Altcoin Month: 82% of top Altcoins outperformed Bitcoin in August


TL;DR Breakdown:

  • About 82 percent of Altcoins outperformed Bitcoin, which confirms August as an “Altcoin month.”
  • BTC returned about 15 percent, while ETH gained 29 percent in 30 days. 

August has been confirmed to be an “Altcoin month.” According to data from CryptoRank and BlockchainCenter, more than 80 percent of top Altcoins (alternative coins) outperformed the largest cryptocurrency, Bitcoin (BTC), over the past 30 days. 

An Altcoin month is confirmed when at least 75 percent of top Altcoins perform better than Bitcoin within a single month, as per Blockchain Centre. 

Bitcoin only returned 15 profit in August

There wasn’t any significant increase in the market value of Bitcoin for the past 30 days. Bitcoin began trading in August at the price of $41,460, according to CoinMarketCap. This represents only a 15.6 percent increase when compared to the current price of $47,947. BTC crossed $50,000 on August 23; however, this price level wasn’t sustained for long.

For major Altcoins, however, the last 30 days have been favorable. This current Altcoin month saw some cryptocurrencies gaining over 200 percent. As per CryptoRank, the Bifrost token (BFC) saw the highest increase in August – about a 792 percent increase, resulting in an all-time high of $0.795. However, the price is currently down by about 49 percent from the ATH.

Other major coins that made the Altcoin month (excluding coins with less than $100 million trading volume) includes MOBOX (626%), Function X (420%), Automata Network (329%), Arweave (280%), Coin98 (279%), Avalanche (258%), Raydium (251%), Mask Network (215%), Solana (212%), Terra (200). 

Fantom, Near Protocol, Cardano, and Serum tokens had less than a 100 percent increase. 

Ether outperformed Bitcoin in August

Ether (ETH) had more price growth than Bitcoin within the last 30 days, percentage-wise. While BTC only increased by 15.6 percent, ETH gained nearly 30 percent in value. However, ETH sees about $374 billion in market capitalization, while BTC dominates with a market valuation of $902 billion. 

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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