The overall crypto market opened on the first day of September on a bearish note as the large-cap cryptocurrencies are mostly trading red. For instance, Bitcoin the firstborn currency is shifting between $19,000 and $20,000 while Ethereum is just maintaining above $15,000. In the last 30 days, the first two largest cryptocurrencies by market cap have lost 13% and 6% respectively.
Also, the global crypto market cap has declined below $1 trillion and has lost 1.30% over the last 24hrs trading at $973.25 billion.
Meanwhile the industry experts are of the belief that the month of September is going to be a rough ride for digital currencies. As per the reports by Bloomberg, even in the previous times, the month of September hasn’t been that great for Bitcoin, especially since 2017.
As per the reports, in the last 5 years, Bitcoin has dropped around 8.5% and even Ethereum has seen a loss during the same timeframe. Only 25% of the period the cost of ETH has increased, as it typically decreased by double-digit. The most anticipated ETH merge is scheduled to occur at the beginning of this month.
Bearish Days Ahead
When the reports are looked into closely it suggests that there are bearish days ahead and investors could witness bumpy days. Till now as the crypto market has followed that of stock, the month of September could be challenging.
Till now the year 2022 has seen Bitcoin trading mostly based on Federal Reserve and central bank’s interest rate hikes, but this momentum was considered necessary to curb the increasing inflation rates.
While the price of Bitcoin fell by more than 60% this year, Ethereum achieved a rise in recent weeks. The valuation of ETH has recently increased in expectation of the merger.
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Source: https://coinpedia.org/altcoin/september-to-be-a-rough-ride-for-bitcoin-ethereum-price/