Around the Crypto World in 15 Charts: CoinDesk Research's August Review

In 15 charts, the CoinDesk Monthly Review for August details BTC's performance, its relationship to fiat currencies and Ethereum’s growing congestion problem.

AccessTimeIconSep 2, 2020 at 6:40 p.m. UTC
Updated Aug 19, 2021 at 4:07 a.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Bitcoin had a lackluster August while Ethereum "gas" fees are soaring. In 15 charts, CoinDesk Research's Monthly Review for August looks at bitcoin (BTC) performance compared to traditional assets, its relationship to the dollar and other fiat currencies, and at Ethereum’s increasing congestion.

Some of the key takeaways:

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
    • BTC had a lackluster August in terms of price movements, underperforming most of the CoinDesk 20 as well as the S&P 500. However, so far this year BTC is up over 60% while the S&P 500 is up just over 8%.
    aug-performance
    • The correlation between BTC and the DXY dollar index is reaching new lows, at a time when bitcoin is increasingly becoming part of macro conversations both within and outside the industry.
    aug-btc-dxy
    • Currency movements affect performance: The declining dollar has recently given a boost to the performance of the BTC/USD pair, but in terms of year-to-date returns, BTC denominated in Korean won has fared better while BTC in euros has lagged.
    aug-btc-currencies
    • Ethereum’s congestion issues as evidenced by its soaring gas fees can be largely explained by the growth in use of tokens and applications, shown here in the number of transactions that invoke smart contracts.
    aug-ethereum-tx-2
    • After strong growth in the first half of the year, the number of tether transactions on Ethereum has started to level off, while the number of tether transactions on the Tron blockchain is gathering steam.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.