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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Mid-Cap Altcoins Crushed Bitcoin And Ethereum In August

Keshav Verma
Keshav Verma
1 year ago
3 mins read

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Data shows mid-cap altcoins have crushed Bitcoin and Ethereum in the month of August as their returns reach almost 60%.

Mid-Cap Altcoin Index Ahead of Bitcoin And Ethereum

As per the latest report from Arcane Research, the cryptocurrency market has seen a great month overall as indexes retain most of their gains till the monthly close.

The great month is despite the boring last week where many coins have produced flat numbers. Bitcoin, however, has been fairly quiet in the month, and altcoins have surely taken advantage of the fact.

Here is a table that shows the weekly percentage change of the total market capitalization of the major cryptocurrencies:

Bitcoin, Ethereum Market Capitalization

The total market capitalization of the various cryptos | Source: The Arcane Research Weekly Update - Week 34

As the table shows, not only Bitcoin (down 0.26%) and Ethereum (up 0.29%), but most of the crypto market published similar low percentage changes in the last week of August.

Related Reading | Stablecoins Reserve Hits A New ATH, What Does It Mean For Bitcoin’s Price?

Now, here is a chart that reveals how the market capitalization of various indexes has changed in the past month:

Bitcoin Ethereum Capitalization

Mid-cap altcoins seem to be leading in monthly performance | Source: The Arcane Research Weekly Update - Week 34

On examining the graph, it becomes apparent that mid-cap cryptocurrencies started August strong, and surpassed all other indexes by the middle of the month. These coins came out first in the market as their returns finished at about 59% at the monthly close.

Related Reading | Quant Explains Why Bitcoin Bull Cycle Is Only In Phase 1

The large-cap altcoins are up 33% while the small-cap cryptos are up around 36%. Therefore, the mid-cap index is almost double the second highest in the chart.

Bitcoin’s returns are about 17% as the crypto continues its recovery that started in the last week of July.

BTC And ETH Prices

At the time of writing, Bitcoin’s price floats around $47.5k, down 2% in the last 7 days. Over the past month, the cryptocurrency has gained 19%.

The below chart shows the trends in the price of the coin over the past three months:

Bitcoin Price Chart

BTC's price continues to go down | Source: BTCUSD on TradingView

Bitcoin’s downtrend looks worrying as its trading volume has also dipped in the past week. It’s unclear when the trend might change, but if the coin has to retest $50k, some trading activity will be needed.

At the same time, Ethereum’s price is around $3.5k. The coin is up 11% in the last 7 days, and its monthly gains are about 35%.

Here is a chart for ETH’s price over the past three months:

Ethereum Price Chart

ETH shoots straight up | Source: ETHUSD on TradingView

Ethereum on the other hand looks to be quite bullish as the crypto has started on a sharp uptrend. Though, it remains to be seen how long the coin can retain the momentum.

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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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