Bitcoin (BTC) News – Bitcoin (BTC) loses 6% in the month of September

Spread the love

After a disastrous August, September was expected to be a positive month for Bitcoin (BTC). However, it seems like Bitcoin (BTC) has ended the month of September on a bearish note. Even though, from the bottom, Bitcoin (BTC) recovered but still, it closed down 6% in the month of September. This is the 2nd straight month of declines for Bitcoin (BTC).

Bitcoin (BTC) loses 6% in the month of September:

On 1 September, Bitcoin (BTC) was trading around $ 7040. Currently, however, it is trading around $ 6600. Thus, it has lost approximately 6% in the month of September. In between, it even hit a high of $ 7382. However, ever since then it has been consistently falling as well. At the start of the month of September, the market cap of Bitcoin (BTC) was around $ 121.38 billion. Currently, the market cap of Bitcoin is around $ 114.5 billion. This clearly indicates that it has fallen by more than 6%.

Even though, after the great fall which had witnessed in the 1st week of September, it more or less remains stable but that was not enough for helping it recover the losses which it faced in the 1st week of September. This is the reason why it is closing the month on a negative basis.

On the other hand, as more and more investors and traders return to the cryptocurrency market, the volumes increased slightly. However, that did not translate into higher prices for Bitcoin (BTC). This is one of the main reasons why Bitcoin (BTC) actually closed the month of September on a negative note.

This is the 2nd straight month of losses for Bitcoin (BTC). It lost value in the month of August as well. It remains to be seen whether it is 3rd time lucky. If indeed, it falls during the month of October as well, it will be very difficult for Bitcoin (BTC) to sustain the momentum as well. This is one of the main reasons why investors will be keeping a watch on the price movements in Bitcoin in the month of October.

One more reason why the price moment of Bitcoin (BTC) is important is that the dominance of Bitcoin (BTC) is still over 50%. That is why the general trend of Bitcoin (BTC) is actually mirrored in the general cryptocurrency market as well. That is why, if it does not start its uptrend anytime soon, the general cryptocurrency market will also move down which will result in disastrous consequences for the prices of cryptocurrencies as well as Altcoins.

About Riddhi 224 Articles
I am an electronics engineer and follow the crypto space closely.

Be the first to comment

Leave a Reply

Your email address will not be published.


*