- The total value of the crypto market has exceeded $2 trillion for the first time since May.
- Solana and Terra (LUNA) have been among the top gainers, both soaring to new all-time highs.
- SafeMoon has continued its descent after making such a grand entrance to the crypto scene
Over the last weekend, the cryptocurrency market embarked on a strong bull run which saw its total value exceed $2 trillion for the first time since May. The crypto market’s newfound momentum has largely been due to the sustained increase in the price of Bitcoin and other cryptocurrencies.
The Top Gainers
As the crypto market once again crosses $2 trillion, we examined the top 5 performing cryptocurrencies.
Bitcoin tops the list, not by its percentage rise over this period, but by its overall contribution to the crypto market. Bitcoin opened in August with a market cap of $750.5 billion, but its valuation has now reached $861.6 billion.
Price Chart for Bitcoin (BTC) over the last thirty days. Source TradingView
Solana has stolen the headlines from the likes of Bitcoin as it rose to make a new all-time high. The last 14 days have seen the SOL tokens rise by more than 110%, from $33.2 to its new all-time high of $74.89. Solana has now broken into the top 10 cryptos by market cap, standing at $19.84 billion.
Price Chart for Solana (SOL) over the last thirty days. Source TradingView
Terra has been immense in 2021. LUNA, the native token of the Terra ecosystem, has spiked by more than 2,000%, making it one of the largest gainers of 2021 as a whole, not just August. The Token is up by 18% and reached a new all-time high of $26.81, meaning that it has now broken into the top 20 cryptos as a result of the spike.
Price Chart for Terra (LUNA) over the last thirty days. Source TradingView
The top-performing cryptos are usually the lesser-known projects, and nothing has changed in this regard. Over the last 24 hours, Nerve is up by an astonishing 120%, breaking all previous highs. The NRV token is now trading at $2.30 apiece.
Price Chart for Nerve (NRV) over the last thirty days. Source TradingView
On The Flipside
- While the crypto market continues to expand its reach, it suffered two major hacks in August.
- The hack of the Poly Network and DAO Maker have raised questions about the security of blockchain projects, particularly DeFi projects.
- These concerns have been part of the call for increased regulation of the industry .
The Top Losers
While a good majority of the crypto market has contributed to pushing the market cap above $2 trillion, there have still been ample losses recorded. Here are the top losers in the crypto market.
Internet Computer (ICP)
Since its grand entry to the crypto market, entering the top 10 cryptos from nowhere, Internet Computer (ICP) has struggled to find its footing. Over the last 7 days, ICP is down by more than 15% and has plummeted out of the top 20 cryptos.
Price Chart for Internet Computer (ICP) over the last ninety days. Source TradingView
SafeMoon seems to have fallen from the moon since its out of this world ride in April. SafeMoon entered the scene, rising by more than 900%. The token is now down 89% from the high it recorded in April.
Price Chart for SafeMoon (SAFEMOON) over the last five days. Source CoinMarketCap
FTX Token (FTT)
After reaching unprecedented highs earlier in August, the FTX Token (FTT) began to revert. The correction has seen FTT lose more than 10 percent of its value over the last 5 days.
Price Chart for FTX Token (FTT) over the last five days. Source TradingView
Why You Should Care?
The adoption of crypto has consistently risen, and is predicted to increase exponentially over the next few years. Despite this, while cryptocurrencies serve as investment opportunities, not all cryptos are worth an investment, as emphasized by these polarizing results.