In the first half of August, leading cryptocurrencies posted local highs. However, by month’s end Bitcoin had fallen 13.88% and Ethereum 7.33%, according to ForkLog’s report.
By the start of autumn, the dominance of digital gold slid below 40% — to record lows seen at the start of 2022 and 2018.
Among mid-cap assets (from $200m in market capitalization) the best performers by momentum included Ethereum pool token Compound (cETH) and TON. The Toncoin rose amid statements by Telegram founder Pavel Durov about a possible launch in the messenger of an accounts marketplace and several other Web3 initiatives built on the project.
By month’s end, virtually all DeFi tokens in the top-20 by market capitalization were in the red. The exception was Balancer (BAL) and PancakeSwap (CAKE). The former rose about 4% over the last 30 days, the latter roughly 22.76%.
In the NFT sector, trading volumes continued to decline over the last month of summer. Yet across blockchains, Polygon and ImmutableX showed notable positive momentum. For ImmutableX, the average NFT price rose from $10 to $50, and trading volumes from $5 million to $28 million.
In the market for publicly traded sector companies in August, Coinbase stood out despite reporting poor financial results. The platform announced a partnership with the largest asset manager BlackRock, whose clients will gain access to digital assets via Coinbase Prime.
Last month, Voyager’s shares—going through bankruptcy proceedings—showed significant gains. However, their value has fallen by more than 99% since the start of the year.
Bitcoin mining stocks showed only modest declines. Arcane Research analysts noted that the financial position of most Bitcoin miners remains solid. The only area of concern was liquidity at Stronghold.
As of 7 September, bitcoin prices had fallen to around $18,500—the first time since mid-July.
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