The latest drop in cryptocurrency prices followed a series of Fed interventions in the United States that made it clear that the institution would continue its battle against inflation.
In terms of capitalization, Bitcoin, the largest cryptocurrency, was down around 13% over the month of August, while Ether fell almost 7%. However, the facts reveal that not all cryptocurrencies have underperformed primarily due to favorable news about them. Price increases during a bear market highlight the autonomy of its projects to develop and their effectiveness in communicating to investors.
The biggest winner in Q3 2022 is Chiliz, a cryptocurrency launched by Socios.com, a blockchain-based sports entertainment company. According to statistics from CoinMarketCap, Chiliz’s native CHZ token soared 76% in August, following the platform’s obtaining “regulatory” clearance to operate in Italy.
Additionally, Socios will work with the Argentine Football Federation to develop its ARG fan token and build a global network of incentives and interactions around it.
With a 14.5% increase, Cosmos’ ATOM token far outpaced the cryptocurrency market. The project said that at its next conference in Medellín, Colombia in late September, it will make an announcement about its tokenomics overhaul.
According to Cryptoglobe, a well-known crypto analyst predicts that the price of Cosmos (ATOM) could nearly double if the next upgrade Merges Ethereum, which will see the network move from its Proof-of-Work consensus mechanism. to a Proof-of-Stake consensus, triggers a rally in the cryptocurrency market.
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The EOS token’s 3.6% surge last month was caused by developers’ statement that they will serve as support for blockchains built on the new Antelope protocol, a fork of the EOSIO 2 blockchain. EOS, Telos, Wax, UX Network and other members of the EOS Network Foundation will promote Antelope.