01 Aug 2022
Bitcoin’s best month since October 2021
After a dreadful start in 2022, July marked the best month for bitcoin this year and the highest return since October 2021, with the price increasing almost 17%.
It’s been a challenging year for bitcoin, but the selling finally stopped last month. With a monthly return of 16.6%, the bitcoin price had its best month in 2022 and the highest return since October 2021.
Only two other months have had positive returns since October last year, February and March, with 12% and 5% gain, respectively.With June being one of the worst months in bitcoin’s history, it’s been a much-needed relief in the market lately.
Interestingly, ether completely outpaced bitcoin last month, seeing a gain of 57% ahead of the upcoming migration to Proof-of-Stake.
The shift in direction for the bitcoin price has undoubtedly been a result of the direction of the stock market (learn more in this article). Bitcoin bottomed on June 18th, just a day after the stock market bottomed and started climbing again.