Ethereum

Reserve

Bitcoin

Gains

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 <h2 id="xrp-comes-out-as-winner">XRP Comes Out As Winner</h2> 
 <p>Ethereum’s utility numbers by the end of July were reminiscent of those in May when its price dominance against <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> was more significant. This could be an indicator of Ethereum’s robust network utility playing a part in its market resilience.</p> 
 <p>Santiment report also revealed that in contrast, Ripple’s <a rel="noopener noreferrer nofollow" title="XRP" href="https://thebittimes.com/tag/xrp.html">XRP</a> emerged as one of the biggest winners of the month, posting a 42% return. The positive performance was largely attributed to the landmark ruling in the SEC lawsuit, which established that <a rel="noopener noreferrer nofollow" title="XRP" href="https://thebittimes.com/tag/xrp.html">XRP</a> is not a security. This unexpected verdict sparked significant buying activity, elevating <a rel="noopener noreferrer nofollow" title="XRP" href="https://thebittimes.com/tag/xrp.html">XRP</a> even as other crypto assets witnessed declining market caps. Other digital assets that saw gains in July included Stellar, Maker, and XinFin.</p> 
 <p>On the negative side, Santiment’s statistics showed a worrisomely low amount of whale transactions, implying that important stakeholders are not interested in purchasing the dip. The market capitalization of <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> has been steadily falling and is currently hovering around the $29k price point. Even though the price of <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> has dropped below $30k, large investors have exhibited reluctance, possibly indicating doubt about the near-term prospects of the market.</p>  
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 <p>Also Read: Top DeFi Tokens Crash Following Curve Event, Will the Domino Spread Further?</p> 
 <h2 id="how-is-the-market-doing">How Is The Market Doing?</h2> 
 <p>The general mood of the cryptocurrency market has changed from “greed” to “neutral”. The most popular cryptocurrency in the world, <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a>, is currently trading at a much more constrained level of $29,500 after reaching $31,000 on July 4, 2023. The U.S. Federal Reserve increased its benchmark lending rate by 25 basis points to a range between 5.25% and 5.50%, as the market had anticipated, which helped to support <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> a little bit.</p> 
 <p>Also Read: Will <a rel="noopener noreferrer nofollow" title="XRP" href="https://thebittimes.com/tag/xrp.html">XRP</a> Price Gains Come Undone As Federal Court Rejects Ripple Ruling?</p> 
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Bitcoin Takes a Backseat, Ethereum and XRP Dominate July's Crypto Market: Report

Table of Contents

TheBitTimes

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