Discover the Top 5 Crypto Losers in August Amid Market Rebound

While the global crypto market is rallying towards a $1.1 trillion cap following Grayscale’s SEC win, FLEX, HEX, and others report substantial losses.

Have you been keeping an eye on the crypto market lately? Well, even though the market has seen an overall upward trend, some cryptocurrencies have experienced notable declines in the month of August. In this article, we'll explore the top five losers and their performance amidst a market rebound.

What's Fueling the Market Rally?

The recent announcement of Grayscale's victory against the U.S. Securities and Exchange Commission (SEC) on August 29th has played a significant role in the crypto market's bull run. The market-wide surge comes after a period of bearish sentiment, which lasted for about two weeks.

According to CoinMarketCap (CMC), the global cryptocurrency market capitalization is on the verge of reaching a staggering $1.1 trillion mark.

The Top Five Crypto Losers in August 2023

Let's dive into the top five cryptocurrencies that experienced the most significant losses during the month of August 2023:

1. FLEX (61% loss)

Despite showing promising performance over the past month, FLEX takes the lead as the biggest loser. The cryptocurrency maintained a trading range of $5 to $7 for the majority of August but experienced a steep dive on August 29th.

As per CoinMarketCap data, FLEX witnessed a 61% loss in the past 24 hours and an even deeper decline of 67% over the past 30 days. Currently, it is trading at $1.73 with a market capitalization of $170 million.

2. HEX (51.8% loss)

Securing the second spot on the list is HEX, which experienced a substantial 51.8% drop in August. The decline in HEX's value has been consistent over the past 30 days, with a mere 24-hour trading volume of $728,000. Its current market cap stands at almost $700 million.

3. Worldcoin (WLD) - 43.8% loss

4. Compound (COMP) - 42.6% loss

5. Ordinals (ORDI) - 42.3% loss

The next three spots on the list are taken by Worldcoin (WLD), Compound (COMP), and Ordinals (ORDI), all of which experienced losses ranging from 42.3% to 43.8% over the past month.

Interestingly, these three assets have displayed a similar pattern over the past 30 days. While WLD, COMP, and ORDI recorded gains of 13.7%, 5.7%, and 3.5% in the past 24 hours respectively, their current trading prices are $1.27, $43.5, and $3.6 as of now.

Remember, investing in cryptocurrencies involves risks, and it's crucial to conduct thorough research before making any investment decisions.

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