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Nano Returns From Record Low to August’s Top-Performing Big Crypto

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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.

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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

NANO

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.

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