cryptocurrency-market-summary-in-august,-few-showed-gains

Cryptocurrency market summary in August, few showed gains

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No matter the sector, they all showed declines in August as Bitcoin closed the month with a low of 09%. Despite this, some cryptocurrencies performed much worse than others, revealing the market’s distrust.

Without a doubt, the worst sector is linked to the metaverse and gaming tokens. The worst performance is presented by Illuvium (ILV), with a monthly drop of 28% and 31% below your historical top, recorded in May last year.

On the other hand, the Unus Sed Leo (LEO) token showed a monthly high of %. Its recovery is linked to the arrest of the two BitFinex hackers and the confiscation of BRL 2000 billions in bitcoin. Part of this amount must be distributed to LEO holders, but this could take years.

First-tier cryptocurrencies showed mixed results in August

While the Bitcoin, industry parameter, closed the month with a drop of 09%, other top tier coins had mixed results. Cosmos (ATOM) appears at the top with gains of 13%. On the other hand, Solana (SOL) appears with losses of 21% after another massive robbery affected it.

Performance of 1st Tier Cryptocurrencies in August 2000 ). Source: ICO Analytics.

Ethereum managed to skyrocket as it gained the trust of market giants about its biggest update of the story. Even so, it ended the month in the red with the emergence of negative comments about The Merge.

DeFi also in decline, metaverse totally weakened

Already in the decentralized finance (DeFi) sector, no cryptocurrency has managed to beat the dollar. The negative highlight goes to MakerDAO (MKR), responsible for the decentralized stablecoin DAI. Your 22% drop may be linked to the fear of censorship about it.

August DeFi Cryptocurrency Performance 201152 . Source: ICO Analytics.

Meanwhile, the metaverse sector and play-to-earn games showed the worst performance ever. Famous cryptocurrencies like The Sandbox (SAND), Stepn (GMT), ApeCoin (APE) and Illuvium (ILV) had losses of at least 28%, showing weakness in the sector.

Not so far, Axie Infinity (AXS) appears with a drop of 15%, performance similar to Decentraland ( MANA).

Metaverse and play-to-earn cryptocurrency performance in August

. Source: ICO Analytics.

Historically, September is not a good month for Bitcoin

Another data presented by ICO Analytics is the monthly performance of Bitcoin since January 122004 . In more than a decade of trading, Bitcoin only showed gains on 3 Septembers and, even then, all shy.

Bitcoin monthly performance, from to 2022. Source: ICO Analytics.

) Therefore, the situation is worrying for investors who believe that history will repeat itself this month.

However, the good news is that the following months — October, November and December — have a history of high valuations.