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Easy Money? Coinbase Crypto Coins Grow Over 50% On Average In August

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news
Reading Time: 3 mins read
Advertisement

Looking for more signs that cryptocurrencies may be entering a new bull market? Look no further than Coinbase, where on average, buying any crypto asset offered by the platform would have resulted in 50% ROI or more.

But which coins were the top-performing crypto on Coinbase, and which, if any, were lagging behind?

Coinbase Coins Sizzle As Crypto Market Catches Fire In 2020

In a data snapshot taken from San Francisco-based Coinbase’s price list one-month returns, it is clear that crypto is on fire again.

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The list of coins is currently a sea of green on nearly all-timeframes. The most significant results arrived over the last 30 days, following Bitcoin and Ethereum’s massive break through resistance.

Chainlink setting new all-time highs and its decentralied oracle competitor Band both helped to skew the total average performance month-over-month.

Related Reading | How Coinbase Bitcoin Collateral Loans Could Promote Long-Term Holding

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Across the board, taking the average performance of all coins offered by the platform resulted in over 57% ROI. This means you could have bought nearly any coin there, and would have seen a strong return.

Recently, a venture capitalist claimed that money wouldn’t come as easy during this crypto cycle. However, they likely would be changing their tune after this recent crypto market performance and the sudden bubble-like behavior in decentralized finance.

That trend has morphed into crypto insiders speculating on coins they know well are worthless, but are experimenting and adding liquidity anyway.

Greed is reaching some of the highest levels in history, but it may only be the start if the bull market has officially begun.

57% One-Month ROI On Average: The Best and The Worst Performers

Of the list of over 20 crypto assets listed by Coinbase, sans any stablecoins, the average return was 57%. However, there were a few overperformers that would have pushed the average much higher if it weren’t for a few extreme laggards.

The top five performing cryptocurrencies of the list include Algorand (ALGO) with 134%, Chainlink  (LINK) with 111%, followed by Ethereum (ETH) and Cosmos (ATOM) with 81% and 53%, respectively.

Band Protocol (BAND) beat all four for the best return, at over 490%. XRP and Maker (MKR) were close behind the top five, each with a 49% rise over the last month.

The absolute worst performer was Basic Attention Token (BAT) at 5%, followed by Augur (REP) at 10%, Ethereum Classic (ETC) at 11%, and Stellar (XLM) at 12%.

Related Reading | Be Fearful: Crypto Market Greed Reaches Second Highest Point In History

It is not clear why this pack of crypto assets isn’t rising with the rest of the tide, or what that could mean. Are these altcoins awaiting their explosion out of their downtrends, or does this signal lack of demand?

Ethereum Classic for example recently suffered two 51% attacks. Coinbase extended the confirmation times on the asset significantly, which may or may not have impacted numbers further.

Nearly everything else on the list posted a strong between 20 and 40 percent return.

Returns like that make it clear that the crypto market is hot once again. But are things just getting started to heat up, or is it already coming to a boil?

Tags: algorandbandband protocolBasic Attention TokenbitcoinchainlinkcoinbaseCosmoscryptoethereummakerstellarxrp
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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