Here’s How it Surged 60% in July

July 30, 2015, is the launch date of the popular blockchain network Ethereum. Its native token, ETH, is the second biggest cryptocurrency in the world, with $460.33B in market capitalization and global adoption. Notably, the token is anticipated to take over Bitcoin one day, while that’s still far, its 60% rally in July captivated investors.

Ethereum Surges 60% Ahead of 10th Anniversary

Ethereum price has witnessed one of the most stellar monthly gains this July, especially as high volatility was noted throughout the month. With an uptrend from the first day of the month, it has rallied 60%, achieving a high of $3,915 on July 28. Another milestone for ETH is its 10th anniversary today, July 30, with a relatively bullish note.

This represents a strong institutional demand and market optimism, pushing ETH towards the $4k milestone. Although the token has consolidated since then, currently trading at $3,807.73, it’s still remarkable.

Notably, this month, it has surpassed Bitcoin in terms of price performance and ETF inflows on certain days, signaling a major capital rotation and increasing demand for this cryptocurrency.

Top Factors Fueling The July Ethereum Price Rally

Interestingly, the broader market had a relatively bullish trajectory this month. Starting the Bitcoin price rally to ATH, the uptrend moved to the rest of the assets. It resulted in the rebuilding demand of meme coins and altcoins, including ETH, but there’s more to the story.

Surpassing expectations, ETH spot ETFs witness a staggering $5.4B in inflows this month. It’s the biggest indicator of the strong institutional demand and investors’ support, fueling the 60% rally.

July 11-25 remained the most bullish, as the inflow hit $4.23 billion. Notably, during the same period, Ethereum spot ETFs completed their 1-year anniversary, making it more remarkable.

• Massive Whale Accumulation

Whales have been betting big on ETH this month, as experts note that the large holders added roughly 1.13 million ETH (~$4.18 billion) in just two weeks. Lookonchain notes that the fresh wallet, 0x3dF3, has received another 12,000ETH ($45M), and nine wallets have added 640,646 ETH($2.43B).

Sharplink and other institutes also went big on buying, influencing the price rally. Notably, the surge in ETH whales grew while Bitcoin’s whale holding decreased. Just yesterday, a Bitcoin wallet transferred $15M to an exchange after 12 years of dormancy, adding to the selling pressure on the token.

This is also favorable to the ETH’s ongoing price rally.

• Institutional & Regulatory Tailwinds

Approval and passage of the US GENIUS Act into law were among the most favorable factors for altcoins’ growth this month. More bills like CLARITY and the Anti-CBDC Act are also in process.

Besides the events like Crypto Week, today’s FOMC meeting, and others, they are also influencing the bullish investor sentiments.

• Altcoin Season Hype and Capital Rotation

As explained above, ETH outpaced Bitcoin this July, as its price grew nearly 60% whereas BTC rose only 10%. This happened as capital rotated from this to ETH-like altcoins. Additionally, the Bitcoin dominance dropped, whereas the Altseason index rose, fueling the hype around altcoin season; hence the gains.

The ETH/BTC trend also suggests that the former is leading the cycles with investor demand. Overall, the trends have supported this token’s uptrend this month. However, despite that, it is still far from setting a new ATH, signaling that there are lacking catalysts.

As Ethereum celebrates its 10th anniversary, with new developments, adoption, and price rallies, the expectations are high for the next decade.

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Pooja Khardia

Pooja Khardia is a seasoned crypto content writer with 6+ years of experience in writing, including in blockchain, cryptocurrency, DeFi, and digital finance reporting. In her adventure journey, she is currently working with CoinGape Media and leading their Trending Section.

Here, she uses her expertise to deliver analytics, market insights, price predictions, and information on what’s trending in the crypto space, aiming to keep the crypto and web3 community updated with market trends and important insights.

Known for a user-centric and straightforward writing style, Pooja is passionate about making crypto easy and accessible. Her writing blends market research with storytelling, helping readers stay ahead in a fast-paced industry.

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