Top cryptocurrencies extend losses in August

Top cryptocurrencies extend losses in August

The top cryptocurrencies reported a loss in August after a month characterized by significant drop in volume, where the Bitcoin, the leading digital currency, posted its second straight monthly drop.

The Bitcoin lost 4.43 last month, extending the drop for a second month in a row and continuing the slight downside correction after the sharp gains generated over the past five months.  In July, the Bitcoin tumbled 6.58 percent.

The price of the largest cryptocurrency saw a huge drop in trading volume last month, as the 24-hour volume fell from $35.9 billion on August 1 to 28.6 billion on August 31, according to CoinMarketCap.


However, the fall in the Bitcoin was the least compared to other top cryptocurrencies, as the Litecoin (LTC) and Stellar (XLM) experienced the sharpest declines with -34 percent and -25 percent respectively.

In June, the Bitcoin hit a new 2019 high at $13,880 on BitStamp cryptocurrency exchange, where it has so far shot up nearly 165 percent since the beginning of the year.

However, it failed to act as a safe haven asset in the middle of the devastating trade war between the United States and China and the lingering global slowdown concerns.

The total market capitalization in the cryptocurrency market recoiled to $274.75 billion on July 31 to 250 billion by the end of August.

Aside from the top 10 cryptocurrencies, ThoreNext (THX), BitBook AG (BXK), Vitae (VITAE), Atlas Protocol (ATP), and Dragon Coin (DRG) managed to lock a monthly gain over 200 percent in August.

Meanwhile, the Bitcoin is trading 3.2 percent up at $9,917.82, as some traders are still betting the Bitcoin would resume its rally after taking a breather.

Ethereum rose 1.7 percent to $173.36 and Ripple gained 0.9 percent to $0.2580 and the Litecoin augmented 1.8 percent at $65.89.

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