Here’s What Happened In The Crypto Market During August 2020

Hello, Steemit!

How was August 2020 for you?

It has been a crazy month not just for us but for the whole crypto industry itself. So many things are happening that we could barely catch a breath! The DeFi space is definitely all the rage now with new protocols involving yield farming, liquidity mining, or governance announced by various teams at least once a day (or more). Some are copycats while some are truly innovative - exciting times ahead of us so stay tuned to the scene!

It may be hard to keep up with all that’s happened as the crypto hype engine spins up yet again. Don’t worry, that is why we are here with another report curated to help keep you up to speed!

Here are our 4 key crypto-highlights for the month of August:

• The market capitalization of the top-30 cryptocurrencies
• The market dominance of the top-7 cryptocurrencies
• Decentralized Finance (DeFi) token performance
• The state of the cryptocurrency exchanges

(download the full report here

Market capitalization recorded a new yearly high at $343B

In August, Top-30 cryptocurrencies market capitalization recorded yet another 2020-high at $343 billion, breaking its previous record of $319 billion in July.

It is worth noting that despite the new yearly high market capitalization, the trading volume in the month of August remains lower than the first half of the year. This likely suggests that people are HODL-ing and accumulating wealth.

Ethereum remained as the largest gainer for market dominance as Bitcoin slips

As for market dominance, Bitcoin (BTC) slipped further by 4.4% to 61.1%. While Ethereum (ETH) remained the largest gainer amongst the top-30 cryptocurrencies with a 1.7% increase to 13.9% dominance.

Yearn Finance (YFI) hit an all-time high at $38,869, outperforming all cryptocurrencies, including the DeFi tokens within less than 2 months since its launch.

Maker (MKR) - which predominantly held the top spot in the DeFi category, has been completely dwarfed by the recent entrants of the DeFi space. Yearn.Finance (YFI) and UMA (UMA) seemingly came out of nowhere to take the top second and third spot while the Link Marines would be happy to witness Link’s impressive rally over the month of August.

The DeFi space is having a massive shake-up with new innovative projects being launched seemingly on a daily basis. We would not be surprised if the Top 5 spot has new entrants yet again by the end of September.

Decentralized Exchanges (DEX) growth outperformed Centralized Exchanges (CEX) by 3X

The top-6 DEX month-on-month trading volume grew massively by 247%, outperforming the top-6 CEX that grew by a relatively lower rate of 85%.

Decentralized Finance (DeFi) space is quickly gaining traction with fast-paced developments happening around newly launched projects involving liquidity mining, yield farming, governance tokens, and more as the catalyst for traffic and volume growth.

Most notably, DEX’s market share vs. CEX’s grew from 4% to 7% through August, indicating the DEXs are capitalizing on the DeFi movement much more than CEXs are.

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This is only a sneak peek – grab your copy of the full report here!