After a rough month in July, the crypto market seems to have had a quieter time in August, with small waves rather than a rocking storm. Is this the case for all cryptocurrencies? Let’s go and check!
At the beginning of August, Bitcoin was having a nice and fruitful time, picking up the pace after the end of July’s fall and reaching the €10,724 mark on August 8th. Progressing further in the middle of the month – Bitcoin’s favourite time (not) – the picture started to change. The drop happened a week after this month’s BTC peak price and, on August 14, the price of Bitcoin went down to €8,999.
Well, this is not its first rodeo and, the day after, the world’s largest cryptocurrency by market capitalization rebounded by 3%.
Which external events could have affected Bitcoin’s fluctuation in August? Let’s see: maybe this statement by the US Secretary of State, Mike Pompeo, could have played a role? On August 20, he emphasized the importance of regulating bitcoin like other electronic transactions. In July we saw similar situation after Donald Trump criticized cryptocurrencies and Bitcoin in particular – the Bitcoin price went down right after.
Some experts think that the escalation of the trade dispute between China and the USA might affect crypto pricing in a more positive manner and lead to increasing interest in gold and cryptocurrencies. As is usually the case, only time will tell.
How did August look for other major crypto assets?
This summer has not been easy for Ethereum: since the beginning of June, ETH has lost 30% of its price and is currently sitting at €152. A few days ago, the first altcoin’s team announced that over $2 mln was to be given in grants to pursue the development of Ethereum 2.0. This approaching update (reportedly due in January 2020) might indeed change the picture.
Ripple (XRP) has seen bearish times in August and is currently trading at €0.227. Despite that, this cryptocurrency might experience some upturn in the next few months: on August 23, one of Ripple’s banking partners, SBI VC, announced a campaign with free XRP awards to account holders. The campaign will run for 3 months and one of its positive outcomes might be the introduction of digital assets for the general public and XRP in particular.
In the beginning of August, Litecoin halving took place making the current reward for the block 12.5 LTC (instead of 25 LTC before that). The next halving will happen in 4 years. In the meantime, the current price of LTC is €58.
In August, Bitcoin Cash was one of the most stable cryptocurrencies. Over the last couple of weeks, its price has stayed at around €275. Is it Roger Ver’s (one of the earliest supporters of Bitcoin) enthusiasm and active promotion of Bitcoin Cash or just a coincidence…?
Sign up for a new account (and get rewarded for simply completing your KYC checks and making one trade!) or log in to your CoinMetro account; use Demo platform if you want to practice and let us know if have any questions – we’re here 24/7 to help you!