After a year-long slide, bitcoin just ended its best month of the year and may have found the lows of this cycle, according to JPMorgan. The company’s Kenneth Worthington said: “Although crypto prices have increased in July, the crypto market is still halving since the start of the year and trading volume is still down. But it looks like the crypto market is still down. I have found a floor”. a second note. He added: “Cryptocurrency prices recovered in July, a sign that the correction in token prices has lasted since the crypto market price peaked in November 2021. note, the price of the 100 largest tokens increased by 36% in July. In June, bitcoin fell to $17,958, the lowest level since December 2020, according to Coin Metrics. Ether fell to $881, its lowest level since January 2021. Ether rebounded 70% in July. Worthington said it was ether, not bitcoin, that led the most recent rally after when the successful testing in June and July of Ethereum Merge created confidence in the market. “Consolidation” refers to the long-awaited transition of the Ethereum network to a proof-of-stake consensus mechanism from proof of work. The change affects how transactions are validated and is expected to cut Ethereum’s energy consumption by more than 99%. It will take place in September and many are expecting the price of ether to skyrocket when it is completed. The lack of further destruction as a result of the fall of the Terra network in the spring also helps with sentiment. “What has helped, we think, has been to limit the new spread from the Terra/Luna fallout,” Worthington said. On Monday, the ether price hit a two-month high and was last trading around $1,770. Bitcoin has gone up to around $23,900.