History shows that September is usually a losing month for the digital asset market. However, contrary to investors' beliefs, this time, cryptocurrencies performed better in September.
The long-term time frame chart of the total cryptocurrency market capitalization has shown lower highs and lower lows until August 2024.
Therefore, analysts expect a lower high to form below the $2 trillion mark.
Instead, the crypto market recovered, hitting an earlier high of $2.21 trillion and rejecting the bearish trend.
At the time of writing, the cryptocurrency market capitalization RVI reading implies that the sector is poised for a short-term dip before recovering to $2.4 trillion.
So, what should traders expect in October?
According to the September 2024 market report, we can expect a short-term increase in the price of Bitcoin to around $69,000-70,000.
Exchange outflows have increased over the past month, while large investors have reduced exchange inflows by 66.81% over the past 90 days.
With the Federal Reserve (FED) likely to ease monetary policy and ETF inflows increasing, Bitcoin returning to its all-time high is also somewhat possible.
The report provides a comprehensive analysis of four key factors influencing the likelihood of Bitcoin reaching an all-time high.
However, in the bullish journey, the decline in Bitcoin's social dominance could be a hurdle. If you look at this indicator, it is at a much lower level than it was on April 20.
This shows that investors are becoming more interested in altcoins.
Altcoin bull season?
Despite predictions of an altcoin season, according to a survey by TinTucBitcoin, we are still far from achieving it.
Investor sentiment has been hit hard by Vitalik Buterin’s recent ETH sell-off, with more than half feeling highly concerned.
Many investors admit that his actions heavily influence their trading decisions.
Historically, Ethereum has led the altcoin market, and many coins have outperformed Bitcoin during altcoin seasons. However, the current market dynamics are different.
Ethereum price action has been quite underwhelming, especially with the growing outflows from Spot ETH ETFs.
At the same time, Cardano is still looking to address the long-standing challenge of strong development activity but limited user engagement.
While most DeFi tokens have struggled over the past month, memecoins have fared better. Case in point – the NEIRO token has emerged as the undisputed champion, up 2,600% in the past 30 days.
Explore Cryptocurrency Market Analysis September 2024
Explore the September 2024 crypto market report for an in-depth look at the prominent trends in the crypto space.
The report covers a range of important developments, including the rise of altcoins, the growing influence of memecoins like Neiro, and the mixed results of sectors like NFTs and DePIN.
Here's what you can expect:
Cardano Paradox: Despite Ecosystem Growth, Confidence Falls as Number of New Wallets Drops.
DePIN Sector: Fetch.ai shines with 63% price increase, while Arweave struggles, losing 15% of value.
Memecoin Fever: Neiro Takes Over the Memecoin Market With a Stunning 2,600% Gain, Overtaking Top Competitors Like Shiba Inu.
NFT Market Trends: Despite Challenges, Bored Ape Yacht Club Shows Resilience with 31.8% Sales Increase.
