Top News Stories About Cryptocurrency in July 2024

The following are July 2024's top tech news items about cryptocurrencies:

Bitcoin and Ethereum Reach New All-Time Highs

The two biggest cryptocurrencies by market capitalization, Ethereum and Bitcoin, hit fresh all-time highs in July 2024. Ethereum broke $5,000, while Bitcoin reached a new high of over $80,000. The introduction of Bitcoin ETFs, growing institutional usage, and the impending Ethereum Improvement Proposal (EIP) 4844, which attempts to lower gas rates on Layer 2 networks, are all credited with the gains.

Political Attention on Cryptocurrency

Cryptocurrency has drawn significant attention in the political sphere as the 2024 election season gets closer. Prominent contenders, such as Robert F. Kennedy Jr. and Donald Trump, use their positions on cryptocurrencies to draw in votes. Trump's previously doubtful attitude toward digital currencies has changed as his campaign has started to accept money in the form of cryptocurrencies. Kennedy, meanwhile, has expressed pushed support for blockchain technology and emphasized how it may improve financial independence.

Market Performance and Investment Trends

By July 2024, the market capitalization of Bitcoin has increased by 111% year to date to over $1.3 trillion. With a 78% increase and a market capitalization of almost $409.9 billion, Ethereum also did well. Other well-known cryptocurrencies, including as Kaspa and Solana, are becoming more popular. Kaspa's novel GhostDAG protocol, which improves scalability and transaction speed, and Solana's strong ecosystem are responsible for Solana's success.

Solana Emerges as a Top Performer

In July 2024, Solana (SOL) became one of the best-performing cryptocurrencies. The native token SOL of the Layer-1 blockchain platform, which is intended to support decentralized applications, has increased by more than 12% within the last week. The company's acquisition of 60 % of Solana mining hardware and Marathon Digital's announcement of its Solana mining activities are what are driving the gains.

Kaspa Gains Traction with Innovative Scalability Solutions

In July 2024, Kaspa, a relatively new cryptocurrency, attracted a lot of attention thanks to its creative fixes for blockchain performance and scalability problems. Parallel transaction processing is made possible via Kaspa's GhostDAG protocol, which boosts the blockchain's capacity and permits quick transactions at cheap prices. The coin's market position has been further enhanced by Marathon Digital's investment in Kaspa mining hardware, which is anticipated to control 16% of the global hash rate once fully deployed.

Technological Innovations and Risks

The environment of cryptocurrencies is always changing due to new developments in technology. The GhostDAG protocol, which Kaspa introduced, is a noteworthy advancement meant to get over the constraints of existing blockchain technology and enable quicker and less expensive transactions. Investors are nonetheless concerned about the industry's exposure to fraud and technological flaws.

Regulatory Landscape Remains Uncertain in India

Even though cryptocurrency investors filed their taxes for the first time in the previous fiscal year, India's cryptocurrency regulations are still being updated. Investors must keep up with changing regulations and their possible effects on the market because this dynamic environment can cause disruptions and uncertainties.