August was the worst month for Bitcoin (BTC) in 2023, retracing by 11% the rise it had started up to that point. Nevertheless, a number of altcoins managed to pull out all the stops and continue their bullish breakthrough. Let’s take a look at the 3 best-performing cryptocurrencies in August
The 3 best performing cryptos in August
While Bitcoin (BTC) had the worst month of 2023 in terms of market performance, printing an 11.26% drop against the US dollar. Nevertheless, this gloomy atmosphere did not stop some altcoins from performing well. Here are the 3 hottest cryptocurrencies in August 2023:
The 3 best-performing cryptocurrencies in June 2023
3 – Toncoin (TON): +44.7%
With a net increase of 44.7% over the last 30 days, third place goes to Toncoin’s TON. In fact, this recent rise has seen Toncoin rise to 12th place among the most capitalised cryptocurrencies on the market.
Launched in 2018 by messaging giant Telegram, The Open Network (TON) is a decentralised, ultra-scalable blockchain that is expected to support millions of transactions per second. Quickly abandoned by Telegram for regulatory reasons, the project was taken over by the TON Foundation, which raised a total of $250 million.
The reasons for this increase are not clearly identified, although several avenues are being explored. In June, the TON Foundation deployed a new deflationary mechanism for its Toncoin cryptocurrency. In July, Telegram’s CEO reinforced his support for the project by announcing that he held TON. Finally, Telegram announced a new payment option integrated into its messaging application, based on The Open Network and embracing BTC, USDT and TON.
2 – THORChain (RUNE): +67.8%
On the second step of the podium, we find THORChain (RUNE) whose performance was exceptional in August 2023: +67.8%. Launched in 2018, THORChain is a blockchain based on the Cosmos development kit, relying on a Proof of Stake (PoS) consensus mechanism.
THORChain’s ambition is to enable its users to exchange assets between several blockchains, all natively, in a decentralised and non-custodial manner. Several protocols are already well developed, notably the decentralised exchange THORSwap.
The reasons put forward to explain this recent rise in the RUNE are as follows. Firstly, the announcement of a new feature on THORSwap, called “Streaming”, which optimises token exchanges for users who are not in a hurry to see their transaction through to completion. Secondly, the anticipation of the arrival of a lending protocol, long-awaited by the community and which saw the light of day at the end of August.
1 – Rollbit Coin (RLB): +120.5%
With a rise of 120.5% in 30 days, the top position in this month’s rankings is occupied by Rollbit (RLB). This cryptocurrency is also making a storming entry into the Top 100 most capitalised assets on the market.
Launched in 2020, Rollbit is an online casino combining gambling, cryptocurrencies and NFT. In addition to the well-known online casino games, Rollbit allows users to bet on sports and trade cryptocurrencies with leverage of up to x1000.
The increase in the RLB in August can be explained by the growing popularity of online casinos in recent months, reinforced by content creators promoting Rollbit via Twitch, YouTube and Twitter. In addition, some of the tokens generated via the fees imposed by the platform are being destroyed in an attempt to impose a deflationary trend on the RLB.
