August Cryptocurrency Review: Ethereum, Bitcoin Cash, and Neo dump over 30%

Ethereum, Bitcoin Money, Neo and Nem received smashed whereas VeChain, Dogecoin and Nano survived the purple month.

August will most likely go down because the worst month in crypto for 2018. There have been few survivors of the large rout that dumped the costs of many altcoins to their lowest ranges for over a 12 months. Following features in July issues turned south quickly and the bears pummeled the markets to a low of under $200 billion. Within the first two weeks of the month markets misplaced 30% to crash to $189 billion earlier than recovering to $226 billion by the top of the month making the loss 16% total.

Bitcoin dropped eight% all through August falling from round $7,600 initially to $6,980 by month finish. Its lowest level was on the 14th when it fell to $5,985. The excellent news for BTC was that its market dominance rose by 5% from 48% to 53.2% over the month indicating that the altcoins as soon as once more have taken the brunt of the beating.

August Crypto Winners

Tether might be thought-about one of many few winners in August because it has moved up the market capitalization chart to eightth spot overtaking Cardano and Iota. Each altcoins have misplaced a lot market cap that USDT’s $2.7 billion has moved it up the charts. Again in June Tether was in 12th spot under Tron and Neo which have dropped again even additional this month.

VeChain was the one altcoin within the high twenty to make a achieve in August, round 6% to finish the month at $zero.zero16. The token swap to VET and related airdrops would have affected costs for this altcoin. A late spurt for the often static Dogecoin additionally noticed that rise 6% throughout August and Nano had a riot with an enormous leap of 76% to finish the month at simply over $three.

August Crypto Losers

Ethereum received completely battered throughout ‘purple August’, shedding 33% from $420 to $280. It’s the lowest stage for ETH since this time final 12 months when markets had been largely bullish. The large drop has been blamed on failing ICO tasks dumping Ether into the markets and a basic slide in all different ERC20 tokens. Ethereum was nonetheless lulling round this depressed stage on the finish of August whereas Bitcoin had already made a restoration.

XRP fared solely somewhat higher shedding 23% from $zero.43 to $zero.33 in the course of the month. Its lowest stage this 12 months was on the 14th when it fell to $zero.26, again to final 12 months’s pre-bull run costs. Bitcoin Money crashed virtually 30% in August when it misplaced $220 falling from $760 to $538. Extra 2018 lows had been recorded when BCH dropped to $480 on August 14.

Crypto quantity 5, EOS, misplaced round 18% final month ending it at $6. It has proven a greater restoration from the mid-month by way of than its brethren additional up the market cap chart. Stellar, which had a sterling month in July climbing over 50%, misplaced most of these features in August when it dumped 22% from $zero.27 to $zero.22. Litecoin has been struggling additionally with no information by any means out of the LTC camp for a while now. LTC has misplaced 23% on the month ending it at simply over $60.

Cardano has been one of many worst performing altcoins for quite a lot of months and August painted an analogous image as ADA dropped 28% to finish the month at $zero.10. Rounding out the highest ten is Iota which has additionally misplaced 22% falling from $zero.93 to $zero.72.

Monero has been extra resilient that many of the different altcoins solely dropping three% or to finish August near the place it began at $120. Higher losses have been seen within the high twenty altcoins with Tron dropping 27%, Sprint falling 17% to simply over $180, Neo getting smashed 33% to finish the month under $20, and Ethereum Basic not benefiting from Coinbase’s itemizing because it additionally fell almost 19% from $16 to $13.

The outlook was equally grim for Binance Coin falling 18%, Nem crashing 37%, Tezos down 28%, and Zcash rounding out the highest twenty with a 25% decline to finish the month at $150. A variety of altcoins beforehand ranked larger for market cap have finished so badly that they’ve dropped out of the highest twenty fully; these embody OmiseGO, Lisk, Ontology, 0x, Qtum, and Icon.

Crypto markets reached their lowest ranges in 2018 final month however the 16% total decline was lower than in March after they dumped over 40%. This might be an indication that the selloff has slowed considerably and we might be nearing the underside. To summarize the one survivors in August had been VeChain, Dogecoin and Nano whereas Ethereum, Bitcoin Money and Neo received trounced.

All figures from Coinmarketcap.com

Earlier months: February | March | April | Might | June | July

About Tom Greenly

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