Ethereum Classic And These 4 Other Altcoins Were Best-Performing Cryptos Of July

Staking solution Lido DAO LDO/USD and Proof-of-Work blockchain Ethereum Classic ETC/USD were the best performing cryptocurrencies last month, posting triple-digit gains in July. The positive price action was largely driven by optimism around the Ethereum ETH/USD Merge, causing a surge in retail interest for LDO and ETC.

Top Gainers of Month Ending July 31, 2022 (Data via CoinMarketCap)
Cryptocurrency 7-Day % Change (+/-) All-Time High Value/Date Reached % Change (+/-) Since All-Time High
Lido DAO (LDO) +383.30% $7.30 On Aug 20, 2021 -70%
Ethereum Classic (ETC) +154% $167.09 On May 06, 2021 -78%
yearn.finance (YFI) +113% $90,786 On May 12, 2021 -87%
Polygon (MATIC) +105.55% $2.92 On Dec 27,2021 -68%
Filecoin (FIL) +105% $238.84 On April 1, 2021 -95%

The Merge

LDO rallied 215% in a week after Ethereum developers floated a tentative date for the network’s switch to Proof-of-Stake. LDO is the native token of Lido DAO – a liquid staking solution for Ethereum. As the PoS transition nears, more users are looking to get in on staking ETH and participate in the blockchain network while earning rewards.

Lido’s staking solution has already locked in over $5 billion worth of ETH on behalf of users across the world, according to Glassnode. Over the last month, LDO has rallied 383%, hitting a three-month high of $2.47.

Another coin at the center of Merge-related optimism is Ethereum Classic. ETC rallied 154% in July on the back of anticipation that ETH miners would switch over to the ETC blockchain after the Merge.

Ethereum Classic’s hash rate reached an all-time high of 32.95 TH/s on July 30, suggesting that some miners have already begun migrating. Ethereum founder Vitalik Buterin also endorsed ETC as “a totally fine chain”, saying that users who preferred Proof-of-Work should use the blockchain.

Yearn Finance Reclaims $10,000

The price native token of yearn.financeYFI/USD broke past an important resistance level of $10,000 and is currently trading above $11,371, as per data from Benzinga Pro. However, analysts at Santiment observed that whales showed some signs of profit taking, with addresses holding over $1 million worth of YFI have reduced their holdings.

Filecoin Rallies On NFT Storage Hype

Decentralized storage system Filecoin FIL/USD saw a breakout rally to a five-week high of $11.24. FIL’s massive rally came on the last weekend of the month after the platform introduced NFT storage for NFTs and metadata.

“NFT.Storage gives users IPFS URIs instead of HTTP URLs, ensuring NFTs are immutable,” said Filecoin in a blog.

Posted In: Ethereum classicFilecoinPolygonYearn.FinanceCryptocurrencyNewsMarkets

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