What did you missed last month?

It’s only been the first week of September but if you missed what happened in crypto last month, you could be trading blindly.

But I got you brother!

August was a total rollercoaster! One minute we were soaring high, the next we were holding on for dear life. From mind-blowing gains to heart-stopping dips, this month had it all.

I know, I know — you’re probably wondering what the heck happened. We’re talking about the biggest winners, the epic fails, and all the WTF moments that made us scratch our heads.

In this post, I’ll deliver the craziest crypto stories of the month.

Trust me, you won’t believe what went down.

Bitcoin Just Crushed $60K! What’s Next?

Holy moly, Bitcoin just smashed through the $60K barrier like it was nothing! One minute it was stuck below, the next it’s surging past $60,800. Insane! And it wasn’t a slow climb either, this thing shot up over $1,000 in just an hour. That’s some serious buying pressure!

$60K is a big psychological hurdle, and technically it’s a key level too. The strength of this breakout is definitely making me bullish.

Now, everyone’s talking about the next target: $63K. That’s the 200-day moving average, which basically shows the long-term trend. Getting past that would be a huge win. Of course, it wasn’t all smooth sailing. The price swing was pretty big, and there were over $100 million in liquidations. That just shows how volatile things are right now.

So, what next? Honestly, it’s anyone’s guess. There’s a tug-of-war happening between buyers and sellers at this $60,800 level. The technical indicators are all giving mixed signals — a flat MACD, a neutral RSI. Basically, the market is waiting for a sign, a nudge one way or another.

August Came a bit Harsh for SOL

August has been a cold shower for Solana dreamers.

The harsh truth is that past performance is no guarantee of future success. August has been a sobering month for SOL investors, as the cryptocurrency faces a critical challenge: rampant inflation.

Since August 2023, Solana’s token supply has been inflating at a worrying 15% annual rate. That’s a lot of new tokens flooding the market. While the platform’s speed and growing user base are undeniably impressive, this rapid dilution is a serious spanner in the works for price appreciation.

The recent 43% crash during a supposed bull market was a wake-up call. Can you imagine what will happen when the bear truly rears its ugly head?

I’m not here to spread fear, uncertainty, and doubt. I’m simply calling a spade a spade. It might be time to reconsider our positions.

But don’t lose hope!

Solana has proven its resilience time and again. It’s a network that refuses to be counted out. A big part of its success is its dedicated community.

Top 5 Reasons I’m Bullish on Solana:

SOL Market Cap Differential vs. ETH

  1. Market Cap Differential vs. ETH: Ethereum is the 800-pound gorilla, but Solana is the scrappy underdog with a massive growth runway. It’s outperforming Ethereum in key metrics, and if it can keep up this momentum, we could see a price explosion.

  2. TVL and DEX Volume: Solana’s total value locked is at its highest point in over two years, and its DEXes are busier than ever. This shows people are not only choosing Solana for DeFi, but they’re actually using it.

  3. DeFi User Growth: Solana is quickly becoming a top choice for DeFi users. Its speed and affordability make it perfect for trading and other DeFi apps.

  4. Firedancer Upgrade & Institutional Adoption: The upcoming Firedancer upgrade is designed to supercharge Solana’s performance, and institutional interest is growing. This is a major catalyst for future growth.

Read my full analysis about this on my post available in Medium @TheLuWizz  5 EPIC REASONS To Bet on Solana NOW!.

My Top Crypto Picks this August

If I were looking to add some digital assets to my portfolio right now, I’d be seriously considering Bitcoin, Ethereum, and XRP.

Bitcoin

Let’s start with Bitcoin. It’s the OG of cryptocurrencies, the undisputed king with the biggest market cap. I’m impressed by its recent performance — a 0.26% price increase in the past week and a whopping 124.54% year-over-year return.

The launch of spot Bitcoin ETFs has brought in a ton of new money, and with events like potential interest rate cuts on the horizon, Bitcoin’s price could see even more upward momentum.

Currently sitting at $58,561.97, I know it’s a hefty price tag, but for many, Bitcoin is seen as digital gold.

Ethereum

Next up, Ethereum. The runner-up in the crypto world, Ethereum has also been performing well. With its shift to a Proof-of-Stake model and the recent approval of spot Ether ETFs, investor confidence is high.

It’s up 2.70% in the past week and a solid 56.52% year-over-year. At $2,621.09, Ethereum is definitely in the investment spotlight.

Solana

I’m all in on Solana! Despite the harsh seasons it encountered earlier this month, this high-speed, low-fee blockchain is STILL absolutely killing it as Ethereum’s top competitor. It’s been on an insane run, reaching over 584% in the past year!

Right now, Solana is the fourth biggest crypto out there, but I think it’s got even more room to grow. With a price of $147.35 and a market cap of $69.6 billion, it’s showing serious strength.

And guess what? It’s been climbing steadily over the past week, with a 3.32% increase in the last 24 hours alone.

Trust me, Solana is a beast.

And mind you, this is just the beginning!

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