Hello, Hive!
August has been a crazy month not just for us but for the whole crypto industry itself. We are here with another report curated to help keep you up to speed!
Here are our 4 key crypto-highlights for the month of August:
- The market capitalization of the top-30 cryptocurrencies
- The market dominance of the top-7 cryptocurrencies
- Decentralized Finance (DeFi) token performance
- The state of the cryptocurrency exchanges
(download the full report here
Market capitalization recorded a new yearly high at $343B
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In August, the Top-30 cryptocurrencies market capitalization recorded yet another 2020-high at $343 billion, breaking its previous record of $319 billion in July.
The top-30 cryptocurrencies also saw a 11% increase in their market capitalization and a 18% increase in their trading volume, indicating a relatively lower growth than the previous month.
It is worth noting that despite the new yearly high market capitalization, the trading volume in the month of August remains lower than the first half of the year. This likely suggests that people are HODL-ing and accumulating wealth.
Ethereum remained as the largest gainer for market dominance as Bitcoin slips
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As for market dominance, Bitcoin (BTC) slipped further by 4.4% to 61.1%.
Chainlink (LINK) and Polkadot (DOT) rose as one of the top-5 cryptocurrencies positions and secured 1.7% and 1.6% market dominance respectively.
Yearn Finance (YFI) hit an all-time high at $38,869, outperforming all cryptocurrencies, including the DeFi tokens within less than 2 months since its launch.
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Maker (MKR) - which predominantly held the top spot in the DeFi category, has been completely dwarfed by the recent entrants of the DeFi space. Yearn.Finance (YFI) and UMA (UMA) seemingly came out of nowhere to take the top second and third spot while the Link Marines would be happy to witness Link’s impressive rally over the month of August.
The DeFi space is having a massive shake-up with new innovative projects being launched seemingly on a daily basis. We would not be surprised if the Top 5 spot has new entrants yet again by the end of September.
Decentralized Exchanges (DEX) growth outperformed Centralized Exchanges (CEX) by 3X
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Yet again, the top-6 DEX month-on-month trading volume grew massively by 247%, outperforming the top-6 CEX that grew by a relatively lower rate at 85%.
Most notably, DEX’s market share vs. CEX’s grew from 4% to 7% through August, indicating the DEXs are capitalizing on the DeFi movement much more than CEXs are.
This is only a sneak peek – grab your copy of the full report here!
343B market cap is good and O have seen that when market grow then Bitcoin dominance slips down..
Crypto market capitalization will be trillion soon.Thanks for sharing the valuable reports. Please share daily reports that would be very useful for us.