JPEX Last Week of July Review (24th to 30th)

The last week of July would be remembered by traders strongly as Bitcoin (BTC) and other alternate coins (altcoins) broke above several resistance levels. Despite the huge anticipation of Ethereum’s merge, the coin that has benefited most has been Ethereum Classic (ETC) and not the novel token of the first smart contracts blockchain, Ether (ETH). Aside from ETC, Uniswap (UNI), Internet Computer (ICP), Bitcoin Cash (BCH), and Maker (MKR) all brought at least 15% gains to investors within the period. 

Ethereum Classic (ETC) Spiked by 54%

Opening Price: $25.59 on Sunday, July 24. 

Weekly High: $44.97 on Friday, July 29. 

Weekly Low: $23.17 on Tuesday, July 26. 

Closing Price: $39.11 on Saturday, July 30. 

Opening Day Trading Volume: $864.05 million

Closing Day Trading Volume: $2.28 billion

Opening Day Market Capitalization: $3.48 billion

Closing Day Market Capitalization: $5.32 billion

Price Driver: The primary drivers for ETC’s price are mining rewards and investment by a major mining firm. Mining rewards for ETH and BTC continue to go down. Since Ethereum Classic remains a Proof-of-Work (POW) network, investors believe ETC is the best mining coin that can bring huge returns to their portfolio. 

Aside from individual whales, AntPool, a Bitmain-affiliated mining platform recently invested $10 million into the project’s ecosystem. 

According to the Chief Executive Officer (CEO) of AntPool, Lv Lei, the company will continue providing support for the blockchain. 

This explains the 54% spike in price, a 163% increase in trading volume, and a 52% rise in market capitalization, per data from CoinMarketCap. 

Uniswap (UNI) Rose by 25%

Opening Price: $6.98 on Sunday, July 24. 

Weekly High: $9.74 on Thursday, July 28. 

Weekly Low: $6.25 on Tuesday, July 26. 

Closing Price: $8.76 on Saturday, July 30.

Opening Trading Volume: $158.73 million

Closing Trading Volume: $329.01 million

Opening Day Market Capitalization: $5.3 billion

Closing Day Market Capitalization: $6.52 billion.

Price Drivers: Uniswap remains the largest decentralized exchange (DEX) in the industry. The total volume for July was in the region of $37 billion, per data from Dune Analytics. 

Trading volume on Uniswap has been bigger than some mainstream centralized exchanges (CEXs). This has seen whales inject about $75 million into UNI tokens. 

Like several exchanges, Uniswap continues to take the much-needed steps to become an integral force in the non-fungible token (NFT) space. On Wednesday, Uniswap announced integration with NFT marketplace Sudoswap. This will allow people to trade digital collectibles on the platform. 

This explains the 25% rise in price, 107% ascension in trading volume and a 23% increase in market capitalization.


Internet Computer (ICP) Ascended by 24%

Opening Price: $6.65 on Sunday, July 24. 

Weekly High: $9.31 on Saturday, July 30. 

Weekly Low: $6.03 on Tuesday, July 26. 

Closing Price: $8.28 on Saturday, July 30.

Opening Day Trading Volume: $62.45 million

Closing Day Trading Volume: $431.98 million

Opening Day Market Capitalization: $1.65 billion

Closing Day Market Capitalization: $2.07 billion

Price Driver: ICP, the novel token of the Internet Computer project benefitted from overall bullish market trends. 

As one of the altcoins built on a massive infrastructure that aims to revolutionize the internet, investors poured more liquidity into the coin due to its potential in the market. 

This is why trading volume rose by 591% within seven days. The overall value of the project was up 25% within the same period and corresponded to a 24% spike in price. 

Bitcoin Cash (BCH) Was Up 18%

Opening Price: $122.70 on Sunday, July 24. 

Weekly High: $163.60 on Friday, July 29. 

Weekly Low: $114.54 on Tuesday, July 26. 

Closing Price: $145.05 on Saturday, July 30. 

Opening Day Trading Volume: $329.2 million

Closing Day Trading Volume: $512.28 million

Opening Day Market Capitalization: $2.53 billion

Closing Day Market Capitalization: $2.78 billion

Price Drivers: BCH, the native asset of the Bitcoin Cash ecosystem mirrored a recovering crypto market in the last week of July. While Bitcoin cemented its place above $20,000, BCH rose to retest new highs. 

The coin benefitted from the positive crypto market sentiment which led to an increase in the number of active addresses. 

Aside from that, since Ethereum is gradually saying goodbye to miners, Bitcoin Cash has become another chain miners are considering for their periodic rewards. 

This explains the 18% upside within the week in addition to the 55% spike in liquidity (trading volume) and 9% rise in market capitalization. 


Maker (MKR) Soared by 17%

Opening Price: $956.15 on Sunday, July 24. 

Weekly High: $1,177.34 on Saturday, July 30. 

Weekly Low: $856.73 on Tuesday, July 26. 

Closing Price: $1,120.21 on Saturday, July 30. 

Opening Day Trading Volume: $146.85 million.  

Closing Day Trading Volume: $426.4 million

Opening Day Market Capitalization: $966.24 million

Closing Day Market Capitalization: $1.095 billion.

Price Drivers: Maker led the recovery of the decentralized finance (DeFi) market in July. On July 1, Maker total value locked (TVL) was $7.64 billion. This spiked by 12% to $8.63 billion on July 30. This means that within 30 days, TVL increased by $990 million, per data from DeFiLlama. Total Value Locked also rose from $72.6 billion on the first day of the month to $90.28 billion on the last day. 

There was a 190% increase in trading volume as well as a 13% spike in the market capitalization of MKR. 

Others such as Aave (AAVE) and Binance Coin (BNB) rose by 6% and 10% respectively.



Get the APP

Instagram (@jpex_official)

Twitter (@ExchangeJpex)

Telegram (@JPEX official)

Facebook (JPEX Exchange)

Discord (JPEX_Official)

Promotion (@Jpex_official_int)

Marketing (Email )