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Crypto: August 2019 worth forgetting

August 2019 ends with the third consecutive negative weekly closing in the crypto market: it hadn’t happened since May 2018 and it is also the second month in the red. This confirms the statistic that the months of July and August are not appreciated by crypto traders.

crypto august 2019
Fonte: https://coin360.com/

In traditional markets, there is the saying “Sell in May and go away”. It seems that for the cryptocurrency industry the saying “Sell in June and go away” may be considered, but with a small note: the statistic sees July and August close the historical average in red to then reach September, which usually opens the rally upwards that lasts until December.

From a technical point of view, August 2019 saw two of the worst daily falls in the summer. The first was on August 15th and the second on August 28th, which saw double-digit declines in 24 hours.

Another downside is that the fear and greed index on bitcoin reached its lowest level ever last week, scoring 5 on a scale from 0 to 100. 

The week closed in red for 98% of the first 100 cryptocurrencies. This is a snapshot of what happened on a monthly basis. Considering what is happening this week, on a monthly basis there are only 5 cryptocurrencies that are able to close the balance of the month above par.

crypto august 2019

The best crypto increases of August 2019

On a weekly basis, the best of all is Thorenext (THX) which, with an increase of 125%, achieves the best performance. This allows it to also climb the first step of the podium on a monthly basis with a rise that comes close to 150%.

Among the big ones, on a monthly basis, bitcoin struggles to give a positive signal in a negative context: remaining above the parity threshold above $9,600. 

Another positive sign comes from Ethereum Classic (ETC) which, with a rise of 10% on a monthly basis, closes its best month of 2019. 

The worst cryptocurrencies of August 2019

Among the worst cryptocurrencies of the month, we find Cosmos (ATOM) which, after having recorded its historical highs in June, reaching 7 dollars, continues to drop, reaching almost 2 dollars.

Among the worst ones in a monthly perspective, there are also Zcash (ZEC), Basic Attention Token (BAT) and TRON (TRX), with decreases of about 30%.

Federico Izzi
Federico Izzi
Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".