The cryptocurrency space in the month of July 2022, saw it post a bullish performance since March 2022. This comes as a recovery from June 2022, which was one of the worst market monthly performances; as the space traded at levels not seen since November 2020. In July, the market ended the month reclaiming the trillion-dollar status it lost in June.
With the current bullish trend seen in the market, here is a look at 5 cryptocurrencies investors should watch out for in August 2022:
Bitcoin’s BTC: Bitcoin has responded strongly to the Federal Reserve 75 basis point rate hike; with BTC closing up 5.7% on the week.
Cardano’s ADA:
Cardano is one of the biggest blockchains to successfully use a proof-of-stake consensus mechanism. Which is less energy intensive than the proof-of-work algorithm relied upon by Bitcoin.
Ethereum’s Ether: In the digital assets space, Ethereum remains the largest smart contract platform, hosting a plethora of financial products, innovation, and automation, with varying degrees of decentralization (generally referred to as DeFi).
Solana’s SOL: Solana is also termed an Ethereum competitor, operating on a PoS, similar to Cardano’s blockchain.