Bitcoin Losses Big Time Both Inside & Outside the Crypto Market This Month


In another repeat performance, Bitcoin is uptrending towards $12,000. After a week, today the largest digital asset is trading above $11,750.

Starting the month around $11,250, bitcoin is looking to end this month at +4.5% returns. At current levels, BTC will end Q3 at +27%. In 2020 so far, BTC recorded a return of 59.5%.

August was clearly not the month for the flagship cryptocurrency as even Mike Novogratz’s Galaxy’s equity outperformed Bitcoin and several other altcoins, with over 300% return this year.

Looking only in the crypto market, the biggest gainer without any surprise was YFI with 794% greens followed by OMG Network (225%), NEM (151%), Aave (144%), Waves (133%), LINK (107%), Synthetix (90%), ATOM (90%), THETA (81%), Ampleforth (78%), and Compound (67%).

When it comes to YTD gains, these DeFi tokens continue to rule the market with Aave at the top with its +8,665% returns. Other lead performers include YFI (2,238%), Kyber (892%), LINK (764%), OMG (727%), SNX (637%), and THETA (475%).

Some believe the explosive growth will see bitcoin’s dominance continue to fall and lack the performance it usually experiences in a bull market.

Even among the top 10 cryptos, Ether (229%) and Cardano (240%) did better than Bitcoin this year. Although some of the top altcoins recorded better returns than BTC, they still didn’t do any better in August. The likes of Cardano (-16%), BSV (-13%), Bitcoin Cash (-6.20%), and XLM (-4.34%) are actually in the red.

Out of the Crypto Market

For the equity market, August was a month to enjoy the greens. S&P 500 actually made a new all-time high at above 3,500, capping the gains at 7.1% this month.

Precious metals meanwhile, didn’t do much and traded sideways, after hitting a new peak, that is. Gold is about 0.2% in the losses at $1,966, down from its ATH at $2,065 on August 6th. Silver still managed to end the month 16.7% higher though still down from August 10 level $29, which was last seen in March 2013.

Amidst this, the US dollar performed the worst, down 1.2% from the August opening price. The USD Index also fell 4.35% YTD and now at 92.2 is in danger of hitting fresh over two-year lows.

As we saw in the past few weeks, the dollar's weakness is pushing people towards bitcoin and making it part of the company's balance sheet as a reserve asset.

The issues with fiat currency in other parts of the world, such as Turkey, Brazil, and Argentina is also seeing a drive towards the digital asset with fixed supply which has climbed to record price and volume levels in these regions.

Bitcoin (BTC) Live Price

1 BTC/USD =$50,023.3212 change ~ 2.58%

Coin Market Cap

$935.95 Billion

24 Hour Volume

$25.89 Billion

24 Hour VWAP

$49.2 K

24 Hour Change

$1,291.22

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