Cryptocurrency prices plummeted in August after a promising beginning, although certain altcoins bucked the trend on project-specific news.
The declines starting about mid-month came after the release of minutes of the Federal Reserve's July meeting strongly suggested that the central bank will continue to try to fight inflation aggressively.
Bitcoin, the largest cryptocurrency by market capitalization, sank about 13% for the month, and ether fell about 20%. Yet, data shows that not all cryptocurrencies performed poorly largely because of positive news events involving them. The price increases in a bear market underscore the independence of individual projects to evolve and engage investors with important changes.
Chiliz – a token issued by blockchain-enabled sports entertainment platform Socios.com – was the month’s biggest winner. Its native CHZ token jumped 75.8% in August, according to CoinMarketCap’s data, as the platform received regulatory approval to operate in Italy.
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