BTC: Range Breakout Leads to $70,000 Resistance Test
BTC started July with a 5-day sharp decline, bottoming at $53,500 on July 5 amid market-wide liquidation. The sell-off was attributed to:
- Overleveraged positions
- Panic over Germany’s sale of 50,000 seized BTC
After consolidating between $54,000–$58,000, BTC surged to $68,000 with minimal pullback following the assassination attempt on Donald Trump (July 13). Notably, this occurred alongside Mt. Gox’s BTC distributions—a bullish signal as the market absorbed the supply shock.
👉 Why BTC’s resilience matters for long-term investors
Key BTC Events:
- July 27: Trump’s pro-BTC speech at Nashville conference sparked FOMO, pushing BTC to briefly touch $70,000 before retreating to $65,000 by month-end.
- OI warning sign: Open interest climbed steadily during the rally, historically a precursor to corrections.
ETH: ETF Launch Fails to Impress
ETH underperformed BTC throughout July. The ETH ETF launch on July 23 disappointed with:
- Below-expected trading volumes
- Persistent ETHE fund outflows
- ETH/BTC ratio crashing to 0.048
Most ETH beta tokens (e.g., L2 solutions, DeFi protocols) mirrored this weakness, closing at $3,230.
SOL Ecosystem Shines Amid Market Turbulence
$SOL emerged as July’s standout performer:
- +50% rally from lows, peaking near $193
- SOL/ETH approached all-time highs after breaking key resistance
- Top ecosystem gainers: $JUP (+22%), $PYTH, $JTO, $RAY, $HNT
Meme Coin Mania: Cats Rule the Roost
Feline-themed tokens dominated speculative trading:
- $POPCAT** & **$MOG: Became new "blue-chip" meme coins, nearing $1B market caps
- $MEW: Rallied 3x from lows to join the top tier
- **$NEIRO**: The "Doge 2.0" narrative propelled ETH-based version to $200M+ cap
Surprise Outperformers
XRP Leads Large Caps (+31%)
- Fueled by rumors of Ripple-SEC settlement
- Other strong performers: $TRX, $BCH, $XMR
DeFi 1.0 Revival
- $MKR: +50% on BlackRock’s tokenized treasury news
- $AAVE: Sustained strength post-Aavenomics update
Altcoin Rollercoaster
- July 5 sell-off triggered violent rebounds in high-FDV VC coins (e.g., $WLD +85% short squeeze)
- Ordinals quietly excelled: $SATS (+39%), $ORDI, $RATS
- New launches: Only $ZRO (+28%) showed sustained momentum
Top Performers (July 2024)
Large Caps ($100M+)
| Coin | Return |
|---|---|
| XRP | +31% |
| ZRO | +28% |
| JTO | +23% |
| SOL | +17% |
| AAVE | +10% |
Small Caps (<$100M)
- $NEIRO: 50x (early entry)
- $BNX: +70%
- $ZEC: +61%
- $HNT: +41%
👉 How to identify the next SOL before it rallies
FAQ
Q: Why did ETH ETFs underperform?
A: Lack of institutional demand and competing narratives around SOL’s growth overshadowed the launch.
Q: Is SOL’s outperformance sustainable?
A: While network activity remains strong, SOL/ETH at resistance suggests potential consolidation ahead.
Q: What drove XRP’s rally?
A: Speculation about the Ripple case resolution—traders should monitor SEC developments closely.
Q: Are meme coins still relevant?
A: Cat coins show enduring retail interest, but their volatility requires strict risk management.
Market data reflects conditions as of July 31, 2024. Always conduct independent research before trading.
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