August 2018 Bitcoin Review: Top Monthly Cryptocurrency Gains and Losses
August For Crypto: Losses All Around
August has, without a doubt, been one of the worst months in recent history for the cryptocurrency markets. Starting with the crash in price of Bitcoin back in July, August saw the altcoins bleed continuously while only the occasional Bitcoin pump provided hope to the demoralized market participants all over the world.
In particular, a drop of a whopping 30% in the overall markets at the beginning months set the crypto community up for a difficult thirty days, finishing with an overall loss of around 16%.
Bitcoin remains by far the most popular cryptocurrency, and it has been the hardest hit when it comes to straight numbers. The beginning of August yielded a significant drop, falling to a low of only $5,985 on the fourteenth of this month. At the end, though, a slight market recover yielded a total loss of around $620, with the price of Bitcoin remaining at $6,980 at the end of the month. Though this isn’t necessarily as bad as if the currency had remained at that mid-month low, this trend helps to solidify August as an exceedingly difficult month for the most popular crypto.
Despite the negatives surrounding the BTC market, the cryptocurrency was able to secure for itself a bigger slice of the overall market cap. In all, Bitcoin climbed 5% in its market dominance, jumping relatively quickly from its old number of 48% to an attractive 53.2% by month’s end.
This number, however, could be good or bad—depending on who you ask. For the altcoins, this means that Bitcoin might end up exerting even more influence on price trends, rises, and falls.
Cryptos In The Green
Although there were losses all around for some of the most popular cryptocurrencies, a few select altcoins have succeeded in making it past the month with some semblance of dignity. For one, Tether seemed to have capitalized on the market failings of August, climbing to the 8th spot when it comes to total market capitalization. This means that Tether has risen past both Cardano and Iota, a hopeful sign for the USD-pegged alternative currency.
But among the twenty hottest cryptocurrencies, only one managed to gain in overall price during one of the worst months in the recent history of the cryptocurrency markets. VeChain saw its price climb 6% throughout the 8th month, ending August with a price of $.016. Most professionals speculate that the company’s decision to swap tokens to the VET system affected the surprisingly positive price trend among the red of the month.
Outside of the top 20 coins, Dogecoin also saw a large increase of around 6% during the month. The biggest winner in all came from Nano, which rose an astounding 76% to over $3 before September began.
August’s Biggest Losers
The losers during August are notably more significant of a list. At the top spot during what some crypto analysts are calling “red August,” Ethereum lost over 33% in its total price, crashing from the previous high of $420 to a depressing $280. Most speculators believe that the drop in price is largely attributable to the failure of several major Initial Coin Offering projects, as well as the subsequent dump of ETH into the existing market as a result.
XRP also had an especially rough month, with its price falling 23% from its previous price of $0.43 to a recent low of $0.33 at the end of the month. It even hit a yearly low during the month, once again on the 14th of August, dropping to a dangerously low $.026. It is worth noting that this price is similar to the price that the currency had last year, right before the bull run that pushed it towards the top of the crypto market cap listings.
At the five spot, EOS managed to drop in price 18% this month, falling to a price of $6 per coin at the start of September.
All around, the major cryptocurrencies which dominated the market last year bled heavily during red August, seeing overall decreases in price and market capitalization alike. But for VeChain, Dogecoin, and Nano, the month seems to have fared relatively well, while ETH, BTC, and NEO all continue to suffer going into September.