the last day of the month.
In June, we saw a similar path of overall value decline, beginning the month at $7,500 per BTC and ending at just over $6,300 on June 30th. The Bitcoin value reached its lowest point a few days before the end of the month when it dipped below the $6,000-per-share mark.
While there were still some low days, the lowest value for July occurred on July 12th where one BTC was just over $6,100 at market close. The value ended up at just over $7,785 per share on the last of the month.
In our next section of the top 10 market cap coins and their performance in July, you may notice that many of them share the same dates of success and decline. The larger the coin is in terms of market cap, the more “stable” and consistent the value is relative to the smaller market cap coins.
This means that typically, you’ll see the larger coins follow the same paths within the month. Which is why you’ll see many coins sharing the same days of experiencing the highest and lowest values, though the values will not be the same.
In June, 9 of the top 10 market cap coins had a negative value change from the first of the month to the last. July had a different outcome, where most coins on that same list had a positive percent change from the first to the last of the month.
We’ve gathered this data on the last of the month, so the coins featured here are in order of the 1st to the 10th in market capitalization on July 31.
Each coin on this list has also been assigned a ranking based on their performance this month. These are from 1, the best-performing coin of the month, to 10, the worst-performing coin of the month.
Bitcoin (BTC) was introduced to the world in 2009 alongside a ledger technology known as blockchain. It was originally created to make peer-to-peer transactions safer and more efficient without the reliance on a third-party, but it has expanded greatly since then and is now being used for business transactions.
BTC was not the first ever digital decentralized currency, but it has been the most successful thus far. It’s within the realm of possibility to say that another coin will enter the market having improved on Bitcoin’s model and will overtake the coin and unseat it from its consistent #1 spot.
In July, BTC had the second-best performance overall from the first of the month to the last. On the 1st of July at market close, it was at $6,385.82 per share.
It hit its lowest value per share of the month on July 12th at $6,228.81, and its highest value per share of the month on July 24th at $8,424.27. On July 31st, it hovered around the $7,786.22 mark.
From the 1st of the month to the 31st, BTC saw a 21.92% increase in value. This is a significant improvement from its June performance, where the value experienced a decrease of 17.2%.
Ethereum (ETH) is another coin based on blockchain, but it was created as a way to simplify the use of the blockchain technology for faster, more efficient transactions.
It entered the cryptocurrency market in July 2013, about 4 years after Bitcoin, with an existing supply of 12 million ETH. This was done to make the first wave of coin purchases easier for interested buyers.
Ethereum developers and the coin’s founder, Vitalik Buterin, are constantly looking out for things that can be done to the program to make it faster, easier, and more efficient to use.
Similar to Bitcoin, Ethereum is consistently the #2 coin in terms of market capitalization. Unlike Bitcoin, which has a supply limit of 21 million BTC, Ethereum does not currently have a limit set.
On the last day of the month, Bitcoin’s supply was at 17.18 million BTC, which is getting closer to its set limit. Ethereum currently has a circulating supply of 101.4 million ETH.
In July, ETH came in at the #6 rank in terms of performance. At market close on July 1st, a single ETH had a value of $453.92. It experienced a value low for the month on July 12th, where a single ETH had a value of $430.07, and saw a value high on July 17th of $501 per ETH. On the last day of the month, it came out at $434.97 per ETH.
As the #4 performer of the month, ETH saw a 4.17% increase in value from July 1st to July 31st. Ethereum declined in value last month by 24.5%, and it was actually the #5 performer on the list in June.
Ripple began development in 2004 as a secure digital financial platform. The actual Ripple coin (XRP) was developed and introduced 7 years later in 2011. It was proposed and introduced as a way to make peer-to-peer transactions using less electricity while also increasing the rate and speed that the transactions are processed at.
If you want to purchase this coin, you can do so using everything from your country’s traditional currency to travel miles earned with your credit card, which is a feature currently unique to Ripple.
Ripple, the 3rd in market cap, is the eighth-best performer this month. On July 1st, a single XRP was valued at $0.461. Like BTC and ETH, XRP saw its lowest value of the month on July 12th at $0.435.
Its highest value of the month was on July 17th at $0.505 per XRP. On the last day of the month, it was back to $0.435, meaning it declined in value from the 1st to the last of the month.
Over the course of the month, XRP saw a negative value change of 1.73%. Its end-of-July value is the same as its value at the end of June, but in June, XRP saw a value decline of 29%.
You may be wondering what the difference is between Bitcoin Cash (BCH) and Bitcoin (BTC) and why they’re not only different in market cap but also in monthly rank. BCH was developed after a fork in the original Bitcoin program that occurred in August of 2017.
BCH is cheaper per share than Bitcoin and is said to provide an increased block size limit, as well as a faster transaction time than its original setup.
Bitcoin Cash saw the third-best performance on the list at a percent increase of 5.51% from July 1st to July 31st. On July 12th, Bitcoin Cash saw its lowest value of the month of $682.76.
Bitcoin Cash’s highest value of the month came on July 24th, which is different from the paths of other major coins, at $869.47 per BCH. It closed out the month at $772.51 per BCH.
In June, BCH was the fourth-best performer of the month with a value decrease of 21%.
EOS was introduced as an ICO in July 2017, making this month its first birthday. It earned over $170 million at the time it was rolled out. EOS has a supply cap of 1 billion EOS and a current circulation of 906 million coins, meaning it is getting closer to its cap.
In June, it saw a value decline of 36.9%.
EOS doesn’t have a huge value per share, but a decline in value is never a great thing for those that own the coin. Last month, it decreased in value by almost half, and this month from July 1st to July 31st, it saw a value decline of 9.96%.
On July 1st, it was valued at $8.13 per EOS. Its lowest value of the month came on July 12th where, at market close, it was at $6.90 per share.
On July 7th, it was valued at $9.02 per share, which was the highest recorded value of the month. The value on the last of the month was $7.28 per EOS, meaning, again, that EOS experienced a value decline of 9.96% over the month.
Stellar was created in 2014 as an improvement to Ripple, which was introduced in 2011, offering faster transaction speeds. Though it has mostly stayed under the $1 per XLM mark, it has a current circulating supply of 18.77 billion, which keeps it consistently in the top 10 market cap list.
Stellar was the top performer of the month with a percent increase of 40.40% from the 1st of the month to the 31st. On the 12th, it hit its low of $0.185, and on the 25th, it hit its high of $0.331 per XLM.
It finished out July at $0.272 per share of XLM, putting it at the 40% increase that has put the coin in the #1 July performer slot.
Another coin that is based on the Bitcoin structure is Litecoin, created and introduced in 2011 by former Google employee Charlie Lee. As an improvement to Bitcoin’s original code, it offers its users much faster transaction speeds.
In June 2023, Litecoin experienced a value drop of 19%, which was actually the third-best performance of that month of the top 10 market cap coins. Litecoin has a maximum supply of 84 million LTC, of which just over 57 million is currently in circulation.
Litecoin came in at #7 in terms of performance this month, with a negative percent change of 1.37%. Unlike most of the other coins on this list, Litecoin’s lowest value of July occurred on July 10th when it dropped to $76.08. Its highest July value came on July 17th at $89.81 per LTC.
Cardano (ADA) is another platform that is constantly evolving, and the founders envision it to eventually have the capabilities to manage all different types of financial transactions in addition to the Cardano coin.
It has a current total supply of just over 31 billion ADA, a current circulating supply of almost 26 billion ADA, and a set supply cap of 45 billion ADA.
Last month, it dropped in value by almost half, starting out the month of June at $0.22 and ending it at $0.12.
Cardano’s July ranking is much better than last month at #5 on our July performance list, while it came in at #9 in June.
It started out on July 1st at $0.142 per ADA and ended at $0.144 per ADA on July 31st. Its lowest value of the month of $0.127 per ADA occurred on July 12th, and its highest value of $0.180 was on July 19th. Its overall change from the 1st to the 31st of the month was an increase of 1.40%.
IOTA (MIOTA) relies on a different type of ledger entirely, which sets it apart from most of the other coins on our list. It utilizes something called a directed acyclic graph, which basically means that it is running multiple blocks at one time.
This ledger style means that its transactions are not only faster than Bitcoin’s and most other coins that operate similarly, but it also runs much more efficiently.
There is no currently set supply amount for this coin, but it currently has over 2.7 billion MIOTA in circulation.
IOTA was the #10 performer this month with a value decline of almost 12%. At market close on July 1st, it was valued at $1.07 per MIOTA. Its lowest value of the month was $0.933 on July 24th, and its highest was $1.21, which occurred on July 4th.
Tether was introduced to the market in 2015 as a way to translate fiat (traditional) currency to the cryptocurrency world. It’s also different in that it offers 2 different coins within its Tether platform. USDT represents the US dollar, and EURT represents the Euro.
This coin was put in place to create a shorter jump between your traditional currency to crypto and to allows users to access the security of the blockchain.
Tether doesn’t have a supply cap currently, but its total supply of mined coin is currently 3 billion, which is higher than its current circulating supply of 2.46 billion.
Tether was #6 in performance for this month, experiencing a 0.2% increase from the 1st to the 31st. On July 1st at market close, one USDT had a value of $0.998.
Its lowest value of the month was $0.996, and it occurred at market close on July 24th. Its highest value was $1.01, and it hit that value on July 5th, July 7th, and July 9th.
A lot goes on in the cryptocurrency world every day, and not all of it makes the front page. To fill you in on some of those stories from this past month, we’ve selected a few that we think are particularly interesting and important to feature in this July round-up.
From strides being made by a Gibraltar soccer team using cryptocurrency and the blockchain to create a more transparent environment between the clubs and their fans to a bold proposition made via tweet by John McAfee, there’s plenty for us to cover this month.
Being an informed cryptocurrency user is one of the most important things, so while we’ve only chosen a few to include, we recommend that you take some time out of your day EVERY day to see what’s going on to ensure that you’re always up to date on the latest stories.
Gibraltar, a territory of the United Kingdom located in the south of Spain, is making strides in the cryptocurrency world in more ways than one.
Most recently, the country’s soccer team, that beginning next season, it will start paying its players in cryptocurrency. More specifically, they’ll be using the platform Quantocoin, which was developed to make cryptocurrency more practical for everyday use.
Gibraltar United’s team owner, Pablo Dana, is an investor in the Quantocoin platform, and he believes that using the coin in this way will restore some transparency to the sport.
Dana believes that soccer has a bad reputation of corruption and that the nature of using the blockchain technology could help minimize the frequency of those occurrences.
Arsenal F.C., a team from England, became the first team to enter into a sponsorship deal with a cryptocurrency called CashBet. The use of the blockchain technology within the sport is picking up in popularity for a number of reasons.
Danny Stroud, head of partnerships of the London Football Exchange (LFE), believes that relying on a token-based system with the community will “enable clubs to have a direct connection with fans in a frictionless marketplace.”
We believe that this step being taken by the Gibraltar United Football Club will be an impactful one and will no doubt influence other teams and clubs to utilize the blockchain technology to create a stronger relationship of trust between the clubs and their loyal fans.
In the last few months, we’ve seen a significant crackdown on cryptocurrency mining apps and extensions from popular providers. This month, Google has continued that trend by following Apple’s decision to ban them from the App Store.
But what prompted these decisions?
The major catalyst was the uncovering of “cryptojacking,” a form of cryptocurrency mining that operates on certain sites through hacking where site users are not aware that their device is being used to mine cryptocurrency.
Mining is the primary way for new crypto to become available for purchase, and it is done using a massive amount of energy through a device by people known as miners.
After platforms like the Chrome Web Store and the iOS App Store and Mac App Store put outright bans on cryptocurrency mining apps, the Android Play Store added policies to prevent the same thing.
This means that you cannot physically mine your coin of choice through apps on the Android Play Store, but you can oversee your mining ventures taking place on other devices.
John McAfee, founder and creator of the McAfee antivirus software, is challenging the world to hack his “unhackable” Bitfi cryptocurrency wallet. In a tweet on July 24th, he claimed that his Bitfi wallet is “truly the world’s first unhackable device,” and to anyone that can successfully hack it, your reward will be $100,000.
For all you naysayers who claim that “nothing is unhackable” & who don’t believe that my Bitfi wallet is truly the world’s first unhackable device, a $100,000 bounty goes to anyone who can hack it. Money talks, bullshit walks. Details on
— John McAfee (@officialmcafee)
After entering a partnership with Bitfi in June 2023, together they rolled out the first “truly unhackable and open-source crypto-wallet.” This wallet is known as a hardware wallet, which is the most secure of all available wallet types.
It keeps your coin’s private keys offline until the wallet is connected to your device, leaving very little room for a hacker to come in and steal your coins and information.
Bitfi released a statement on its website after McAfee’s tweet stating the following.
The company does benefit from his offer in another way, though. In order to participate, you’ll need to purchase a Bitfi wallet and put at least $50 worth of coins in it.
You can try to hack your own wallet and successfully extract the coins, and if you can, it would count as a successful wallet hack and would make you eligible for the offered bounty.
If you attempt this hack, good luck! Bitfi’s claims are not built on gimmicks, and they have been vocal in the fact that they stand by their message of unhackability.
On July 6th, the Reserve Bank of India (RBI) officially put their into action.
After the announcement in April of this year that the financial institutions and businesses alike would no longer legally be able to work with cryptocurrency exchanges to support crypto transactions, many businesses and individuals tried to fight the impending ban.
On July 3rd, 2023, Chief Justice Dipak Misra announced that despite their efforts, the ban was still scheduled to go into effect on the 6th.
Zebpay, a popular cryptocurrency exchange based in India, has been experiencing the negative effects of the ban since the April announcement was made. They were forced to put out a warning statement to its users at that time.
Why the ban? suggests that the central bank of India may be partly to blame.
India isn’t the only country worried about the security and safety of the cryptocurrency market and isn’t the only one to roll out bans to combat those fears.
Where will cryptocurrency traders go? Unhashed also believes that most that are serious about owning and trading cryptocurrency in India will be forced to complete their transactions via the black market.
Some would say that puts them at an even greater security risk than before, but we hope that India’s financial institutions and Supreme Court will do their best to learn more about the crypto market and ease up on their restrictions to allow anyone interested to explore cryptocurrency trading and purchasing.
