After a week of gains, the total cryptocurrency market cap is back to its previous downward trend. Bitcoin prices fell by about $500, a drop that saw Bitcoin prices hover below the $7,000 threshold for the first time since mid-July. News that a major crypto-project backed by the New York Stock Exchange, Microsoft, and a plethora of other big players didn’t seem to do the market any good. According to data from CoinMarketCap, the total market cap for the whole sector was recently around $251.8 billion with a 24 hour trading volume of 11.9 billion. Bitcoin still dominates the market occupying 47.6% of the whole sector.

Market capitalization saw various jumps in the month of July. The first jump took place on Sunday the 1st of July where the total market cap gained from $252.5 billion to $257.7 billion between 03:02 and 18:47 UTC. The next market cap gain took place on the 8th of July where the market cap jumped from $266.4 billion to $278.8 billion between 01:32 and 03:32 UTC. The last spike took place on Tuesday the 17th where the market cap jumped from $269.8 billion to $293.7 billion between 17:32 and 21:32 UTC.  The sharp jumps may have been triggered by major players such as BTCC, Flow Traders NV, and Coinbase Custody entering the cryptocurrency market.  

Inside Stories on the Top 5 Cryptocurrencies

Using data acquired from CoinMarketCap.com, we’ve analysed the top 5 cryptocurrencies, sharing information such as news, prices, and price predictions. The top 5 cryptocurrencies in order of market cap include:

  • Bitcoin
  • Ethereum
  • Ripple
  • Bitcoin Cash
  • EOS   

Bitcoin

Bitcoin Price Analysis

At the beginning of the month, July 1st, the price of Bitcoin opened the day at $6,411.68. On that same day, the price of Bitcoin hit a high of $6,432.85, and a low of $6,289.29. It eventually closed the day at a price of $6,385.82 with a 24 hour trading volume of $4.78 billion and a market cap of $109.7 billion. Mid July (July 15th), the price of Bitcoin opened the market at a price of $6,272.70. It then hit a high of $6,403.46 and a low of $6,256.51. It eventually closed the market at a price of $6,359.64 with a 24 hour trading volume of $3.2 billion and a market cap of $107.5 billion. On the 31st of July, the price of Bitcoin closed the market at a price of $7,780.44 billion with a 24 hour trading volume of $5.2 billion and a market cap of $140.5 billion.

Bitcoin Price Predictions

According to Bitmex CEO and co-founder, Arthur Hayes, Bitcoin’s price will probably hit a high of $50,000 by the end of the year. He argues that low volatility is a major factor to the low Bitcoin prices. Therefore, for Bitcoin to hit $50k, there needs to be volatility coupled with more investor entry into the sector.  

Ethereum

Ethereum Price Analysis

At the beginning of the month, July 1st, the price of Ethereum opened the day at $455.24. On the same day, the price hit a high of $457.14 and a low of $446.39. It closed the day at a price of $453.92 with a 24-hour trading volume of $1.5 billion and a market cap of $45.7 billion. Mid July (July 15th), Ethereum opened the day at a price of $435.88. During the same day, the price hit a high of $454 and a low of $433.92. It eventually closed the day with a price of $449.85 with a 24-hour trading volume of $1.35 billion and a market cap of $43.8 billion. On the 31st of July, Ethereum closed the market with a price of $433.87 with a 24-hour trading volume of $1.82 billion and a market cap of $46.19 billion.

Ethereum Price Predictions

Nigel Green, DeVere Group CEO, has predicted that Ethereum’s price will most likely hit a high of $2,500 by the end of the year. He has predicted further improvements for the years 2019 and 2020. He explains that reasons such as increased use of smart contracts and Ether to trade with will push the price up.

Ripple

Ripple Price Analysis

At the beginning of the month, the 1st of July, Ripple opened the market with a price of $0.465944. On the same day, the price hit a high of $0.466280 and a low of $0.450816. It eventually closed the market at a price of $0.461358 with a 24-hour trading volume of $267.2 million and a market cap of $18.2 billion. Mid July (July 15th), Ripple opened the market at a price of $0.439095. On the same day, the price hit a high of $0.448987 and a low of $0.437194. It eventually closed the market at a price of $0.445894 with a 24-hour trading volume of $152.9 million and a market cap of $17.2 billion. On the 31st of July, the price of Ripple closed the market at $0.435225 with a 24-hour trading volume of $228.7 million and a market cap of $17.5 billion.

Ripple Price Prediction

Roman Guelfi, a cryptocurrency expert, has made claims that Ripple prices will most probably hit highs of about $10 by 2019. He stated increased Ripple projects as his reason of why prices will rise.

Bitcoin Cash

Bitcoin Cash Price Analysis

At the beginning of the month, the price of BCH opened the market at $749.81. During the same day, BCH prices hit a high of $752.91 and a low of $719.76. BCH eventually closed the day at a price of $739.42 with a 24-hour trading volume of $558.7 million and a market cap of $12.89 billion. Mid July (July 15th), BCH opened the market at a price of $702.99. On the same day, BCH prices hit a high of $731.57 and a low of $698.76. Eventually, BCH closed the day at a price of $722.97 with a 24-hour trading volume of $322.2 million and a market cap of $12.1 billion. On the 31st of July, the price of BCH closed the day at a price of $777.15 with a 24-hour trading volume of $420.7 million and a market cap of $14.10 billion.

Bitcoin Cash Price Prediction

According to one of Bitcoin’s most notable millionaires, Roger Ver, Bitcoin Cash prices will most likely continue rising even doubling in the next few months. Tradingbeasts.com predicts that Bitcoin Cash will hit a price high of between $1,930 and $2,838 by the end of 2018.

EOS

EOS Price Analysis

At the beginning of the month, the price of EOS opened the market at $8.15. During the same day, the price of EOS hit a high of $8.22 and a low of $7.81. It eventually closed the day at a price of $8.13 with a 24-hour trading volume of $621.64 million and a market cap of $7.3 billion. Mid July (July 15th), the price of EOS opened the market at a price of $6.98. During the same day, it hit a high of $7.52 and a low of $6.92. It eventually closed the day at a price of $7.40 with a 24-hour trading volume of $501.4 million and a market cap of $6.25 billion. On the 31st of July, the price of EOS closed the day at $7.37 with a 24-hour trading volume of $708.84 million and a market cap of $6.96 billion.

EOS Price Prediction

Cryptocurrency information website walletinvestor.com predicts a price of $72.121 for one EOS in 2023. They hail EOS as a worthy investment with good results and only expect good from EOS going onwards.  

Conclusion  

Based on the above price predictions, it seems that a lot of experts remain positive on the future of cryptocurrencies. We remain hopeful on the future of cryptocurrencies too. If you liked the above comprehensive analysis of cryptocurrencies for July 2018, be sure to check out our gold price-backed token, the DinarCoin, for another trading option.

This article is not intended to be investment advice, and should not be taken as such. Any consequences of actions taken by the reader as a result of reading this material shall be said reader’s own and full responsibility.