ETH Is Best-Performing Asset in July; Crypto Volatility Fall Continues

<p>Ether (ETH) emerged as the best-performing digital asset in July, returning a 57% gain and leaving a significant margin against other cryptocurrencies.</p><p>ETH wrapped up the month with a market
capitalization of $205 billion after its price climbed 57% to $1,680.</p><p>This is even as volatility across
cryptocurrency markets worsened in July, which were further slipping away from the high
levels reached in May. </p><p>These are the <a href=”https://data.cryptocompare.com/reports/cryptocompare-asset-report-july-2022?mc_cid=7d9731f0c2&mc_eid=952cacfc40″>findings</a> by
CryptoCompare, a global cryptocurrency market data provider, which studied five
major cryptocurrencies: Bitcoin (BTC), ETH, XRP, SOL and ADA. </p><p>Monthly/3-Month Returns</p><p>According to CryptoCompare, SOL trails far
behind ETH in monthly gain as the digital asset returned 25.6%. </p><p>This is followed by Bitcoin (17.1%), XRP
(14.2%) and ADA (12.2%). </p><p>“<a href=”https://www.financemagnates.com/tag/sentiment-analysis/” target=”_blank”>Market sentiment</a> shifted in July, however,
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,” CryptoCompare explained.</p><p>However, when the digital assets are
compared in terms of market activities between May and July 2022, ADA becomes the best-performing digital asset.</p><p>Within the last three months, ADA returned
the least negative return of -31.7%.</p><p>In the order of least negative returns,
other cryptocurrencies returned thus: BTC (-38.1%), ETH (-38.4%), XRP (-35.2%) and
SOL (-49.9%).</p><p>When calculated on a year-to-date (YTD) or
January-July 2022 basis, BTC returned the least negative return with -49.5%
with ETH and XRP tying the knot with -54.3%.</p><p>ADA (-60.5%) and SOL (-75.1%) followed in
YTD negative returns in that ascending order.</p><p>“Over the last three months, all covered
digital assets lost approximately a third of their value as the cryptocurrency
space continued to be marred by high-profile <a href=”https://www.financemagnates.com/cryptocurrency/crashes-and-contagion-are-resetting-crypto/” target=”_blank”>contagion events</a>,” the market data
provider explained. </p><p>Crypto Volatility</p><p>According to CryptoCompare, ETH and SOL
were the most volatile digital assets in July. </p><p>ETH marked a volatility level of 108%
“given its significant price movement upwards.” This was followed by SOL with a
107% volatility level.</p><p>On the contrary, XRP and BTC were the
least volatile. They saw 61.8 and 62.1% volatility levels, respectively, in the past
month.</p><p>In terms of volume, total USDT volumes
across the five assets jumped by 22.7% to $319 billion, CryptoCompare said. However, the data provider pointed out that
USDT volumes increased for just BTC and ETH. </p><p>This, it explained, suggests that participants “are tilting
towards the two digital assets which are deemed safer within the crypto
landscape.”</p><p>Meanwhile, as a result of the <a href=”https://www.financemagnates.com/cryptocurrency/over-6-million-drained-from-solana-hot-wallets-was-luca-stealer-malware-involved/” target=”_blank”>recent Solana wallets</a> hack, the price of SOL dropped by 11.6% from $42.43 to $37.48, CryptoCompare said.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.