Nano Returns From Record Low to August’s Top-Performing Big Crypto
Major names such as ETH, BTC and XRP all dropped on the month, down 35.48%, 9.47%, and 27.90%, respectively.
Adding pressure to the situation, bitcoin’s dominance rate rose substantially, up 6 points from July’s period of 48.34 to 54.72 percent on Aug. 15 – levels not seen since December last year.
The high rate was a telling sign that traders were uncertain about price direction, utilizing bitcoin to exit the market through a transfer of crypto to fiat.
One name, however, made a substantial case against broader bearish market conditions to reach the top spot of August’s best-performing crypto assets.
Nano delivered exceptional gains during the second half of the month despite falling to an all-time low of $0.74 on Aug. 14.
After fighting off the worst day in its 2-year history, nano rose 73.87 % over the August period and outperformed the top 30 cryptocurrencies by market capitalization to finish ahead by a margin of 50% against the other big names according to CoinMarketCap data.
The token’s overall market cap also rose more than $160 million on the month, almost doubling from $260 million to $420 million, and pushing its ranking briefly from 27th to 24th on Aug. 30 before it slipped back to 28th spot on the final day of the month.
Monthly performance: +73.87 percent
All-time high: $34.43
Closing price on August 31: 3.01
Current market price: $2.93
Rank as per market capitalization: 28
Nano began its climb on Aug. 15 after the bears were finally exhausted at the record low of $0.74.
Savvy investors immediately snapped up discounted prices, leaving a long tail wick from the bottom on Aug. 14’s candle (a sign of a bullish reversal). By the end of the month, it had managed to close above $3.00 after defying a last minute sell-off on Aug. 30.
Nano’s all-time high was $34.43 back in December last year. At time of writing, the cryptocurrency is changing hands at $2.92, 89% down from that peak.