Ethereum records 56% increase in July, marking highest gain in 3 years

Ethereum (ETH) has broken its record for the highest monthly growth rate in three years.

Cointelegraph reported on the 31st (local time), citing crypto market platform CoinGecko data, that Ethereum’s price surged by approximately 56% in July. Cointelegraph noted, “Ethereum posted a monthly gain of more than 50% for the first time in three years after soaring 56.62% in July 2022.”

Institutional investor inflows are considered a major factor behind the rise in Ethereum’s price. The United States Ethereum spot ETF recorded 19 consecutive days of net capital inflows this month. So far this month, the total net inflow into the Ethereum spot ETF is $5.37 billion. Cointelegraph stated, “(The 19 consecutive days of inflow) approaches the longest streak of net inflows in history.”