JPMorgan: Bitcoin may have found a low for this cycle. Prices for the 100 largest tokens were up 36% in the month of July. In June, bitcoin plunged to $17,958, its lowest level since December 2020, according to Coin Metrics.

Ether sank to $881, its lowest level since January 2021. Ether then rebounded 70% in July. It was ether, rather than bitcoin, that led the most recent rally. The successful trials in June and July of the Ethereum Merge gave the market a confidence boost, Worthington said.

The price of ether hit its highest level in two months and was last trading around $1,770. Bitcoin was up to about $23,900. "What has helped, we think, has been more limited new contagion from the collapse of Terra/Luna," Worthington said.
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