Crypto Analysis

Bitcoin Closes September with a 7% Overall Dip

The crypto market had another green day with a 1 per cent increase and a market cap of $1.92 trillion as of 9 am IST

Bitcoin Closes September with a 7% Overall Dip
Bitcoin Closes September with a 7% Overall Dip

Bitcoin (BTC) ended September on a positive note with a 1 per cent gain today, though, on a monthly time frame, it registered a 7 per cent overall decline, similar to the September trend observed in the past few years.

The global cryptocurrency market had another green day with a 1 per cent increase and a market cap of $1.92 trillion as of 9 am IST. Trade volume across exchanges dipping marginally by 5 per cent to $89 billion. BTC hit a daily high of $44,100 briefly before falling to a low $43,000. BTC dominance now stands at 42.6 per cent.

Ethereum (ETH) broke through the $3,000 barrier to reach $3,050 intra-day, short of its $3,100 resistance level. ETH ended the day around $3,000 with a 1 per cent increase today. If ETH falls further, it will enjoy support at $2,600. ETH is expected to trade range bound till BTC continues to test its 21-week exponential moving average resistance at $43,500.

It was a mixed day for the top 20 cryptocurrencies. Terra (LUNA) registered gains of 6 per cent followed by Uniswap (UNI), Litecoin (LTC), and Polkadot (DOT) with 2 per cent gain. Avalanche (AVAX), Chainlink (LINK), and Algorand (ALGO) dropped up to 2 per cent today. Outside the top 20, Qtum (QTUM) and Vechain (VET) registered 12-13 per cent gains today. Decentralized exchange dYdX underwent a correction of 15 per cent after doubling in the month of September.

BTC is currently trading 7 per cent higher than its 20 weeks moving average of $40,700. If this trend continues, BTC is expected to push towards $47,000-48,000 in the upcoming weeks. On the lower end, it enjoys crucial support at $38,000.

Top Gainers today:

  1. Qtum (QTUM): 12.9%

  2. VeChain (VET): 11.6%

  3. Amp (AMP): 10.6%

Top Loser today:

  1. dYdX (DYDX): -15.0%

  2. Perpetual Protocol (PERP): -8.1%

  3. XDC Network (XDC): -5.6%

The analysis includes the top 100 cryptocurrencies only as of 9 am IST

Source: CoinMarketCap

Crypto News at a Glance:

  1. Japan’s SBI Group, Switzerland’s Sygnum Bank, and Italy’s Azimut Group have established a $75 million venture capital fund to help blockchain companies raise pre-Series A and Series A funding.

  2. Dogecoin (DOGE) co-founder Billy Markus has revealed that an Ethereum-Dogecoin bridge is in development that would enable users to transact with the asset in sectors such as decentralized finance (DeFi) and NFTs via ERC-20 DOGE token contracts.

  3. Axie Infinity, the Ethereum-based game that exploded in popularity, is rewarding its early supporters by airdropping nearly $60 million worth of governance tokens as part of its new staking feature.

  4. US Federal Reserve Chairman Jerome Powell has said that the US does not intend to ban cryptocurrencies. However, he wants stablecoins to be regulated, comparing it to money market funds or bank deposits.

  5. Canadian exchange-traded funds (ETF) provider Evolve Funds Group has launched the country’s first multi-crypto ETF pegged to Bitcoin and Ethereum on the Toronto Stock Exchange.

DISCLAIMER: Views expressed are the author’s own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.

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