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Following a prolonged and painful cryptocurrency market downturn in April and June that led to the king coin, bitcoinand leading altcoins, Ethereum Chasing terrible lows, the bulls regained strength in July.

Bitcoin has gained more than 18% in 31 days as its price remains far from its November 2021 all-time high. Closing the month at an index price of $1,680, the leading ETH is also up 54%.

Blockchain analytics platform Santiment in its latest Report Noting that the two leading cryptocurrencies have made significant on-chain progress in 31 days.

July 2022: BTC and ETH

According to analytics firm Santiment, sentiment in the trading crowd has been negative since the beginning of the bear market as BTC and ETH began to move further away from their all-time highs.

However, traders’ confidence was restored as the prices of these assets corrected in July, with Santiment finding that traders now believe “prices can continue to rise organically after an impressive July.”

Source: Santiment

As the price of the king coin has fallen over the past six months, key stakeholders have reportedly become increasingly skeptical about accumulating holdings of the coin.

This could be due to “fears about inflation or further rate hikes coming in September (after the latest rate hike was announced last week), waning fears over the coronavirus, or the ongoing war in Ukraine.”

Additionally, key stakeholders holding between 100 and 10,000 BTC have given up 2.26% of their BTC supply over the past six months, Santiment reported.

On the social front, Bitcoin’s social dominance remained high in July. According to Santiment, the market downturn has awakened “traders to flock from their junk coins to the relatively safe haven of bitcoin.”

Hence the growth of social dominance. Observations of ETH also reveal the same pattern of growth in its social dominance over the same period.

Source: Santiment

Additionally, over 31 days, Santiment found that on July 26, the ETH network recorded an index of 1.06 million daily active addresses. It’s at an all-time high.

As for BTC, it logged as high as 994,000 daily active addresses in July, registered on July 19.

Source: Santiment

Finally, Santiment revealed that in July, ETH became “very cheap to move.” This is the result of a drop in Ethereum circulation since the beginning of the year.

Transaction costs on the ETH network dropped significantly in July. Therefore, coins are less expensive to move.

Source: Santiment

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