{"id":500662,"date":"2022-08-31T23:00:33","date_gmt":"2022-08-31T23:00:33","guid":{"rendered":"https:\/\/wncen.com\/?p=500662"},"modified":"2024-06-11T14:23:13","modified_gmt":"2024-06-11T14:23:13","slug":"altcoins-outperform-bitcoin-in-august-rollercoaster","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/altcoins-outperform-bitcoin-in-august-rollercoaster\/","title":{"rendered":"Altcoins Outperform Bitcoin In August Rollercoaster"},"content":{"rendered":"<p class=\"p2\">Altcoins have taken over bitcoin in terms of outperformance this month. While the crypto market as a whole has suffered losses, bitcoin has declined more in a time when the digital asset would have served as safe haven for investors. Now, with altcoins taking the lead in terms of recovery, it points to the downtrend worsening over time, especially for bitcoin.<\/p>\n<h2 class=\"p2\">Bitcoin Fails To Hold Up<\/h2>\n<p class=\"p2\">Bitcoin, for the last month, has had its fair share of ups and downs. However, despite being a market mover, the digital asset has fallen short when it comes to holding its value. It saw an overall decline of 13% in the month of August, the highest of any of the other indexes.<\/p>\n<div class=\"related-reading-shortcode\" style=\"text-align: center\"><em><strong>Related Reading: <a href=\"https:\/\/wncen.com\/shiba-inu\/why-is-shiba-inus-bone-on-the-rise-and-is-it-time-to-get-in\/\">Why Is Shiba Inu\u2019s $BONE On The Rise And Is It Time To Get In?<\/a><\/strong><\/em><\/div>\n<p class=\"p2\">The Large Cap Index is the index that follows the movement of bitcoin the closes, so it comes as no surprise that it saw the second-largest decline in the same time period. The Large Cap Index fell 12% in August alone, leaving the market at the mercy of its smaller counterparts.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-500665 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/Bitcoin-and-altcoins.png?resize=460%2C279\" alt=\"Bitcoin and altcoins\" width=\"460\" height=\"279\"><\/p>\n<pre style=\"text-align: center\">Altcoins outperform BTC | Source: <a href=\"https:\/\/arcane.no\/research\" rel=\"nofollow\">Arcane Research<\/a><\/pre>\n<p class=\"p2\">In a surprising turn of events, the Small and Mid Cap Indexes saw price declines of 10%, respectively. Normally, in a market such as this, investors would be exiting both indexes en masse, given how highly volatile they can be. However, they have proven to be a better safe haven through this market compared to Bitcoin and the Large Cap Index. Nevertheless, each index saw double-digit declines, which is never a good sign for the crypto market.<\/p>\n<h2 class=\"p2\">Stablecoins Regain Dominance<\/h2>\n<p class=\"p2\">Bitcoin still remains the most dominant cryptocurrency in the market, but it is quickly losing this bragging right by the day. Instead, as its price has plummeted and investors fear the worst, they have moved into stablecoins to provide some much-needed cover from the market volatility. In light of this, the stablecoin dominance continues to rise.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/tahDzCTQ\/\" alt=\"Bitcoin dominance chart from TradingView.com\" width=\"3284\" height=\"1760\"><\/p>\n<pre style=\"text-align: center\">Dominance recovers to 40.18% | Source: <a href=\"http:\/\/TradingView.com\" rel=\"nofollow\">Market Cap BTC Dominance on TradingView.com<\/a><\/pre>\n<p class=\"p2\">For another week, bitcoin\u2019s dominance is down again, this time by 0.65%, and stablecoins have been on the sidelines to soak it all up. USDT saw its market dominance grow by 0.15%, while USDC saw its dominance grow by 0.11%. BUSD, another strong contender, was able to add another 0.06% to its dominance for the same time period.<\/p>\n<p class=\"p2\">Interestingly, Ethereum also saw an increase in its market dominance despite the poor performance of the Large Cap Index. The altcoin, whose upcoming \u2018Merge\u2019 has greatly excited the market, saw its market dominance rise by 0.24%.<\/p>\n<div class=\"related-reading-shortcode\" style=\"text-align: center\"><em><strong>Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/investor-indifference-follows-bitcoin-break-above-20000\/\">Investor Indifference Follows Bitcoin\u2019s Break Above $20,000<\/a><\/strong><\/em><\/div>\n<p class=\"p2\">Bitcoin\u2019s dominance touched a new 7-month on 30th August when it fell to 39.35%. Ethereum\u2019s market dominance is now sitting at 19.81%. With USDT, USDC, and BUSD at 6.81%, 5.27%, and 1.94% respectively.<\/p>\n<pre style=\"text-align: center\">Featured image from Prestmit, charts from Arcane Research and TradingView.com<\/pre>\n<p><span class=\"s1\"><b><i>Follow <\/i><\/b><a href=\"https:\/\/twitter.com\/BestOwie\" rel=\"nofollow\"><b><i>Best Owie on Twitter<\/i><\/b><\/a><b><i> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Altcoins have taken over bitcoin in terms of outperformance this month. While the crypto market as a whole has suffered losses, bitcoin has declined more in a time when the digital asset would have served as safe haven for investors. Now, with altcoins taking the lead in terms of recovery, it points to the downtrend worsening over time, especially for bitcoin. Bitcoin Fails To Hold Up Bitcoin, for the last month, has had its fair share of ups and downs. However, despite being a market mover, the digital asset has fallen short when it comes to holding its value. It saw an overall decline of 13% in the month of August, the highest of any of the other indexes. Related Reading: Why Is Shiba Inu\u2019s $BONE On The Rise And Is It Time To Get In? The Large Cap Index is the index that follows the movement of bitcoin the closes, so it comes as no surprise that it saw the second-largest decline in the same time period. The Large Cap Index fell 12% in August alone, leaving the market at the mercy of its smaller counterparts. Altcoins outperform BTC | Source: Arcane Research In a surprising turn of events, the Small and Mid Cap Indexes saw price declines of 10%, respectively. Normally, in a market such as this, investors would be exiting both indexes en masse, given how highly volatile they can be. However, they have proven to be a better safe haven through this market compared to Bitcoin and the Large Cap Index. Nevertheless, each index saw double-digit declines, which is never a good sign for the crypto market. Stablecoins Regain Dominance Bitcoin still remains the most dominant cryptocurrency in the market, but it is quickly losing this bragging right by the day. Instead, as its price has plummeted and investors fear the worst, they have moved into stablecoins to provide some much-needed cover from the market volatility. In light of this, the stablecoin dominance continues to rise. Dominance recovers to 40.18% | Source: Market Cap BTC Dominance on TradingView.com For another week, bitcoin\u2019s dominance is down again, this time by 0.65%, and stablecoins have been on the sidelines to soak it all up. USDT saw its market dominance grow by 0.15%, while USDC saw its dominance grow by 0.11%. BUSD, another strong contender, was able to add another 0.06% to its dominance for the same time period. Interestingly, Ethereum also saw an increase in its market dominance despite the poor performance of the Large Cap Index. The altcoin, whose upcoming \u2018Merge\u2019 has greatly excited the market, saw its market dominance rise by 0.24%. Related Reading: Investor Indifference Follows Bitcoin\u2019s Break Above $20,000 Bitcoin\u2019s dominance touched a new 7-month on 30th August when it fell to 39.35%. Ethereum\u2019s market dominance is now sitting at 19.81%. With USDT, USDC, and BUSD at 6.81%, 5.27%, and 1.94% respectively. Featured image from Prestmit, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026<\/p>\n","protected":false},"author":541,"featured_media":500666,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[134,142,86268,428,84627,1119,1144,78790],"class_list":["post-500662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin","tag-altcoins","tag-altcoins-performance","tag-bitcoin","tag-bitcoin-performance","tag-btc","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Altcoins Outperform Bitcoin In August Rollercoaster<\/title>\n<meta name=\"description\" content=\"Altcoins have taken over bitcoin in terms of outperformance this month. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. 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