Thorchain prices over the last thirty days have left many with mixed reactions. Some regretted not purchasing the asset before now. Others opened up short positions in anticipation of a massive decline in value.
However, this massive downtrend they expected never came as the altcoin shocked the crypto market with its surge in price. As a result, it will end August as its best-performing month of 2023. This also marks the first green of the year.
Before delving deep into what happened on the daily chart, let’s see how the entire crypto industry performed over the last thirty days.
According to Coingecko, the sector under consideration lost a significant part of its value. It started August at $1.23 trillion and didn’t do much higher as it began battling strong downtrends.
As a result, it dropped to a low of $1.07 trillion as the bearish dominance intensified. Nonetheless, it recovered and is worth $1.13t at the time of writing. This means that the industry has lost more than 5% and may lose more as major assets continue retracement.
Nonetheless, other key events took place during this period. They were fundamentals-motivated.
Fundamental Rocked the Market
One of the biggest events in the sector under consideration took place on August 17. The global cryptocurrency market cap retraced to its lowest during the session.
There were many speculations as to what caused the massive drop in value. One such is a rumor that SpaceX caused the massive decline. This comes after the firm denounced its handling of any cryptocurrency in its reserves.
Others attributed the downtrend to the United States government. They blamed that decline on an increase in interest rates. However, this is contrary to previous actions where the crypto market saw more influx after a hike in interest rates.
Nonetheless, recently, most cryptocurrencies failed to react to such fundamentals. This also puts a dent in this theory.
The most plausible reason for that downtrend is the derivatives market. Most assets lacked volatility before the major drop in value. Due to this, several traders opened different positions. However, the bears edged as the short positions outweighed the long.
With this pressure on the crypto market, a small trigger is just a “match to set it all ablaze.” As a result, it buckled after one of these catalysts took effect.
On the other hand, the biggest positive fundamental took place a few days afterward. The United States approved Grayscale’s bid for an EFT. In all of this, RUNE saw massive price increases.
