The cryptocurrency industry has definitely suffered over the past 24-hours but August has still been a good month for the industry. With various major assets catapulting themselves towards yearly highs, the little known small-cap assets have dwarfed all major crypto’s growth over the course of the past three weeks.
According to Arcane Research’s weekly report, Small-Cap Market Capitalization Weighted Indexes were up a massive 50% in August. In comparison, Bitcoin’s valuation moved up by only 4%, whereas the Mid-Cap weighted Indexes pictured a 13% incline.
In all fairness, a majority of the growth represented by Small-Cap assets came from three assets. OMG token, Yearn. Finance and Theta. At press time, Yearn.Finance was yearly to date growth is an astronomical rise of 44561%, while OmisGO token pictured an 809% hike in the charts.
Tron and Bitcoin SV were the most affected assets in August 2020, as TRON was down by 85% YTD and Bitcoin SV was down by a drastic 104%.
Bitcoin’s inability to take advantage of the strong market is identical to its to sideways movement witnessed in July 2020.
“Buy Crypto” Search Volume highest since 2018
The impact of the 2017 bull-run was unavoidable as a lot of people were getting their first exposure to cryptocurrency. The above chart illustrated a similar sentiment at the moment. According to data, Google search volume for “Buy Crypto” over the past week has reached levels witnessed last during January 2018. The search volume has outdone the interest of 2019’s bull run as well, but it is important to note that “Buy Bitcoin” search volume wasn’t really up.
The reported added,
“Bitcoin itself is not getting the same kind of traction, with the search interest for “buy bitcoin” laying flat since the top in May when the halving took place.”
In the meantime, the total cryptocurrency market capitalization has reached its highest levels as well since April 2018 amassing approximately $383 billion at the present moment.
The increasing interest in cryptocurrency continues to be a good sign for digital assets going in the fourth quarter of 2020 as many analysts speculated that Bitcoin may attain its new-yearly high at the end of the year.