BTC, ETH and BNB Analysis: Should you invest in these coins in August?
- BTC has seen a 22% increase in trading volume in the last 24 hours.
- ETH has seen an increase by 22% in trading volume within the last 24 hours.
- BNB drops in value by 3.40% which might signal an excellent entry point for investment.
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Bitcoin BTC/USD, Ethereum ETH/USD and Binance Coin BNB/USD have been dominating the charts in terms of market capitalization, with BTC placing #1, ETH #2 and BNB #4.
Bitcoin has a market dominance of 46.2%, while ETH has a market dominance of 18.9%. BNB has a market dominance of 3.47%. Are they worth investing in throughout August?
Should you invest in Bitcoin (BTC)?
On August 1, BTC had a value of $39,187.
Bitcoin had an all-time high of $64,804 on April 14. This is a difference of 39% from August’s value.
When we analyze July’s performance as a point of reference, it reached its highest point on July 31st at $42,235. On the other end of the spectrum, it reached its lowest point on July 20 with a value of $29,393. This means that its recent highest point in July is just 7% higher than its value on August 1.
Bitcoin saw an increase of 22% in trading volume within the last 24 hours, which indicates a lot of activity on the blockchain.
According to data from IntoTheBlock, it saw $10.01 billion in total exchange inflows within the last 7 days, as well as $12.75 billion in total exchange outflows within the last 7 days. Furthermore, it saw $208.08 billion in transactions greater than $100.000 in the last 7 days.
When we take all of this into consideration, Bitcoin has high chances of going over the $40,000 value point by August 10.
Should you invest in Ethereum (ETH)?
On August 1, ETH had a value of $2,575.
Ethereum had an all-time high on May 12 at $4,356. This marks a difference of 40% when compared to the value it had on August 1.
ETH reached its highest value in July of $2,384 on July 26, with its lowest price on July 20 with a value of $1,730. This also means that it increased in value by 8% when compared to the value it had on July 26.
According to data from IntoTheBlock, ETH saw $5.97 billion in total exchange inflows within the last 7 days, as well as $6 billion in total exchange outflows within the last 7 days. Furthermore, it was $53.43 billion in transactions greater than $100.000 in the last 7 days. The blockchain has also seen an increase of trading volume by 22%, which signals that the token has the potential of climbing to $2,700 by August 10.
Should you invest in Binance Coin (BNB)?
On August 1, BNB had a value of $329.
Binance Coin had an all-time high on May 10 at $686. This means that it’s just 52% lower in value on August 1 when compared to its all-time high.
BNB saw its highest recent point on July 7 with a value of $335, as well as its lowest point on July 20 with a value of $256. Its highest value on July 7 is close to the value it had on August 7, with an almost 2% decrease only. Looking at it from its historical performance, BNB has the potential to reach $350 by the end of August at this rate.
