Today we look back on the cryptocurrency market during august 2020. Was Bitcoin among big winners or losers? Take a look!
Since September is starting it’s time to look back to the performance of the cryptocurrency market in general and especially Bitcoin during august. These are the results.
Best performing cryptocurrency in August 2020
When we look at the performance ratio’s we see that, when we don’t look at the ranking based on market value, Yearn.finance (YFI) is the best performing cryptocurrency with a ROI of 493.39% in one month. Second best performer is the NoLimitCoin (NLC2) with a monthly ROI of 337.18% in the last month. The third place is for Nucleus Vision (NCash), with an ROI of 280.68%.
Of course there were also cryptocoins losing their value. Worst performer in August was KickToken losing 91.78%. Ghost had also a bad month after John McAfee resigned. They lost 71.62% of their coin value. BlitzPredict must be dealing with some disappointed investors as well after losing 58.47% of it’s value.
However, these are small- or mid-cap cryptocurrencies. Since we are focusing on the top 25 of the market we are providing an overview of the performance of the larger cryptocurrencies as well.
These are the best and worst performing top 25 cryptocurrencies
Within the top 25 of cryptocurrencies (based on market cap) Tezos (XTZ) was holding the red lantern for August with a loss of 15.99%. Despite the good news, VeChain (VET) had to suffer a loss of 12.47% and Cardano (ADA) was only slightly less worse with minus 9.41%.
Best performing cryptocoin in the top 25 in August was NEO (NEO), that gained 52.79%. Cosmos (ATOM) did a good job as well and added 52.34%. The third place is noted for TRON (TRX) with 47.59% ROI. Therefore we can conclude that altcoin-season might be on. Only question remaining is the return on investment on Bitcoin and the other major cryptocurrencies like Ethereum (ETH), Tether (USDT) and Ripple (XRP).
What was the ROI for Bitcoin in august 2020?
By the looks of it Bitcoin (BTC) had a very good month with even a year-record of the highest closure. Unfortunately most of the profit is vanished due to the fact that BTC was unable to crack the $ 12.000,- resistance. Therefore the monthly ROI was only 4.91% in August. Ripple (XRP) performed even worse with just 2.98% ROI in August. Due to the nature of the Tether (USDT) as stable coin it makes sense that the ROI was just 0.08%. As far as the top coins are concerned, Ethereum (ETH) provided the best ROI by far, which was 23.90%.
Since we are fully aware of last months performance of Bitcoin and other cryptocurrencies we can start the new month with a clean sheet. For instance you can follow the live crypto prices, which you can find here. If you feel like trading we suggest to open a trading account with Bitvavo, which is the cheapest broker in The Netherlands an can provide you a nice discount (no fee charged in the first week) if you open an account right know. If you prefer to trade in US Dollar or GBP we can suggest Binance, one of the major and most advanced cryptocurrencies in the world.
Datasource: Tradingview.com
