The crypto-monetary industry made significant gains in August, regaining territory lost during the crisis of May 2021. The cryptocurrency market’s capitalization increased by roughly 28% in August, rising from around $1.65 billion at the beginning of the month to approximately $ 2.12 trillion at the end of the month.
The altcoin market was the driving force behind the surge, which saw a 43.5 percent gain in August, rising from about $842 billion to $1.21 trillion at the end of the month.
The breach of the Poly Network was one of the most contentious grounds of contention when a mysterious figure known as Mr. White Hat stole over $610 million. Numerous commentators referred to this as “the biggest exploit in the history of decentralized finance” (DeFi).
The hacker, on the other hand, has entirely returned the money and has even turned down a $500,000 prize and a job offer from Poly Network. Because of the current momentum in the industry, five cryptocurrency investors are likely to keep a close eye on the market in September 2021.
SOL – Solana
It is possible to utilize the Solana Blockchain for non-financial transactions (NFTs), decentralized finance, and other blockchain applications since it has intelligent contracts in place. Additionally, it has been dubbed “the ETH killer” since it competes directly with the Ethereum network, in addition to other cryptocurrencies such as Polkadot and Cardano.
Solana has the capability of processing more than 70,000 transactions per second at a fair cost, according to the company. Andreessen Horowitz and Polychain Capital helped it raise $314 million in a token sale that was one of the most successful fundraising rounds in the history of cryptocurrency.
It is now one of the most valuable companies in the cryptocurrency market. From $34.25 at the beginning of August to $108.48 at the conclusion, the value of the currency grew by more than 215 percent.
The rapid increase in price over a short period is due to several factors, including the registration of an institutional investors’ Solana-centric fund by the Securities and Exchange Commission (SEC), the launch of the Solana blockchain by the Pyth cryptocurrency market data network, and the expansion of the Solana business into non-fun sectors.
At the time of writing, SOL was trading at $142, up 2.16 percent from the previous day.
The extraordinary rise in Bitcoin occurred in August. The month began at 39.974 dollars and concluded at 47.166 dollars, in the 50.000 dollar trading range, representing an increase of 18 percent for the month.
Bitcoin has gone beyond the $50,000 barrier, but it is presently battling to maintain that level of value. Bitcoin is expected to trade at or around $58,000 by the end of the month, according to several market players, once it breaks through the $51,000 trading zone, which is considered the ‘last resistance’ zone by William Clemente, an on-chain specialist, and other market participants.
This is plausible considering that Glassnode estimates that 124,501 BTC (about $6 billion) left central bank accounts last month, showing a substantial demand for Bitcoin. Although there is regulatory FUD (Fear, Uncertainty, and Doubt), investors should exercise caution, particularly in light of the new U.S. infrastructure plan, because the news on the market is known to have a negative influence.
Bitcoin was trading at $51,800 at the time of this writing, representing a daily gain of 4.48 percent.
ADA of Cardano
At the time of writing, Cardano was the most extensively discussed cryptocurrency in the world. Its native token, ADA, has surpassed Bitcoin’s BNB and Tether’s USDT to become the third most valuable cryptocurrency in the world, with a market capitalization of $92 billion at the time.
In August, the price of ADA increased by more than 110 percent, rising from $1.32 at the start of the month to $2.77 at the conclusion. On September 2, the cryptocurrency breached the three-dollar trading zone, bringing its market capitalization near to one hundred billion dollars. The anticipation of the introduction of the “Alonzo” Smart Contract was the driving force behind the boom.
The mainnet for smart contracts is anticipated to be launched on September 12, 2021, according to current plans. Tim Harrison, IOHK’s marketing and communication manager, Nigel Hemsley, IOHK’s project and delivery manager, and Kevin Hammond, an IOHK software engineer, have all confirmed the date.
Users will be able to operate blockchain-based applications such as NFTs and DeFi following the activation of the smart contract.
As of the date of publication of this piece, the native cryptocurrency of Cardano, ADA, is now trading at $ 2.90, representing a gain of 2.45 percent.
AXS – Axie Infinity
The Axie Infinity platform attempts to build a whole new economy via the use of video games. Players in the Axie Infinity game benefit from a play-to-earn gaming service that rewards them in tokens that can be exchanged for real money when the game is used. The AXS token increased in value by over 90 percent in August, rising from $37.95 at the start of the month to $72.20 at the end of the month.
Coinmarketcap reports that Axie Infinity’s AXS token has risen to the top of the trending coins list, thanks to the recent platform announcement of an Axie Scholarship Program, which allows newcomers to join the game without having to purchase AXS tokens themselves. The individual or student will receive a complimentary Axie team.
The scientist then employs these axes to participate in the game and gets a portion of the proceeds from the sale of Smooth Love Potions (SLP, the second indigenous token of the platform). When the scholarship program was announced, AXS achieved a record high of $95.
AXS is now trading at $83.09, representing a decrease of 1.68 percent from its previous close.
VeChain – VET
VeChain was founded in 2018 as a blockchain-based solution to improve operational accountability, efficiency, and transparency in the healthcare industry. It is developed from the Ethereum codebase and is intended for commercial applications, with a particular focus on the Internet of Things and supply chains, to manage the secure product life cycle.
In addition, the Thor Blockchain was created to serve as the foundation blockchain for transactions and account administration, as well as the creation of intelligent contracts, among other things.
The price of VeChain’s native token VET, which serves as payment and voting currency, increased by about 43 percent in August, rising from 8 cents at the start of the month to 12 cents at the end of the month, according to CoinMarketCap. With the VeChain Thor mainnet uptime and block processing, VeChain has now passed a significant milestone in its development.
The network has already reached the milestone of 10 million blocks in terms of transactions. When users participate in VET, they receive VeThor (VTHO), the second native token of the VeChain ecosystem. This is a distinguishing characteristic of the VET protocol. Every day, the VTHO is released to VET holders and is used to power Thor’s intelligent contracts.
VET traded at 15.23 cents, representing a 5.34 percent increase from its previous closing price.