Cryptocurrency analysts name the worst cryptocurrencies of August

Last month was disappointing for many crypto investors and traders. The market lost ground, and its capitalization fell by more than $ 100 billion in August 2023. Leading digital currencies have also lost value.

According to CoinGecko, bitcoin has fallen by 11.5% over the past 30 days. At the beginning of August, the market leader was trading at $ 29,000, but the month ended with a drop to $ 25,960. At the time of writing, BTC is trading at $ 25,691.

In August 2023, bitcoin trading volume hit its lowest level in almost five years as investors wait for the right conditions to return to the market. An analysis of spot and derivative exchanges shows that the total amount of BTC held on all crypto exchanges fell in early August this year to the lowest level since 2018.

As for the main altcoin, ethereum fell by 11.4% over the month. At the time of writing, ETH is trading at $ 1621. As for the other digital assets on the top list, XRP lost 20.5% over the month, Cardano — 12.7%, and Solana — 15.4%.

The worst performers in August were: Pepe (PEPE), Compound (COMP), and GMX (GMX). The PEPE token lost 31.8% in 30 days, COMP — 31.2%, and GMX — 40.6%.

According to cryptocurrency analysts, the market has entered a new phase of consolidation, which may last until mid-September if there is no factor that can bring back turbulence. Over the past 13 years, bitcoin’s monthly yield has closed in the red 9 times at the end of September. According to cryptocurrency analysts, the September drop will be repeated this year.