Crypto has been rallying for the past month now. Most coins in the market have been seeing a lot of gains in their price following this rally. Top coins Bitcoin and Ethereum have broken two-month records. Recording massive gains in the process. But the top coins are not the only ones experiencing this. While Bitcoin and Ethereum have seen high price gains, the mid-cap crypto coins have been dominating the market.
All indexes have seen significant growth in this rally. Small Caps Index and Large Caps Index have pushed higher in the market. The trend shows continuous upwards movement in all of the indexes. Yet, mid-caps indexes have shown the highest gains by a large margin.
Mid Cap Crypto Index Dominates Market
The mid-caps crypto index has outperformed other indexes by a large margin. The small caps index posted gains of 43% this month. Large caps index recorded gains of up to 37% this month alone. While the mid-caps index showed gains of up to 63%. Beating out the second-largest gainer by 20% from the past month.
Mid-cap index records highest performance | Source: Arcane Research
August has come with solid returns for the entire market. But altcoins have been seeing the most gains. Coins like Solana (SOL), Cardano (ADA), and Polkadot (DOT) have all recorded solid gains in the market just in the month of August alone. These are all projects that are usually touted as “Ethereum killers.” This is because these blockchains are in direct competition with the number 2 cryptocurrency in the market.
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An example is Cardano’s native token ADA, which had broken its previous all-time high. And by extension, had seen its market cap grow tremendously to clinch the number 3 spot for the largest asset by market cap. Beating out Binance native BNB to become a top 3 cryptocurrency in the market.
Altcoins Making A Run For It
In all of this, altcoins have been the biggest winners. Mid-caps crypto coins have contributed the most to this. The growth of the mid-caps coins has been mostly driven by projects such as Avalanche (AVAX), Luna (LUNA), and Algorand (ALGO). These mid-caps projects have seen some of the highest growth in the market since the rally began.
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Weekly changes in market share have also seen mid-cap crypto coins taking more share from the market. Large-cap coins like Bitcoin and Ethereum are down for the past week in market share. While coins like SOL and ADA have seen an increase in the market share that they command.
Compared to all the indexes, Bitcoin underperformed in this regard. Bitcoin only saw a 19% increase, while the indexes all recorded higher than 30% for the month of August.
Crypto total market cap up as altcoins rally | Source: Crypto Total Market Cap on TradingView.com
Featured image from DataDrivenInvestor, charts from Arcane Research and TradingView.com