Coin Race: Top Winners/Losers of August; BNB and Ethereum Most Resilient as Top Coins Bleed
August is over, and fall is upon us, but the crypto market remains as difficult as ever to navigate. As we always do when a month has ended, let’s take a look in the rearview mirror to see how the crypto market has performed over the past month.
As a reminder, July was a relatively good month for crypto, with many coins turning green after heavy losses earlier in the year. The big winner for July among the major coins was ethereum (ETH), which saw strong gains as excitement around the coming Merge started to build.
In August, however, things did not go so well, with all coins in the top 10 by market capitalization seeing losses as the market downtrend resumed.
Among the top 10 coins by market capitalization, not a single one managed to post gains (if we exclude stablecoins). The sharply falling prices were particularly notable given that coins like bitcoin (BTC) and ETH saw gains of close to 20% and 60%, respectively, the month before.
Out of the top 10 coins, solana (SOL) stood out as the biggest loser in August, dropping close to 25% to USD 31. The token was followed by XRP, which fell by just over 14% over the same time period to USD 0.324.
On the other side of the spectrum was Binance’s exchange token BNB, which fell by almost 3% for the month to USD 277. The second-best performer was ETH, which saw a relatively modest fall of 6% to USD 1,567 as the community prepared for the highly anticipated Merge, or the network’s transition from proof-of-work (PoW) to proof-of-stake (PoS).
Expanding our scope to the 50 largest coins by market capitalization, we can see that the best performer – terra classic (LUNC) – more than doubled in price. However, keep in mind that the doubling comes from an already low level after the
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