Easy Money? Coinbase Crypto Coins Grow Over 50% On Average In August
Looking for more signs that cryptocurrencies may be entering a new bull market? Look no further than Coinbase, where on average, buying any crypto asset offered by the platform would have resulted in 50% ROI or more.
But which coins were the top-performing crypto on Coinbase, and which, if any, were lagging behind?
Coinbase Coins Sizzle As Crypto Market Catches Fire In 2020
In a data snapshot taken from San Francisco-based Coinbase’s price list one-month returns, it is clear that crypto is on fire again.
The list of coins is currently a sea of green on nearly all-timeframes. The most significant results arrived over the last 30 days, following Bitcoin and Ethereum’s massive break through resistance.
Chainlink setting new all-time highs and its decentralied oracle competitor Band both helped to skew the total average performance month-over-month.
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Across the board, taking the average performance of all coins offered by the platform resulted in over 57% ROI. This means you could have bought nearly any coin there, and would have seen a strong return.
Recently, a venture capitalist claimed that money wouldn’t come as easy during this crypto cycle. However, they likely would be changing their tune after this recent crypto market performance and the sudden bubble-like behavior in decentralized finance.
That trend has morphed into crypto insiders speculating on coins they know well are worthless, but are experimenting and adding liquidity anyway.
Greed is reaching some of the highest levels in history, but it may only be the start if the bull market has officially begun.
57% One-Month ROI On Average: The Best and The Worst Performers
Of the list of over 20 crypto assets listed by Coinbase, sans any stablecoins, the average return was 57%. However, there were a few overperformers that would have pushed the average much higher if it weren’t for a few extreme laggards.
The top five performing cryptocurrencies of the list include Algorand (ALGO) with 134%, Chainlink (LINK) with 111%, followed by Ethereum (ETH) and Cosmos (ATOM) with 81% and 53%, respectively.
Band Protocol (BAND) beat all four for the best return, at over 490%. XRP and Maker (MKR) were close behind the top five, each with a 49% rise over the last month.
The absolute worst performer was Basic Attention Token (BAT) at 5%, followed by Augur (REP) at 10%, Ethereum Classic (ETC) at 11%, and Stellar (XLM) at 12%.
Related Reading | Be Fearful: Crypto Market Greed Reaches Second Highest Point In History
It is not clear why this pack of crypto assets isn’t rising with the rest of the tide, or what that could mean. Are these altcoins awaiting their explosion out of their downtrends, or does this signal lack of demand?
Ethereum Classic for example recently suffered two 51% attacks. Coinbase extended the confirmation times on the asset significantly, which may or may not have impacted numbers further.
Nearly everything else on the list posted a strong between 20 and 40 percent return.
Returns like that make it clear that the crypto market is hot once again. But are things just getting started to heat up, or is it already coming to a boil?