Bitcoin’s performance in August was not good. It ended with a negative return.
The altcoin markets were also affected by the downturn, with most tokens experiencing declines except for Helium, Tron and Aave.
Bitcoin started August with a strong start, trading for $66,365. However, it soon fell to its monthly low of $48,221.
Market fears were stoked by the economic uncertainty in Europe and America.
Carry traders, who borrowed Yen for risky assets and invested them in the market, were forced to pay margins after Bank of Japan raised interest rates to a record-breaking 0.25%.
The crypto market has been impacted by this.
Other sellers included major Bitcoin owners like Chicago-based Jump Trading, and creditors of the now defunct Mt. Gox.
Bitcoin fell 12.8% in August due to these factors. There are some signs that a possible reversal is on the horizon. The analysts have noticed bullish indicators that suggest a potential upswing.
Crypto-ROD, a trader from the United States, identified on Bitcoin chart a pattern of “Running Flat”.
If the Elliott Wave pattern is valid, it can often be a precursor to a bullish trend.
Butcher, a crypto analyst, pointed out that there was a concentration of highly leveraged positions below $70,000.
If prices rise to this level, it could be the start of a price spike.
Three altcoins have outperformed Bitcoin in the last week, despite its struggles:
Helium increases by 41.3%
HNT (which allows you to purchase data credits for the Helium Network which allows low-powered devices to communicate) recorded the largest gains of the top 100 cryptocurrencies with a price increase of 41.3% over the last month.
Helium made profits from partnerships that saw two of the largest US mobile carriers transfer their traffic to Helium.
The positive results can be also attributed to excitement surrounding certain Helium Improvement Proposals, particularly HIP 130 & HIP 131. These proposals, recently approved, aim at improving network infrastructure and security.
Tron up 23 %
The native token for the Tron Network, TRX, is ranked second with a price increase of 23% in just one month.
SunPump was the answer of Justin Sun to Solana’s Pump.fun.
Although the news was late in the month, the hype surrounding meme coins such as “Sundog”, which were launched by the Tron token deployer, has been a major factor that has boosted the TRX price.
Aave’s share of the market rises by 12%
Aave, a decentralized lending platform with native token AAVE, ranked at number one after generating 12% of its total revenue as of 30 August.
One of the most important factors was the “fee-switch” mechanism, which could improve the sustainability of project economics.
In addition, the introduction of the umbrella proposal, which aims to improve the management of loans with high risk by burning the tokens rather than selling them instead has renewed interest in this project.
The positive factors were supported by an increase in demand for whales, and by institutions who showed interest in the project. This was evidenced by a boom in OTC (over-the-counter) trading.
The post HNT TRX AAVE defy Bitcoin’s fall with strong gains in August may be updated as new information unfolds.
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