In the first half of August, the market continued with its bull run and gained 22.9% in the first 17 days of the month. This was followed by a sharp correction as the market shed 15.2% of its value over the next ten days. In the last days of the month, the market rebounded and ended with a positive return of 14%.
In total, 22 of the 25 assets by market cap recorded a positive performance in August. DeFi is clearly entering the main stage, as the top three performers were yearn.finance (+711% – not a typo), UMA (+424%), and NEM (170%). Altcoins continues to strongly outperform Bitcoin, which gained 3.2% in August. Bitcoin represented 57.3% of the total cryptocurrency market capitalization at the end of the month, down from 62.4% a month ago.
The Solidum Crypto Quant Strategy recorded a positive monthly performance of 12.32%, slightly underperforming the market’s performance of 14.01%, in the previous month.