What Was The Best Performing Crypto in July?

The latest findings by CryptoCompare show that Ethereum (ETH) was the best-performing cryptocurrency in July.
With the Merge likely the driving force, the network’s total value locked has dwarfed other competing networks.

In a recently published report, Ethereum has come out as the clear winner as the best performing cryptocurrency in July. The findings by CryptoCompare, a global cryptocurrency market data provider, studied five major cryptocurrencies: Bitcoin (BTC), ETH, XRP, SOL, and ADA. in general, the study found that there was a market sentiment shift with both traditional and digital asset markets rebounding.

Ethereum recorded a 57% price surge in the month, leaving a significant margin with its other cryptocurrencies. Notably, ETH wrapped up the month with a market capitalization of $205 billion. The total Value Locked in EthereumDeFi also increased, rising 24.0% to $57.9bn.

ADA Takes Lead in Market Activities

While ETH stood as the best performing cryptocurrency, ADA was the best performing asset in terms of market activities. XRP on the other hand was unimpressive on all accounts with the digital asset unable to break away from its ongoing lawsuit filed by the SEC.

Notably, both Ethereum and Cardano have key network upgrades on the horizon, which can help explain their recent activities. For Ethereum, the network will undergo a major upgrade dubbed The Merge. This will see it transition from a PoW to a PoS protocol. If successful, it will ultimately lead to better scaling, lower transaction fees, and faster transactions.

Cardano is set to undergo the much-awaited Vasil upgrade. The upgrade has undergone a couple of delays but Charles Hoskinson has recently reiterated that there will be no more delays and the upgrade is set for the coming weeks. As per developers and the Cardano community, the upgrade will bring a “massive” performance improvement.

Both Cardano (ADA) and Ethereum (ETH) are likely going to continue making waves leading to the upgrade and post-upgrade as they usher in a new era in their development.