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Highlights
- Alt coins ended August on record-breaking values.
- Cardano, Solana, and Hex were the top gainers.
- The total market cap of the entire cryptocurrency market went back to over US $2 trillion for the first time since May.
August was a great month for most cryptocurrencies. Most cryptocurrencies reached new highs riding on the popularity over the last several months. Experts have been talking about the bull run of most altcoins after a few rough months in between. The total market capitalisation of the entire cryptocurrency market went back to more than US $2 trillion for the first time since May.
Bitcoin saw a major recovery in the past few weeks, jumping from a price below $30,000 to around $50,000, but there was notable recovery of many of its rivals as well. Healthy gains were witnessed for both Ethereum (ETH) due to the London upgrade and Cardano (ADA) due to the speculation of smart contracts.
Amid the crypto bull run, altcoins including Cardano, Solana and Hex have all hit record highs in the past few days. All cryptocurrencies floated in the light of the popularity of Bitcoin are referred to as altcoins, which means alternative to Bitcoin.
Other cryptocurrencies, such as Ethereum rose by 6% in the past 24 hours, and 15% in the past week. According to cryptocurrency analysts, the direction in which the market will go from here is uncertain, but it is believed by the prescribers to the Stock-to-Flow model of bitcoin that a new all-time high may be achieved by this rebound.
ALSO READ: 5 Cryptos To Watch In September 2021
Cardano saw the most notable recovery, jumping up from US $0.18 at the start of the year to around $3 over this weekend. Ranking after Bitcoin and Ethereum, it is now the third most valuable cryptocurrency in the world. As of 2 September, it is trading at US $3.05, and its value has gone up by 9.33% in the past 24 hours, and 20.33% in the past week. With a market capitalisation of US $98,091,687,411, it has a circulating supply of 32.15B ADA.
Solana (SOL) is another leading gainer, trading at US $116.42 as of 2 September, and its value has gone up by 7.81% in the past 24 hours, and 75.31% in the past week. It is currently trading as the eight most valuable cryptocurrency in the world. With a market capitalisation of US $33,988,882,846, it has a circulating supply of 290,716,510.19 SOL.
Hex (HEX) is also leading the bull run, and is trading at US $0.26, up by 8.92% in the past 24 hours. With a market capitalisation of US $46,764,801,681, it has a circulating supply of 173.41B HEX.
It is claimed by skeptics that this recent Bull Run is just a “dead cat bounce” which will function as a predecessor to new year-to-date lows.
ALSO READ: Is Cardano better than Ethereum? What is so good about Cardano?
Way forward
It is proclaimed by some analysts that it is ‘Alt season’ now, as already the overall share of bitcoin has been diminishing in the crypto market for the past few months. However, the unpredictable crypto market is highly volatile, and some analysts are still optimistic that bitcoin’s value will rise. But, it is important to analyse the market trends and carry out a meticulous research before investing in any cryptocurrency. In addition to alt coins like Cardano, other cryptocurrencies such as OMG Network (OMG), Helium (HNT), and VeChain (VET) must also be watched this month.
ALSO READ: Can ether prices rise on the back of Ethereum’s London upgrade
