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BTC and ETH outperform traditional markets in July despite the dollar’s strength

BTC and ETH outperform traditional markets in July despite the dollar’s strength

Top cryptos, including BTC and ETH, remain in red while the market cap stands at $980 billion

By Shashank Bhardwaj

Image: Shutterstock

Bitcoin (BTC) fell by 3 percent and was trading close to $22,000, given the uncertainty around the upcoming US Federal Reserve’s monetary policy meeting and corporate earnings report. It is expected that the Fed might possibly impose another 0.75 percent hike in interest rates to curb the rising inflation.

However, this fluctuation is not reflective of the entire month since BTC has been outperforming traditional markets all through the month of July. The dollar index supported the fact that the strength of a dollar was up 2.5 percent, but the top cryptos have managed to transcend the dollar in the performance game.

BTC recorded inflows of $19 million in the past week while ETH witnessed inflows…

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