Review of the cryptocurrency market in July 2019

30.07.2019

Regulation of the cost of cryptocurrencies in July continues, and it began from last month. The total value of capitalization decreased by 16%, and there were no sharp changes in activity. Like the rest of the periods, Bitcoin has seen the best dynamics. One of the reasons for the changes in July is the adjustment of the cryptocurrency industry in the world. These changes have affected almost all the instruments that are used in the cryptocurrency market.
 

Capitalization

The total capitalization gave an increase in the weight and influence of BTC by 2.6%, but the rest of the altcoins and tokens lost weight:

    ETH - 1.44%.
    XRP - 0.18%.
    LTC - 0.29%.

Based on the Bitcoin Dominance Index, highs have been updated throughout July since the beginning of last year. This indicator indicates that MTC remains the most high-quality and promising digital asset for investors, despite all the events in the crypto industry: the rapid decline and increase in prices, constant innovations and disappointments.
 

Bitcoin

Last month, the first signs appeared that the bulls needed rest. Significant volatility, after constant growth with high volumes, is the main reason to think about the advisability of holding positions in the future. In July, Vitcoin quotes fell by 7%, but this is still better than the average value in the crypto industry. The correction from its maximum, which was at the end of June to the end of July, turns out to be about 30%. This is enough for technical overbought and a decrease in the emotional mood.

Speculators who use the asset on a medium-term basis will have to apply a lot of patience in the near future and pay attention to the charts, so that after the analysis it is possible to understand whether it is possible to buy Vitcoin with a reversal of a new growth wave. The correction can be considered logical, as there were a lot of positive forecasts in June. At that point, Bitcoin was overvalued. Analysis of dynamics, using a low time frame, will help you find the moment to open long positions.
 

Ethereum

The dynamics of Ethereum is confirmed by the mood of traders and investors in the MTC, if we consider the short and medium term. Correlation with Bitcoin is strong, and Ethereum lags significantly behind the growth of the entire market, with weaker results. The trend is caused by the characteristics of the instrument itself. The Ethereum emission remains unlimited, and the authors still do not give clear information on it, only promises. Quotes can be “choked” by the fact that investors cannot predict the situation for many years to come.

During the month, the Ethereum price was changed by 27% through a correction. Within the $ 260 limit, protective orders were to be issued, retaining a large percentage of profits. On the technical side, the ETH / USD rate is located close to the trend lines, which indicates a good opportunity for a medium-term acquisition with an optimal degree of risk. Significant events on the inside or outside can help drive forward dynamics.

Ripple

Ripple dynamics are worse than the general market. The token lost 20% of its capitalization in July as a result of the general correction of cryptocurrencies. For a long time, nothing significant happens to the coin. On the technical side, the quotes are again approaching a wide range of prices in the range of 0.27-0.6 dollars. If there is a reversal of the market and levels, then more interesting instruments will appear, but the correction may drag on for a long time.

If the price of Ripple (XRP) is around $ 0.27, then this could be a good prospect for medium-term investors to form long positions. Without significant fundamental changes, the token will not be able to show positive dynamics for a long time. You need to consider the entry point, risks, demand, supply and technical side.
 

Some important crypto industry events in July

In July, there were several important events in the field of cryptocurrencies that took place in various world countries:

    In the UK, the regulator allowed Prime Factor Capital to operate in the country. Additionally, a 3-year plan for dealing with economic crime was published. The list also includes cryptocurrencies, since the state believes that they are used to launder fiat and carry out other actions that are contrary to the law. Therefore, it is planned to create a new regulatory regime for companies that deal with cryptocurrencies.
    The US has created a new guide to digital assets from the tax office. A project was introduced to Congress that prevents large enterprises from forming their tokens.
    In South Korea, an assessment was made of the total damage from offenses in the field of cryptocurrencies for 2 years in the amount of $ 2.3 billion.Local banks have adopted toughenings on crypto exchanges due to the use of new features of the FATF.

In Russia, a law on crowdfunding has been adopted, due to which inexperienced investors can take part in the ICO field with an annual cost of up to 600 thousand rubles. There is also a project that requires mandatory identification of the users e-mail box through a mobile number. The Deputy Ministry of Finance of the Russian Federation said that the cryptocurrency will never be used in the Russian Federation as a means of payment, however, the government signed an agreement with Rostec on the development of blockchain and its technologies.

This is only part of the global changes in the crypto industry. Every month there are new solutions, additions, tightening, so investors, traders and ordinary coin holders need to constantly follow the news.
 

Conclusion

Cryptocurrency forecasts always provide for a certain probability of events. In fact, investing in digital currencies is a kind of bet on the result. In this area, the same laws work as in other markets, if it is an open area that does not lend itself to artificial regulation.

Investors in 2019 are more interested in the leader - Bitcoin than in altcoins. This is due to the limitedness of coins and the influence of factors on price formation. ВТС is the leading coin on the crypto market, the emission of Вitcoin is limited. After the network hype in 2017 and the recession, the onset of the crypto winter, everything was put in place. Strong support for any asset is an important factor for investors. Everyone decides for himself whether to invest in altcoins for the long term, the main thing is to remember the basic laws.


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