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Top Cryptos to WATCH Out for This Week – August 2022

WHAT HAPPENED WITH THE CRYPTO MARKET THIS WEEK

The past month of August 2022 has been a major roller coaster ride for the crypto market. Pretty much like clockwork, the first half of the month saw a significant rally while the second half of the month saw sustained losses across the board. But things seem quite bearish because of the fact that prices have fallen below the levels at the beginning of the month. For example, the overall crypto market cap, which at the beginning of the month was above the $1 trillion mark, it’s currently close to $950 billion as of writing on 29 August, 2022.

SUMMARY 

Crypto Market Cap Weekly Volume
Bitcoin (BTC) $379 billion $174 billion
Ethereum (ETH) $177 billion $91 billion
BinanceCoin (BNB) $44 billion $7.8 billion
Ripple (XRP) $15.8 billion $5.3 billion
Cardano (ADA) $14.6 billion $7.7 billion
Dogecoin (DOGE) $8.1 billion $2.2 billion
Polkadot (DOT) $7.8 billion $1.8 billion
Polygon(MATIC) $6.6 billion $2.7 billion
Avalanche (AVAX) $5.1 billion $3.1 billion
Ethereum Classic (ETC) $4.2 billion $4.5 billion

BITCOIN (BTC)

Bitcoin had started the month of August on a relatively high note, with BTC price well above the $20,000 mark, trading just above $23,000 in the beginning. Then on, for the next two weeks we saw a continuation of the rally that started back in July 2022, all the way up to the crucial $25,000 mark right on 15 August. But then began the breakdown, with the first major intraday crash coming in on 19 August and then last week on 26 August, post the speech by Jerome Powell at the Jackson Hole Symposium.

BTC/USD | Source: Tradingview

Additional Read: Bitcoin Price Prediction Weekly

ETHEREUM (ETH) 

Ethereum had been one of the star performers at the beginning of this month. Thanks to the upcoming Ethereum Merge, which is slated to be released sometime between 10-20 September, which is less than a month away now, anticipation is at its highest. 

It had nearly doubled from its 2022 lows to touch the psychologically important level of $2000 until the bashing of the last week and a half of August has brought it back down to sub-$1500 levels.

ETH/USD | Source: Tradingview

Additional Read: Ethereum Price Prediction Weekly

BINANCE COIN (BNB)

Binance coin has been one of the coins on this list that has managed to lose a little bit less than the others, in percentage terms. As of writing, after the major intraday crashes in the past week and a half, Binance coin is currently trading marginally below its August month opening levels. Thus, going forward, thanks to its burgeoning strides in the DeFi space, BNB might as well be expected to give decent returns if the month of September just happens to be a little kinder.

BNB/USD | Source: Tradingview

RIPPLE (XRP) 

Ripple Labs has been locked in the tussle with the US Securities & Exchange Commission and that has prevented any major recovery on the charts. In fact, the recovery that began in July 2022 and went on till the middle of August was completely ignored by XRP. 

However, what must be noted is that Ripple Labs is a continuous roll on expansion of its on-demand liquidity services and remittance portals between participating countries and banks. Thus XRP’s unique selling point remains strong.

XRP/USD | Source: Tradingview

CARDANO (ADA)

Cardano is one of the most promising and upcoming blockchain networks. And very recently, Cardano founder Charles Hoskinson has mentioned that the highly anticipated Vasil hard fork is going to happen very soon, in the month of September. 

Thus September is going to be a very monumental month for both Ethereum and Cardano going forward. 

ADA/USD | Source: Tradingview

DOGECOIN (DOGE)

The most valuable memecoin by market capitalisation has seen better days. It did see a bout of recovery in the middle, when DOGE price managed to rally all the way up to $0.87 but it has fallen back to $0.06, losing all the gains it had made in the first half of the month and then some. However, Dogecoin is making some waves with the launch of its DogeChain.

DOGE/USD | Source: Tradingview

Additional Read: Dogecoin Price Prediction

POLKADOT (DOT)

The Polkadot chain remains the greenest blockchain, leading the latest change within the crypto-industry to become energy efficient. Along with this, the chain is undergoing huge network updates recently, impacting the price. Conversely, Polkadot-based Acala’s stablecoin aUSD lost its pegg heavily recently.

DOT/USD | Source: Tradingview

POLYGON (MATIC)

Polygon is popularly geared up for a strong recovery thanks to its active partnerships with multiple projects in the crypto space that solve a ton of issues. It is one of the most actively developed blockchains in the space and offers the functionality of the biggest altcoin, Ethereum at several times the speed. It is also one of the most popular Ethereum sidechains and has a lot of scope for the future.

MATIC/USD | Source: Tradingview

AVALANCHE (AVAX)

Avalanche has been one of the worst hit crypto tokens in the month of August. It has fallen over 40% in the last two weeks of August but there’s still some scope. It has been facing troubles from a self-described whistleblower accused that Ava Labs, the company behind Avalanche blockchain, paid lawyers to hurt competitors and keep regulators at bay.

AVAX/USD | Source: Tradingview

ETHEREUM CLASSIC (ETC)

Ethereum Classic has been one of the star performers in the past two months. It had more than tripled in value from its July 2022 lows, going all the way from $13 in the middle of July to above $44 a its peak in the middle of August 2022. 

ETC has been rising particularly due to the highly anticipated Ethereum Merge. A working theory behind this is a part of the PoW based Ethereum miners could possibly choose to shift to Ethereum Classic, which would still run the PoW consensus mechanism to ensure that their ASIC miners don’t become useless overnight.

ETC/USD | Source: Tradingview

Read: Why is Ethereum Classic Rising?

Prices as of 29th August, 2022.

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