Ethereum has had a tough month, facing back-to-back monthly losses for the first time since August 2023. In July, Ethereum saw a decline of approximately 3.5%, which is a significant drop for the popular cryptocurrency. This comes at a time when new Ethereum ETFs are emerging, adding to the excitement and volatility in the market.
On the other hand, Bitcoin has fared relatively well in comparison. As July comes to a close, Bitcoin has finished around 6% higher, hovering at approximately $66,000. This almost offsets the 7% drop that Bitcoin experienced in June. Looking back at 2024, Bitcoin had five positive months and two negative ones, showcasing its resilience in the market.
Looking ahead to August, historical data suggests that Bitcoin tends to average a gain of around 2.7% since 2013. However, it’s worth noting that in the past two years, Bitcoin has seen drops of 11% to 13% in August. The real excitement for Bitcoin investors comes in the fourth quarter, where October, November, and December historically see impressive average gains of 23%, 47%, and 5% respectively, according to Coinglass.
When comparing Ethereum and Bitcoin performance, it’s clear that Ethereum tends to perform better in the first half of the year, with double-digit growth from January to May. However, as we move into the latter stages of the year, historical data suggests that Bitcoin is expected to outperform Ethereum. This trend is something to keep an eye on for investors looking to diversify their cryptocurrency portfolios.
Overall, the cryptocurrency market continues to be volatile and unpredictable, with new developments such as ETFs adding to the mix. It will be interesting to see how Ethereum and Bitcoin perform in the coming months and whether they can bounce back from recent losses. Investors should stay informed and cautious as they navigate the ever-changing landscape of digital assets.
