YEREVAN (CoinChapter.com) – Ethereum token Ether (ETH) gained over 50% so far in Q3, settling above $1,500 on Aug. 29. However, as the month draws to a close, it is time to mention some cryptos that outperformed the largest altcoin by market cap and granted, in some cases, triple-digit returns to their investors, despite the bear market.
#1 Ethereum Classic (ETC)
Ethereum Classic, a 2015 hard fork from the Ethereum blockchain, rallied over 125% quarter-to-date and traded at nearly $33 in the New York session on Aug. 29. Moreover, the upcoming Ethereum Merge to proof-of-stake might have triggered the surge.
In detail, one of the main reasons behind Ethereum Classic wanting to fork from the main blockchain was the latter’s insistence on proof-of-stake transition. Thus, it seems logical that many miners might have flocked to Ethereum Classic once the Merge was scheduled for Sep 2022.
Ironically, the Merge might have helped ETC outperform Ethereum itself in July and August. However, September will help set the record straight and give the final Q3 numbers in another month.
#2 Polygon (MATIC)
Another Ethereum competitor, Polygon (MATIC), jumped over 80% in the previous two months and settled at approximately $0.8 despite the recent setback. Moreover, the digital asset exhibited a decline in trading volumes, which could lead to more pain in the coming month, similar to ETC.
Thus, despite successful NFT deals and growing adoption, MATIC could face more value drops in the coming month. Moreover, the digital asset depends on Bitcoin and the broader economy, which influences the altcoin market.
#3 Cosmos (ATOM)
Cosmos (ATOM) suffered two rough quarters along with the rest of the crypto market. The digital asset dropped over 75% since its Sep 2021 all-time high but granted its investors a 56% gain in the previous two months. As a result, the digital asset traded at $11 on Aug 29.
Meanwhile, according to BlockchainCenter’s altcoin index, it is high time for cryptos other than Bitcoin to rise against the alpha digital asset. The said index stood at 92 on Monday, signifying the Altcoin Season is here.