Share this article

Nano Was August's Top-Performing Big Crypto Despite Yearly Low

Nano shone bright on the back of strong volumes in August, despite a yearly low experienced mid-month.

Updated Apr 10, 2024, 2:43 a.m. Published Sep 3, 2018, 8:01 a.m.
Cimbing

The cryptocurrency markets had a rough run in August, with only a handful of projects making it into the green.

Major names such as ethereum, bitcoin and XRP all dropped on the month, down 35.45, 9.44, and 27.93 percent, respectively.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters

Adding pressure to the situation, bitcoin's dominance rate rose substantially, up 6 points from July's period of 48.34 to 54.58 percent on Aug. 15 – levels not seen since December last year.

The high rate was a telling sign that traders were uncertain about price direction, utilizing bitcoin to exit the market through a transfer of crypto to fiat.

One name, however, made a substantial case against broader bearish market conditions to reach the top spot of August's best-performing crypto assets.

Nano delivered exceptional gains during the second half of the month despite falling to a yearly low of $0.74 on Aug. 14.

Advertisement

After fighting off the worst day in its two-year history, nano rose 73.85 percent over the August period and outperformed the top 30 cryptocurrencies by market capitalization to finish ahead by a margin of 50 percent against the other big names according to CoinMarketCapdata.

The token's overall market cap also rose more than $160 million on the month, almost doubling from $260 million to $420 million, and pushing its ranking briefly from 27th to 24th on Aug. 30 before it slipped back to 28th spot on the final day of the month.

Monthly performance

Monthly performance: +73.85 percent

All-time high: $34.43

Closing price on August 31: 3.01

Current market price: $2.92

Rank as per market capitalization: 28

Nano began its climb on Aug. 15 after the bears were finally exhausted at the yearly low of $0.74.

Savvy investors immediately snapped up discounted prices, leaving a long tail wick from the bottom on Aug. 14's candle (a sign of a bullish reversal). By the end of the month, it had managed to close above $3.00 after defying a last minute sell-off on Aug. 30.

Nano's all-time high was $34.43 back in December last year. At time of writing, the cryptocurrency is changing hands at $2.92, 89 percent down from that peak.

Daily chart

nano21

Nano was supported by the 8-day exponential moving average (EMA) over the second half of August, which had acted as the resistance level during most of the month of July.

Advertisement

As Nano closed convincingly above on Aug. 16, a bearish-to-bullish trend change occurred.

More importantly, total volume also picked up, with Aug. 26 seeing the most volume traded on record at $25.05 million during a single daily period, validating the rally to the monthly high of $3.79.

Looking ahead, prices could defy expectations in September, albeit after a retracement to the lower end of the 8-day EMA at $2.80 in the coming days – that's because the relative strength index, used to judge the momentum and trend of a particular asset, is showing overbought conditions.

Correction (09:45 UTC, Sept. 3, 2018): This article has been amended to correct an error that said nano had hit an all-time low in August. In fact, it was a yearly low.

Disclosure: The author holds USDT at the time of writing.

Climbing image via Shutterstock

More For You

Exchange Review - March 2025

Exchange Review March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.

What to know:

Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.

  • Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
  • Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions. 
  • Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.

More For You

This article is created to test tags being added to image overlays

Consensus 2025: Zak Folkman, Eric Trump

Dek: This article is created to test tags being added to image overlays

What to know:

  • Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.