2020-8-31 19:45 |
In another repeat performance, Bitcoin is uptrending towards $12,000. After a week, today the largest digital asset is trading above $11,750.
Starting the month around $11,250, bitcoin is looking to end this month at +4.5% returns. At current levels, BTC will end Q3 at +27%. In 2020 so far, BTC recorded a return of 59.5%.
August was clearly not the month for the flagship cryptocurrency as even Mike Novogratz’s Galaxy’s equity outperformed Bitcoin and several other altcoins, with over 300% return this year.
Looking only in the crypto market, the biggest gainer without any surprise was YFI with 794% greens followed by OMG Network (225%), NEM (151%), Aave (144%), Waves (133%), LINK (107%), Synthetix (90%), ATOM (90%), THETA (81%), Ampleforth (78%), and Compound (67%).
BTC dominance has been on a steady decline for the past 12 months. I expect this ratio to fall below the Jan 2018 lows (33%) in the current DeFi bull market. We are currently at 59%. Still a long way to go….. pic.twitter.com/fPfADF5sui
— SpartanBlack (@SpartanBlack_1) August 29, 2020
When it comes to YTD gains, these DeFi tokens continue to rule the market with Aave at the top with its +8,665% returns. Other lead performers include YFI (2,238%), Kyber (892%), LINK (764%), OMG (727%), SNX (637%), and THETA (475%).
Some believe the explosive growth will see bitcoin’s dominance continue to fall and lack the performance it usually experiences in a bull market.
There is a very real chance that BTC barely moves as this bull market plays out. The days of BTC as on-ramp to crypto are over, it’s being bypassed almost completely as new money comes in primarily via stablecoins.
— kain.eth (@kaiynne) August 30, 2020
Even among the top 10 cryptos, Ether (229%) and Cardano (240%) did better than Bitcoin this year. Although some of the top altcoins recorded better returns than BTC, they still didn’t do any better in August. The likes of Cardano (-16%), BSV (-13%), Bitcoin Cash (-6.20%), and XLM (-4.34%) are actually in the red.
Out of the Crypto MarketFor the equity market, August was a month to enjoy the greens. S&P 500 actually made a new all-time high at above 3,500, capping the gains at 7.1% this month.
Precious metals meanwhile, didn’t do much and traded sideways, after hitting a new peak, that is. Gold is about 0.2% in the losses at $1,966, down from its ATH at $2,065 on August 6th. Silver still managed to end the month 16.7% higher though still down from August 10 level $29, which was last seen in March 2013.
Amidst this, the US dollar performed the worst, down 1.2% from the August opening price. The USD Index also fell 4.35% YTD and now at 92.2 is in danger of hitting fresh over two-year lows.
As we saw in the past few weeks, the dollar's weakness is pushing people towards bitcoin and making it part of the company's balance sheet as a reserve asset.
The issues with fiat currency in other parts of the world, such as Turkey, Brazil, and Argentina is also seeing a drive towards the digital asset with fixed supply which has climbed to record price and volume levels in these regions.
Bitcoin (BTC) Live Price 1 BTC/USD =$11,731.3950 change ~ 0.61%Coin Market Cap
$216.5 Billion24 Hour Volume
$4.86 Billion24 Hour VWAP
$11.69 K24 Hour Change
$71.7642 var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~BTC~USD");The post Bitcoin Losses Big Time Both Inside & Outside the Crypto Market This Month first appeared on BitcoinExchangeGuide.
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