Bitcoin found itself hovering around $59K today, while BTC ETFs registered outflows, leading to uncertain market sentiments. Whales further contributed to the unpredictability. Ethereum and other altcoins mirrored the broader market trend, but exceptions like BEAM and EGLD saw a 4% price surge today.
Source : Coinpedia Markets
Market Volatility and Declining Volume
The cryptocurrency market experienced notable price fluctuations, with major coins like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP trading in the red. Market volume dropped by 20.68% over the past 24 hours, landing at $66.73 billion.
September: A Historically Weak Month for Bitcoin
Bitcoin performance by month since 2013, per Coinglass
September had been a challenging period for Bitcoin. Data from Coinglass since 2013 showed that Bitcoin closed in the red for eight of the last eleven Septembers, with losses ranging from 1.76% to 19.01%. On average, Bitcoin dropped 4.78% during this month, reinforcing September’s tough reputation.
A Surprise in Last September’s Performance
Despite this trend, last September saw a 3.91% gain. Even with fluctuations, Bitcoin maintained a strong year-to-date gain of 43%. While predicting September’s outcome was difficult, there was cautious optimism with the upcoming FOMC meeting on September 18, where a 25 basis point rate cut could boost investor sentiment.
Optimism for Q4
While September might pose challenges, the final quarter often brought hope for Bitcoin. Historically, Q4 had been strong, especially October and November. Nine of the last eleven Octobers closed positively, with an average return of 22.90%. November had been even more favorable, with seven out of eleven Novembers ending in the green and delivering an impressive 46.81% average return, the highest of any month in Bitcoin’s history.
With this in mind, the future of Bitcoin remained uncertain, but the potential for a strong finish to the year kept investors hopeful.
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