The global bitcoin cryptocurrency market started the month of September on a pessimistic note, as most of the large-cap cryptocurrencies are trading in the red. For example, the value of Bitcoin, the first digital currency ever created, is fluctuating between $19,000 and $20,000 while the value of Ethereum is merely sustaining itself over $15,000. The first two largest cryptocurrencies by market capitalization have both suffered losses of 13% and 6% over the course of the past 30 days.
Additionally, the total value of the global cryptocurrency market cap has fallen below $1 trillion, and it has suffered a loss of 1.30 percent over the past twenty-four hours, trading at $973.25 billion.
Meanwhile, the professionals in the sector are of the opinion that the month of September is going to be a challenging one for virtual currencies. According to the reports that were published by Bloomberg, even in past years, the month of September has not been particularly favorable for Bitcoin, particularly since 2017.
The studies indicate that over the past five years, the value of Bitcoin has decreased by approximately 8.5%, and Ethereum’s value has also decreased over the same period of time. The price of ETH has climbed only 25% of the time during this period, but it has often declined by a double-digit percentage. The long-awaited ETH integration is finally going to take place at the beginning of this month as planned.
The Coming Days Will Be Bearish bitcoin
When the reports are examined more closely, it appears that there are days ahead that are bearish, and investors could experience turbulent days. Due to the fact that the cryptocurrency market has been following the stock market so far, September could be a difficult month.
Up until this point in 2022, Bitcoin trading has been based primarily on interest rate hikes implemented by the Federal Reserve and other central banks. Despite the fact that this momentum was deemed necessary to control the rising inflation rates, Bitcoin trading has been dominated by these rate hikes.
While the price of Bitcoin has dropped by more than 60 percent so far in 2018, the price of Ethereum has been going up in recent weeks. In recent weeks, there has been a surge in the valuation of ETH as people anticipate the merger.