August is over for crypto coins.
Yet no end seems to be in sight for the crypto market's bearishness. The world of bitcoin and other altcoins remains as difficult as ever to navigate. However, taking account of these coins at the end of the month can be helpful sometimes.
Figuring out the cryptos that stood their ground in the previous month, despite the negative price action of bitcoin can be an important factor. This article enlists the top performers and the biggest losers of August.
Keep in mind that July was a relatively good month for traders and investors alike. Many coins turned green and made significant moves to the upside, despite the year-long bearishness of the market. Among which were Chiliz, Shiba-Inu, and Dogecoin. The big winner for July, however, was Ethereum (ETH).
Fueled by the excitement from the Ethereum network's upcoming merge with the beacon chain in September 2022, the cryptocurrency did massive numbers and increased by up to 20%.
In August, however, the market's downtrend resumed, causing massive losses for the top ten cryptocurrencies by market capitalization.
As shown above, the top 10 cryptos, by market capitalization, suffered as much as all the others through August. Not a single one managed to accumulate gains over thirty days. These sharp losses were especially noticeable since cryptos like Bitcoin and Ethereum made gains of over 20% each over July.
Among the biggest losers, however, Solana stood out with an especially long loss margin, dropping over 25% within 30 days and reaching as low as $31. Closely followed by Solana was Ripple (XRP). Ripple coin dropped 14% within the same timeframe and reached as low as $0.324.
Yet as bloody as the crypto market was in August, Ethereum (ETH) and Binance Coin (BNB) were on the other side of the spectrum. While tokens like XRP and SOL made double-digit losses, BNB only fell by 3%.
After BNB was Ethereum, with a relatively modest fall of 6%. Ethereum closed its monthly candle at $1,567. This relatively low drop was likely influenced by anticipation of the Ethereum Network merge, scheduled to happen on September 15th, 2022.
On expanding our view to the top 50 cryptocurrencies by market cap, tokens like Terra Classic (LUNC) and Chiliz (CHZ) did extraordinarily well.
Luna classic, as shown above, did big numbers and nearly doubled in price. However, this percentage increase can be misleading since the token price had already dropped massively due to the Terra ecosystem crash in May 2022.
Over August's 30 days, the token managed to keep its market cap above $1.5 billion. Followed closely was Chiliz (CHZ). The official token of the Socios fan club, with a percentage increase of 55%.
Among the top losers of August, none comes close to Filecoin, with a 39% drop, APE, with a 30% drop, and Sand, with a 28.9% drop. The fall of Filecoin is exciting because the cryptocurrency almost doubled in price over July.
Followed closely were Apecoin and The Sandbox token. Ape's drop was possibly influenced by the bank run issue its NFTs faced with the crypto lending platform, BendDAO in mid-August.
In all, the top 10 losers of August made double-digit losses, starting at Filecoin, and ending at Polkadot with a 17.85% drop.
Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)