The cryptocurrency market appears to be reversing course after a correction throughout June. Bitcoin (BTC) has reclaimed the $63,000 mark and the global cryptocurrency market cap has increased by 3.6% in 24 hours to $2.45 trillion.
July could be an important month for the market due to several developments in the industry. Let’s take a look at three cryptocurrencies that investors should watch this month as we head into Q3 2024.
Top 3 Cryptocurrencies to Watch in July 2024
Ethereum
Ethereum (ETH) was up 3% on the daily chart and 3.6% over the previous week. The United States Securities and Exchange Commission (SEC) recently dropped its investigation into Ethereum, which is a positive sign to clear the way for the upcoming Ethereum spot ETF.
According to some experts, the possibility of an Ethereum spot ETF launching in July is quite high. If the SEC approves an ETF for Ethereum, this move could send ETH prices soaring, similar to how Bitcoin got an ETF.
BTC price hits new all-time high in March, boosted by Bitcoin spot ETFs.
Solana
Solana (SOL) has also seen a strong recovery in the past few days. SOL is up 5.6% in 24 hours and 18.7% over the past week.
Among the top 10 cryptocurrencies, SOL is one of the coins with the strongest growth momentum.
SOL’s recent surge may be due to VanEck and 21Shares simultaneously filing for Solana spot ETF registration with the SEC. Some experts believe that regulators will soon allow the Solana spot ETF to operate in the market.
However, many analysts believe that it will be at least 2025 before the SEC approves the Solana spot ETF.
Shiba Inu
Shiba Inu (SHIB) is also trying to regain its momentum. The meme coin struggled to stay green on the chart in June.
Currently, SHIB’s daily and weekly charts show a 2.1% increase in value, which is quite modest for a top meme coin.
However, July looks quite optimistic for SHIB as historically July is a bullish month for Shiba Inu.
“This July, we could see SHIB return to $0.00003,” said an analyst on X.
See more: How will SHIB move this July?
