June 19, 2024
Crypto market worst hit in nine months, positive September sets bullish trend for October


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A report from Cointelegraph indicated that August was the worst month Bitcoin (Crypto:BTC), from November 2022 levels. Bitcoin and Ethereum (CRYPTO: ETH) have seen declines of 9.3% and 11% over the past 30 days, with over $1 billion wiped off the crypto market according to reports.

Venture capital investment fell 42.7% in August from July levels, the report said.

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Meanwhile, on August 25, the expiration of $1.9 billion in monthly Bitcoin options triggered a highly speculative market; However, prices remained non-responsive. Around the same time, the SEC’s loss in the Grayscale court decision raised the possibility of a spot Bitcoin ETF in the future. This pushed the prices to the $28,000 level, but the surge was short-lived as the prices fell back to $26,000.

Read More: SEC Chairman Gary Gensler Still Reviewing ‘Multiple Filings’ Around Bitcoin ETF – Another $1.4T Asset Giant Joins the Race

Bitcoin leads the charts, Dogecoin close behind

As reported by Cryptonomist, a study conducted by cryptocurrency experts Marketplace Fairness based on worldwide Google searches has revealed that Dogecoin (CRYPTO: DOGE) will emerge as the second most popular alternative to Bitcoin during 2023. has come. Search results indicate that Ethereum has taken the place. top ranking. Ripple has taken the third position while Shiba Inu is at the fourth position on the list, making Ripple the second most popular memecoin this year. Cardano (Crypto: ADA) has secured the fifth position on the list.

NOW READ: Dogecoin’s journey to $1: How much does it need to jump today?

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According to CoinGecko data at the time of writing, the global cryptocurrency market cap is $1.09 trillion, while total crypto trading volume in the last 24 hours is $30.2 billion. Bitcoin dominance is 47.2% and Ethereum dominance is 17.9%.

Bitcoin price has seen a surge of 33.7% in the last year, while a decline of 9.3% has been observed in the last 30 days. With a circulating supply of 19 million BTC, Bitcoin has a market capitalization of $514.8 billion. Ether prices have seen a 7.8% gain over the past year, while the 30-day loss is 11%. With a circulating supply of 120 million ETH, Ethereum has a market capitalization of $194,658,350,108.

According to CoinGecko data, Dogecoin is up 4.5% in the past year while its 30-day decline is 10.7%. With a circulating supply of 140 billion DOGE, Dogecoin has a market cap of $8.7 billion. In contrast, Shiba Inu has erased 37.6% of its value over the past year, with a decline of 24.8% over the past 30 days. With a circulating supply of 590 trillion SHIB, Shiba Inu has a market capitalization of $4.3 billion.

Cardano joined the list of losers with a loss of 47.2% in the last year, while a decline of 10.2% was seen in the last 30 days. With a circulating supply of 35 billion ADA, Cardano has a market cap of $8.6 billion.

Mood for September and beyond

Despite uncertainties surrounding the broader crypto sector, Bitcoin has been trading at positive levels in September, starting the month at $25,927 and currently hovering around $26,415 at the time of writing. Additionally, analysts believe the bullish trend will continue if US regulators approve a Bitcoin spot price ETF in the coming months.

This could be the first green September for Bitcoin since 2016. October is historically considered positive for crypto and is called Uptober.

Talk to industry experts and learn more about the future of crypto Meet and connect with transformative fintech business leaders and investors at Benzinga’s special event – ​​Fintech Deal Day. Tickets are going fast – get yours!

Read Next: Bitcoin, Ethereum, Dogecoin trade mixed after August, CPI inflation turns hotter than expected: Analyst predicts start of new bull market, king crypto expected to reach $60K level

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