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

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TL;DR Breakdown:

  • About 82 percent of Altcoins outperformed BTC, 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, BTC (BTC), over the past 30 days. 

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

BTC only returned 15 profit in August

There wasn’t any significant increase in the market value of BTC for the past 30 days. BTC 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 BTC in August

Ether (ETH) had more price growth than BTC 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. 

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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