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:
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.
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.