The value of cryptocurrencies plummeted in August after a promising start to the month, although a number of altcoins went against the market trend amid positive news on their projects.
The fall of the crypto market occurred in mid-August after the published minutes of the US Federal Reserve meeting on the continuation of the central bank’s aggressive fight against inflation.
Bitcoin has fallen in price by 13% in a month, and Ethereum has fallen in price by 20%. However, not all cryptocurrencies have shown poor results. The rise in prices of some altcoins in the bear market emphasized the independence of the development of individual projects regardless of market trends.
The best growth indicator in August was demonstrated by the Chiliz token, which belongs to a sports entertainment platform with blockchain support Socios.com. The CHZ token has increased in price by 75.8% due to obtaining the necessary approvals from regulatory authorities to operate in Italy.
The ATOM token from Cosmos also went against the trends of the crypto market and increased in price by 14.5% over the month. The increase in the cost of ATOM occurred after the announcement about the processing of the project’s tokenomics at a conference in Colombia at the end of the month.
Also, thanks to Antelope’s statement on the use of the support protocol for the EOSIO-based blockchain, the EOS token demonstrated a 3.6% increase in value.