Bitcoin at a crossroads and major news that could support the rise in prices for individual crypto assets. – “The Ministry of Finance” figured out how the crypto market will live in the next month.
A rich selection of new tokens and a dizzying growth of individual tokens encourages miners and speculators to invest in them in search of a new record holder who can bring tens and hundreds of percent of profit.
Despite strong losses in May and June, those who stocked up on cryptocurrency in January are still in positive territory. BeInCrypto’s analyzed the 50 largest coins by market cap and found out which ones turned out to be the most profitable and how much investors could make at their peak.
How much will bitcoin cost in July
The main intrigue of July on the crypto market will certainly be the behavior of bitcoin. According to Fawad Razakzad, analyst at Think Markets, at the beginning of the third quarter, bitcoin remains at a crossroads, writes WSJ.
Anshe Kovalchuk, chief cryptocurrency strategist at Tomax, says July will be an important moment in the cryptocurrency market that will determine its trends by the end of the summer. If the price drops below the level of $ 30 thousand per coin, we expect a further decline to the level of $ 27 thousand – $ 22 thousand, “he told the Ministry of Finance.
According to Fava Razakzad, if the cryptocurrency does not overcome the $ 40,000 bar, then support will eventually collapse and give way to a sharp movement towards $ 20,000.
Practicing trader and founder of the Crypto Mentors project Nikita Serov believes that the most likely scenario for the movement in the future of the current month is the renewal of the minimum of $ 28.8 thousand.
Trading easts, a leading educational and expert resource in the crypto industry, predicts that by the beginning of August 2021, bitcoin will cost around $ 32,000.The expected maximum price is $ 40,794, the minimum is $ 27,740.
Nevertheless, Anshe Kovalchuk believes that Bitcoin will be interesting for purchases in July as well.
“Investors will be on the sidelines for now, as the price correction was deep against the background of China’s ban on using Bitcoin. There is nothing to improve this news and as long as the problem persists, we do not expect a strong rise in prices.
The price change will be, like in June, in a side channel. Therefore, Bitcoin is interesting for speculators in July, “he explains.
6 promising cryptocurrencies to buy in July
Despite the fact that Ethereum has more than tripled since the beginning of the year (from $ 729 to $ 2300), the purchase of this cryptocurrency is still relevant.
“In the next month or two, the trend of discussions around the environmental friendliness of cryptocurrency mining will develop. This will be the main theme that determines the outlook for the price movement of many coins. The Ethereum blockchain is in a transitional stage to the Ethereum 2.0 version, which implies a move away from mining equipment (Pow consensus, the main claim of the greens) to the process of maintaining the network’s operability through staking, ”explains Sergey Zhdanov, COO of the EXMO cryptocurrency exchange.
There is no exact date for the full transition to Ethereum 2.0 yet, but it is known that in July there will be a major update in the Ethereum network called London, which will bring the network much closer to the transition to Proof of Stake (Pops).
Pops assumes that a person’s right to mine and verify blocks of transactions is determined by the number of coins they own. That is, the more bitcoins or altcoins a miner has, the higher his mining power is. It is similar to a bank deposit, where money is blocked for a certain period of time by the bank, and the owner receives additional money in return.
“In this regard, ETH has a good chance in July to demonstrate dynamics aimed at reaching its previous historical maximum,” says Sergei Zhdanov.
The Cardanol blockchain was already originally designed with a Pops consensus. ADA has shown itself to be an asset that is not subject to the processes of mass sales like other coins and successfully resists price crashes in the market.
“ADA, in our opinion, also has excellent price prospects for July. According to the latest analytical data, the Cardanol blockchain has more than 650 thousand staking addresses, which speaks of the popularity of the network, especially after the release of the new update Alonzo Blue, which allows users to create smart contracts on its platform, ”says Sergei Zhdanov.