August review: Ethereum (ETH) and BNB show resilience

As fall is upon us, navigating the crypto market is harder than ever. July was a relatively positive month for the overall crypto market, with many assets turning green after heavy losses earlier in the year. July’s big gainer among major cryptoassets was Ethereum (ETH), which posted gains as excitement around the merger continues to build.

Source: Adobe/Ingo Bartussek

In August, however, the situation changed and all of the top 10 cryptoassets by market capitalization suffered losses as the market’s downward trend resumed.

The performances of the top 10 in August

1662037695 227 August review Ethereum ETH and BNB show resilience
Source: Coincodex.com03:45 UTC

Of the top 10 assets by market capitalization, not a single one recorded gains (if stablecoins are excluded). The sharp price drop was particularly notable given that tokens like Bitcoin (BTC) and ETH saw gains of almost 20% and 60%, respectively, in the prior month.

Solana (SOL) had the worst performance this August, dropping nearly 25% to $31, followed by XRP, which fell just over 14% in the same period, to $0.324.

On the other side of the spectrum, the BNB token of Binance fell nearly 3% for the month to $277. The second-best performer was ETH, which saw a relatively modest decline of 6% to $1,567 as the community prepared for the rollout of the merger, the transition of the proof-of-work (PoW) network. ) to proof of stake (PoS).

The best performances of the top 50 in August

1662037695 718 August review Ethereum ETH and BNB show resilience
Source: Coincodex.com03:45 UTC

Broadening our field of observation to the 50 largest assets by market capitalization, the best performance is that of Terra classic (LUC) whose price has more than doubled. However, keep in mind that the price of LUNC was at an already low level following the collapse of the Terra ecosystem earlier this year, and the LUNC token has been exceptionally volatile ever since.

During the month of August, the LUNC token rose by 116% to a price of $0.000225, with its market capitalization still remaining above $1.5 billion.

The second best performer in this group was Chiliz (CHZ), which gained nearly 55% for the month to $0.21, followed by the exchange’s LEO token Bitfinexwhich rose 14% to $5.8.

The worst performances of the top 50 in August

1662037695 896 August review Ethereum ETH and BNB show resilience
Source: Coincodex.com03:45 UTC

Filecoin (FIL) topped the list with a nearly 40% drop to $5.75. This sharp August drop comes after the price more than doubled in the previous month, trading near $11 at the end of July.

Next is Apecoin (APE), a token issued by and for the community Bored Ape Yacht Club and Mutant Ape Yacht Club NFTwhich fell 31% to $4.7 during the month.

APE was closely followed by SAND, the native token of the metaverse project known as The Sandbox. It registered a decline of almost 29% during the month to reach USD 0.932.

The best and worst of the top 100 in August

The first places in the list are occupied by the already mentioned LUNC and CHZ tokens, followed by the crypto lender’s native NEXO token. Nexo. This token rose just over 50% to $1.085 after the worst fears of another meltdown in the centralized crypto lending industry dissipated, and the company behind this token confirmed that ‘she went to chase a token buyback program.

Leading the month’s worst performer was Helium (HNT), a token issued with the aim of building a “decentralized wireless infrastructure.” The token fell 43% for the month of August to $5.15, after being embroiled in controversy around seemingly fictitious partnerships earlier this summer.

This is followed by the already mentioned FIL, then STEPN (GMT), which fell almost 31% to USD 0.665.

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August review: Ethereum (ETH) and BNB show resilience

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