Monday, September 3, 2018

Only one cryptocurrency in the top 20 saw gains in August as Bitcoin increased its share back to over 50% of the entire market

While August wasn't as a big a bloodbath for the cryptocurrency sector as July was, only one crypto in the Top 20 market caps saw improvement last month.  And because so many cryptos continued their movements downward in a trend that began at the beginning of the year, Bitcoin saw its hold on the overall market increase from 48% to over 52%.

Primary winner:  VeChain

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 VETsystem affected the surprisingly positive price trend among the red of the month. - Bitcoin Exchange Guide
VeChain is blockchain platform that deals in a myriad of financial services.  But what is most notable about this cryptocurrency is that the Chinese government has signed on to a partnership with VeChain for certain blockchain services.

Primary Losers:  Ethereum, Ripple, EOS
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.
September so far has started off pretty well for Bitcoin, Tether, and Monero, but most others in the Top 20 are relatively stagnant, or continue to lose ground.  And what is also disconcerting for cryptocurrency traders is that the average volume of trade has been decreasing over the past few months, meaning there are less and less investors enthusiastic about the asset class as a whole.


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