In summary
- The price of Bitcoin plummeted over the weekend to below $58,000, after seeing a sudden drop on Friday.
- Ethereum ended the week at $2,526, down more than 8% in seven days and 21% over the past 30 days.
- Solana (SOL) is down 10% over the week and 19% over the past month.
Illustration by Mitchell Preffer for Decrypt.
This week the market experienced a strong cascade of red numbers, spilling from the top of the Cryptocurrency charts.
Bitcoin’s price plummeted over the weekend to below $58,000, according to data from CoinGecko, after seeing a sudden drop on Friday. The drop comes after successful spot Bitcoin ETFs also saw more cash outflow from investors than inflows — the first outflows in nearly four months. Analysts told Decrypt that there are strong reasons to expect BTC to face sustained downward pressure in the coming weeks.
Meanwhile, BTC closed August with weekly losses close to 8%.
Things weren’t particularly good for Ethereum. The price of ETH ended the week at $2,526, down more than 8% in seven days. The month was even tougher for the proof-of-stake leader, down around 21% over the past 30 days.
Solana (SOL), the once-hailed “Ethereum killer,” also suffered a 10% drop over the week. Like Ethereum, it had a rough month, dropping roughly 19% over the period.
And while Dogecoin (DOGE) fan Elon Musk beat a class-action lawsuit over the coin this week, the leading meme cryptocurrency has seen a 10% drop for the week so far, hovering around $0.10.
Not that it’s always good for a token to be in the news. With the arrest and indictment of Telegram founder Pavel Durov and the launch of the DOGS meme coin that brought down the TON Blockchain (not once, but twice), cryptocurrencies tied to the network suffered heavy losses this week. Toncoin fell 20% since last Saturday, with the network’s affiliated gaming coin, Notcoin (NOT), standing out as the biggest loser in the top 100, down 28%.
Meanwhile, popular Telegram game Hamster Kombat has finally set a date next month for its long-awaited token launch. It is now prudent to wonder if the TON network will be able to handle the load.
September will also bring a milestone for Polygon and its MATIC token, which will migrate to a new third-generation POL token. However, this past week, MATIC has dropped 21% to $0.42.
The outlier token of the week is Helium (HNT), tied to decentralized cellular data project Helium Network, which ended the week up more than 7%, trading at $7.24.
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