As a seasoned researcher with over two decades of experience in analyzing financial markets, I have witnessed numerous bull and bear cycles, but none quite as dynamic as the cryptocurrency market. September 2024 has been an unexpected surprise for many, including myself. The crypto market’s resilience and performance this past month have defied traditional bearish trends, leaving me both intrigued and a bit puzzled.
Historically, the digital asset market tends to experience bearish trends during September. Contrary to popular belief among investors, this year saw cryptocurrencies performing comparatively well during the month of September.
On the larger-scale cryptocurrency market chart, a downward trend with decreasing peak and trough values was observed until August 2024. This led analysts to predict that a new low point would likely form beneath the $2 trillion mark.
Contrary to expectations, the cryptocurrency market regained strength, reaching its prior peak of $2.21 trillion, thereby debunking the pessimistic forecasts.
Currently, the Relative Strength Index (RSI) in the cryptocurrency market’s total capitalization indicates that a brief dip or correction is imminent, followed by an uptrend potentially leading to a return to around $2.4 trillion.
So, what should traders expect in October?
Based on AMBCrypto’s September 2024 market forecast, it is anticipated that there will be a short-term rise in Bitcoin‘s price, potentially reaching between $69,000 and $70,000.
Over the past month, outgoing transactions from exchanges have risen significantly. On the other hand, major investors reduced their deposits into exchanges by approximately two-thirds during the last three months.
Given that the Federal Reserve could loosen its monetary policy and as ETF investments increase, it’s plausible that Bitcoin may reach its record peak once again.
The report offers a comprehensive analysis of the four most significant factors influencing Bitcoin’s potential to reach its all-time high.
On its way up, Bitcoin’s decreasing influence among social groups might pose a challenge. Glancing at the data, it’s significantly lower than its level on the 20th of April.
This indicates that investors are becoming more interested in altcoins.
An altcoin season?
Even though there’s a sense of expectation for an ‘altcoin season,’ as suggested by AMBCrypto’s poll, we seem to be quite distant from it yet. The sentiment among investors has noticeably changed due to Vitalik Buterin’s recent Ethereum sales, with more than half showing high levels of worry about this development.
Many investors admit that his actions heavily influence their trading decisions.
Traditionally, Ethereum has been a front-runner among altcoins, and numerous coins typically surpass Bitcoin during ‘altcoin rallies’. Yet, it’s important to note that the present market conditions differ from those in the past.
The performance of Ethereum’s price hasn’t been outstanding, especially considering the growing withdrawals from Ethereum-based ETFs.
Meanwhile, Cardano faces an ongoing struggle between maintaining active development and encouraging greater user interaction.
In contrast to most DeFi tokens, which experienced losses recently, memecoins generally fared better. For example, the NEIRO token stood out, skyrocketing an impressive 2,600% over the past month.
Check out AMBCrypto’s September 2024 crypto market analysis
Delve deeply into the September 2024 AMBCrypto Crypto Market Report for a comprehensive exploration of significant new developments shaping the cryptocurrency industry.
This document details various significant advancements, such as the increase in popularity of alternative cryptocurrencies (altcoins), the growing impact of meme-based coins like Neiro, and the varied results seen across areas like Non-Fungible Tokens (NFTs) and Decentralized Prediction Markets (DePIN).
Here’s what you can expect:
- Cardano’s Paradox: Despite its ecosystem’s growth, confidence wanes as new wallet creations drop sharply.
- DePIN Sector: Fetch.ai shines with a 63% price surge, while Arweave struggles, losing 15% in value.
- Memecoin Mania: Neiro dominates the memecoin market with a stunning 2,600% rise, surpassing top competitors like Shiba Inu.
- NFT Market Trends: Despite market challenges, Bored Ape Yacht Club shows resilience with a sales increase of 31.8%.
https://www.slideshare.net/slideshow/embed_code/key/J8keqMqpQ2LPQu
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2024-09-30 16:40