August is over and we are entering autumn, but the red colors continue to dominate the crypto market. July can be considered a relatively good period for crypto. Many coins had turned green in July after major losses earlier in the year. Among the leading coins, the biggest winner of July was Ethereum. However, things did not go well in August and as the market entered a downtrend, all of the top 10 coins by market cap lost.
(*** August performances of top10 cryptocurrencies according to coincodex.com data.)
By market cap, none of the top 10 cryptocurrencies recorded gains, excluding stablecoins. Considering that coins such as Bitcoin and ETH recorded gains of close to 20% and 60%, respectively, in the previous month, the sharp drop in prices draws attention. Among the top 10 coins, Solana (SOL) suffered the most losses in August, seeing $31 with a decrease of about 25%. SOL's XRP fell 14% over the same period to $0.324, followed by XRP. On the other hand, Binance's BNB token fell nearly 3% to $277 in August. The second best performer in August was ETH, down 6% to $1,567 as the community prepares for the network's transition from proof-of-work (PoW) to proof-of-stake (PoS) aka Merge.
(*** Top 50 performers in August according to coincodex.com data.)
Looking at the top 50 coins by market cap, we see that the top performer is terra classic (LUNC), whose price has more than doubled. However, it should be noted that this huge increase comes after the low level seen after the Terra ecosystem collapsed earlier in the year, and the LUNC token has been extremely volatile since then. In August, LUNC reached $0.000225, up 116%, with a market cap of over $1.5 billion. The second best performing in this group was chiliz (CHZ), which rose nearly 55% during the month to $0.21, followed by Bitfinex's exchange token LEO, which rose 14% to $5.8.