September harvest: Bitcoin extends losses, Ethereum locks gain

  • by Ahmed Mamdouh
  • October 2, 2019, 11:52 AM
  • 38 Views
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The top 10 cryptocurrencies reported a loss in September after a month that saw some rise in trading volume, where the Bitcoin, the leading digital currency, posted its third consecutive monthly drop.

The Bitcoin lost 13.8 last month, extending the drop for a third month in a row, and continuing the downside correction after the sharp gains generated from February to June.  In July and August, the Bitcoin tumbled 6.58 percent and 4.43 percent respectively.  

However, the price of the largest cryptocurrency saw some improvement in trading volume last month, as the 24-hour volume rose from $11.4. billion on September 1 to 17.1 billion on September 30, according to CoinMarketCap.

Among the top 10 digital currencies, Bitcoin SV (BSV) and Binance Coin (BNB) experienced the sharpest declines in September with -32 percent and -25 percent respectively.

On the other hand, Ethereum was the only cryptocurrency that recorded a gain last month, while both Ripple and Stellar incurred modest losses.

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So far, the Bitcoin has shot up 92 percent since the beginning of the year, where it hit its highest level this year at $13,880 on BitStamp cryptocurrency exchange in June.  

The total market capitalization in the cryptocurrency market recoiled to $250 billion on September 1 to 219.4 billion by the end of September.

The most notable thing that occurred last month was the drop in the Bitcoin dominance rate from 69.0 percent to 67.5 percent, which meant the rise in Altcoins’ appeal.

Some reports have claimed that the launch of Bakkt physically settled Bitcoin futures on September 23 was one of the main reasons behind the sharp fall in the Bitcoin price that plummeted to a low of $7,700.

Meanwhile, the Bitcoin is trading 0.83 percent down at $8,296.17, where some traders are still betting the Bitcoin would resume its rally over the coming months.  

Ethereum dipped 1.31 percent to $177.58 and Ripple fell 2.99 percent to $0.2482, while Litecoin augmented 0.96 percent at $56.65.

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