It was a red waterfall pouring from the top of the cryptocurrency charts this week.
According to data from CoinGecko, the price of Bitcoin rolled over the weekend at $59,297, after seeing a sudden drop on Friday. The rally comes after Bitcoin ETFs saw more investor outflows than inflows — the first such outflow in four months. Analysts tell Decrypt there are strong reasons to expect BTC to face sustained downward pressure in the coming weeks.
As August draws to a close, BTC is hovering around 8% losses for the month.
Things haven't been particularly good for the second-tier Ethereum. The price of ETH ended the week at $2,526, down more than 8% in seven days. The month was tougher for the equity-proof leader, down about 21% over the past 30 days.
Solana (SOL), the once-proclaimed “Ethereum killer,” also took a hit. It is down 10% for the week, trading at $138. Like Ethereum, it had a rough month, down about 19 percent.
And while Dogecoin (DOGE) supporter Elon Musk slammed the class-action suit against the coin this week, the currently-top meme cryptocurrency fell 10% this week, hovering around $0.10.
Being in the news isn't always good for a brand. Cryptocurrencies tied to the network took a big hit this week, with the arrest and indictment of Telegram founder Pavel Durov and the bringing down of the DOGS meme coin startup's Toon blockchain (not once, but twice). Toncoin is down 20% since last Saturday, and associated gaming coin NotCoin (NOT) was the biggest loser of the top 100, down 28%.
With the hugely popular Telegram game Hamster Kombat finally setting the much-anticipated token drop date next month, it's fair to ask if Ton Network can handle the burden.
September will bring an important milestone for Polygon and its MATIC token, which will transition to a new third-generation POL token. This week, however, MATIC fell 21% to $0.42.
The Helium (HNT) token that is unclear for the week is related to the Helium Network, a decentralized cellular data project. It ended the week up more than 7%, trading at $7.24.
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