Crypto Mining News

August’s Most Famous Cryptoassets

September 4, 2020

A global investment platform, eToro, has revealed that in August, the retail investors have reverted to large-cap altcoins such as Ethereum and XRP and a rehabilitated interest in Bitcoin.

The top 10 coins, apart from Cardano’s ADA, saw a monthly rise in trades with investors taking positions in a whole range of popular cryptoassets.

In August, Ethereum saw a predominantly substantial increase in popularity with global eToro, constituting a 123% increase in trades compared in July. The Ethereum platform has been a significant beneficiary on the remarkable rise of Decentralized Finance (DeFi); this theme has been around since 2017 but exploded over the past month.

Without using a third party, DeFi allows users to trade securities and stake cryptoassets with many applications based on the Ethereum protocol. On the other hand, Ethereum launched its Medalla testnet by the start of August as it begins its progress to a proof of stake mechanism.

Both EOS and TRON saw the massive increases in the month on month trades as they enjoyed positive price performance towards the end of August; at the same time, other altcoins are tailing off.

EOS, which saw a 640% upsurge in the month on month trades on eToro, soared from the 15th most traded cryptoasset in July to 7th in August. Justin Sun’s TRON made parallel moves, from 12th to 8th with a 390% increase in a month on month trading movement. Investors benefit from both coins’ price rises, with EOS up 28% year-to-date and TRON up a remarkable 126%.

In July, the third most traded cryptoasset in Cardano’s ADA dropped to 5th, with a 21% decrease in investment activity on eToro paralleled to the past month. Having successfully implemented its Shelley upgrades, Cardano moves to a decentralized network. However, the coin fell from $0.139 on the 1st of August to $0.117 on the 31st.

Being one of the first blockchains to use a proof of stake mechanism, Tezos moved up one position to fourth, as investors took advantage of the coin’s upwards price trajectory. Tezoz has been one of the most popular cryptoassets over the past 12 months, with trading activity in August 2020 up a staggering 1365% compared with August last year.

Simon Peters, market analyst and crypto expert at eToro, remarked:

“August saw massive increases for top altcoins in particular EOS and TRON, as investors sought to take advantage of their excellent price performance.

“Investors also flocked to Ethereum in August, as co-founder Vitalik Buterin and team continue to roll out their much anticipated 2.0 upgrade. In August, the release of the Medalla testnet, a significant development on the road to Eth 2.0, faced some teething problems but was a step in the right direction.

“With Ethereum now sitting at $462, the price rise is a statement of intent from the DeFi community. The increase in activity around Ethereum shows investors recognizing the potential that exists in the DeFi space.

“Tezos saw a significant increase in trades on eToro, with the cryptoasset trading lower against bitcoin at the start of August, which may have encouraged some inflows into the token. Having already announced a partnership with China’s Blockchain Service Network, Tezos recently announced the integration of Harbinger price oracles. This allows the Tezos network to use real-world pricing data for DeFi applications, which I see as being very positive for the system’s long-term success.”

“The question now is, will altcoins maintain retail investor interest, or will rising bitcoin prices usurp their popularity?”

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