The crypto market is closing a great August as investors have turned their eyes into Bitcoin, altcoins like Ethereum or Ripple, and DeFi tokens such as Chainlink, UMA, and

Overall, cryptocurrencies have experienced a steady demand due to the money injected by governments and central banks worldwide to fight the impact of the COVID-10 pandemic in the economy.

Besides, a weak US dollar has fueled crypto prices denominated in USD, and experts are anticipating more gains as the greenback is expected to continue losing ground.

In that framework, analyst Max Keiser thinks that the USD weakness is well confirmed. He highlights the latest steps taken by the Oracle of Omaha, Warren Buffett, with his latest investments.

"Buffett's move into Japan, along with his GOLD investment, confirms he's getting out of USD BIGLY," Keiser wrote in his Twitter account on Monday.

Keiser also commented that as the "USD is trending lower today, about to break key support," cryptocurrencies like Bitcoin, and metals such as gold and silver "will all make new ATH in the near term."

As a matter of context, the US dollar index traded lower at the beginning of the week as the greenback fell to 91.99, its lowest level since May 2018. DXY now fights to get some stabilization above the 92.00, but a close below that level would open the door for more losses.

Bitcoin: BTC/USD consolidates levels above 11,600 and closes an irregular August

The crypto king closed last week with minimal gains, and it has opened the current period with small losses. But overall, the BTH/USD looks trapped between the 11,200 and 12,000 areas.

On the Monthly chart, Bitcoin closed August with gains, but a bit far from the period's highs. Nevertheless, August was the second positive month in line, and the four with increases in the last five periods.

Ethereum closes its second month of substantial gains

Ethereum, on the other hand, started the week with the same note it has been trading on during the month, looking to the upside. On Monday, ETH/USD performed its fourth positive day in a row to finish August with a stellar 25.85 percent jump.

August is the second positive month in a row and the fourth with gains in the last five. Since March lows at 90.00, ETH/USD has jumped an outstanding 390 percent.

Cointelegraph analyst, Michaël van de Poppe, believes that Ethereum has more room to go in the upside. In a recent article, van de Poppe highlighted that Ether broke above the $400 resistance, signaling "what could be a powerful rally to $500."

"As a breakthrough in the recent high at $445 is crucial for continuation, the new targets can be defined through the Fibonacci extension tool," van de Poppe said. "Using this tool, a new target at $500 can be drawn, and it's very likely to be hit once ETH breaks through the recent high."

On the other side, the analyst says that bears would take control in the case ETH/USD falls to the $360 area. In that case, "it's more likely to expect a further decline, and then the eyes are focused on the $310–$320 area."

DeFi tokens on fire

Decentralized Finance companies, also known as DeFi, have been major characters during the summer. With much money moving from hand to hand in 2020, DeFi projects have gotten attention and, therefore, their tokens. is a good sample of that. The YFI token has risen over 1,000 percent against the US dollar in less than a month from August 13 low around 3,000 to an all-time high of 39.898.

Alex Kuptsikevich, FxPro senior financial analyst, said in a recent article in Forbes that "the coin has become the altcoin star recently."

"In a month it has shown twentyfold growth, living proof that 'unicorns' still exist, at least in crypto. The rapid growth of the coin also reflects the popularity of the decentralized financial sector. The creators of the project decided to follow the bitcoin path, limiting the issue of only 30,000 YFI coins. Such limited supply spurs rapid price growth."

Chainlink is another DeFi token that has taken advantage of the current environment. Despite the LINK/USD rally has not been the same s the YFI, Chainlink rose to its all-time high at 20.09 on August 16. Then, the token started a period o healthy contraction until 13.00. Now, LINK/USD is trading around 16.00.

According to professional trader Rakesh Upadhyay in a recent article in CoinTelegraph, Chainlink attempted a bullish move on August 29; however, bears were unwilling to give up.

With LINK/USD now at 15.37, Upadhyay is warning now about the 15.00 level, where the 20-day EMA is right now. "If the bears sink the LINK/USD pair below the 20-day EMA, a deeper decline to the 50-day SMA ($11.72) is possible."

This Market Analysis has been published by a guest writer at XBTFX .