Crypto Markets Worst Hit in Nine Months, Positive September Sets Bullish Course for October By Benzinga

Benzinga – A Cointelegraph report indicated that August saw the worst month for Bitcoin (CRYPTO: BTC), since its November 2022 levels. More than $1 billion was erased from the crypto market according to the report, with Bitcoin and Ethereum (CRYPTO: ETH) seeing a 9.3% and 11% drop in the past 30 days.

The report added that venture Capital investments narrowed by 42.7% in August from July levels.

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Meanwhile, on Aug. 25, the expiry of $1.9 billion in monthly Bitcoin options led to highly speculative markets; however, prices remained non-reactive. Around the same time, the SEC’s loss in the Grayscale court ruling led to the likelihood of having a spot bitcoin ETF in the future. This pushed prices higher to $28,000 levels, but the surge was short-lived as prices dropped back to $26,000.

Read More: SEC Chair Gary Gensler Is Still Reviewing ‘Multiple Filings’ Around Bitcoin ETF — Another $1.4T Asset Giant Joins The Race

Bitcoin Leads the Chart, Dogecoin Follows

As reported by Cryptonomist, a study conducted by cryptocurrency experts Marketplace Fairness based on worldwide Google searches showed that Dogecoin (CRYPTO: DOGE) has stood out as the second-most popular alternative to Bitcoin during 2023. The search results indicated that Ethereum has taken the top ranking. Ripple has taken the third spot while Shiba Inu stands at fourth in the list, making the latter the second-most popular memecoin this year. Cardano (CRYPTO: ADA) has taken the fifth spot in the list.

Read Now: Dogecoin’s Journey To $1: How Much Does It Need To Jump Today?

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

Bitcoin price in the past year has seen a 33.7% jump, while the past 30 days saw a 9.3% drop. With a circulating supply of 19 million BTC, Bitcoin is valued at a market cap of $514.8 billion. Ether prices in the past year saw a 7.8% jump while the 30-day loss stands at 11%. With a circulating supply of 120 million ETH, Ethereum is valued at a market cap of $194,658,350,108.

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

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Cardano joins the list of losers in the past year with a loss of 47.2%, while the past 30 days saw a 10.2% drop. With a circulating supply of 35 billion ADA, Cardano is valued at a market cap of $8.6 billion.

September and Mood Ahead

Despite broader crypto sector uncertainties, September has seen Bitcoin trading at positive levels with the month opening at $25,927 and currently hovering around $26,415 at the time of writing. Moreover, analysts see the bull side run to continue if U.S. regulators approve a Bitcoin spot price ETF in the upcoming months.

This could be the first green September since 2016 for Bitcoin. October historically is assumed to be a positive for the crypto and termed as Uptober.

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Read Next: Bitcoin, Ethereum, Dogecoin Trade Mixed After August CPI Inflation Comes In Hotter Than Anticipated: Analyst Predicts Beginning Of New Bull Market, Expects King Crypto To Reach $60K Levels

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