A $2 trillion cryptocurrency, Ethereum per …

A $2 trillion cryptocurrency, Ethereum per … post thumbnail image

Bloomchain has prepared a cryptocurrency market review for August.


  • The cryptocurrency market grew 1.5 times and reached $2 trillion. Cardano and Solana cost twice as much; they reach the third and tenth rows of the token ranking in terms of capitalization.

  • The London update takes place on the Ethereum network. ETH grew in line with the market, overtaking bitcoin by 10 p.m.

  • The amount of funds blocked on DeFi has increased by a third for Ethereum-based projects and Binance Smart Chain-based projects. The biggest hacker attack on the PolyNetwork protocol in the amount of $600 million ended in refunds.

  • Amid the growing volume of trading in non-exchangeable tokens, Alibaba has launched the NFT marketplace, and cryptocurrency exchange FTX will soon do so. The trading volume of the OpenSea NFT platform has grown six times compared to July.

  • The SEC continues to accept applications for crypto ETFs. This time, community members are testing an alternative version, without direct investment in cryptocurrencies.

Market dynamics

During the month (07.24-24.08), the cryptocurrency capitalization increased 1.5 times and amounted to more than $2 trillion, according to CoinMarketCap. Major cryptocurrencies are up 42%, while Ethereum is up 52%. Ethereum trading volume exceeded Bitcoin trading volume for the first time in the second quarter on the Coinbase website, as reported by the exchange itself. The Cardano token doubled in a month and closed the top 3 cryptocurrencies in terms of capitalization, and the Solana token – 2.3 times and reached the top 10.

Cryptocurrency market cap. Source: TradingView

In August, another update took place on the Ethereum network as part of the phase zero transition to ETH 2.0. With the London update, network costs have been fixed. In addition, it is now possible to burn a part of the fees received by miners and change the size of the mined blocks.

Data source: Etherscan

Decentralized finance

In August, the volume of blocked funds on the DeFi market based on the Ethereum and Binance Smart Chain platforms grew by a third and amounted to $86 and $28 billion, respectively.

Amount of Ethereum-based funds blocked on DeFi. Source: Defipulse
DeFi Locked Fund Based on Binance Smart Chain. Source: Defistation

Over the past month, the biggest hack of the PolyNetwork Internet protocol took place in the decentralized financial market. The attacker stole about $ 600 million Due to an error in the process of withdrawing funds, the hacker’s address was revealed. Towards the end of the month, he returned the stolen funds.

Uniswap is the first DeFi project to generate $1 billion in commissions for liquidity providers. This took almost three years of the project’s existence. By comparison, bitcoin has amassed $2.2 billion in fees since 2009. Uniswap will also include a new ETF from Galaxy Digital with a 40% share. According to the plan, it will be an index fund based on the DeFi project.

Share of decentralized exchanges in total trading volume. Source: Blok


The market for non-exchangeable tokens is gaining momentum. The market deserves special attention in August. Trading volume of one of them, OpenSea, grew nearly 6-fold in an incomplete August versus July and totaled $1.65 billion, according to The Block.

Trading volume on the NFT market. Source: Blok

Also this month, Alibaba launched the NFT marketplace, and the first tokens are already available on the platform. Another company, cryptocurrency exchange FTX with an investment from Coinbase, plans to do the same amid growing volumes of trading in non-exchangeable tokens. The market will have specifications, the target audience will be sports companies and entertainment organizations.

NFT trading volume. Source: Blok

The Tron project, whose token was ranked 26th in CoinMerketCap’s ranking by capitalization as of August 25, will build the NFT ecosystem in collaboration with DeFine. In addition to trading non-exchangeable tokens, it is planned to introduce ranked social user profiles into the ecosystem.


Chinese authorities will continue to suppress members of the crypto community, including traders. At the same time, Korean regulators plan to shut down 11 cryptocurrency exchanges on suspicion of fraudulent activity, according to The Korea Herald.

In the current version of the US crypto tax bill, miners and decentralized exchanges are not the responsible organizations. This may change as senators have the opportunity to propose revisions at this stage of the work.

Litigation between Ripple and the SEC is ongoing. The cryptocurrency company brought in Binance to prove the sale of XRP tokens outside the US. To do this, Ripple requests documents related to the case from cryptocurrency exchanges. XRP rate has increased by 75% in a month.

XRP token price. Source: CoinMarketCap

Meanwhile, the SEC has received 21 applications for the creation of crypto ETFs. In addition to the classic version, community members asked for approval to create an alternative version. This does not imply direct investment in cryptocurrencies, but is based on derivatives.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Post