- September witnessed significant volatility in the cryptocurrency market.
- Bitcoin surged to $28K due to Grayscale’s SEC victory but dropped to $25K on September 1, leaving the market in a holding pattern.
- The Consumer Price Index report briefly influenced the market, but its effect faded quickly.
The cryptocurrency market has experienced a tumultuous September, characterized by sharp fluctuations and unpredictable price movements. After a period of relative stability, the market was jolted by sudden surges and unexpected declines, particularly in the case of Bitcoin (BTC). On August 29, Bitcoin witnessed a notable surge, reaching a price of $28K, largely attributed to Grayscale‘s triumph over the SEC.
This surge, however, was short-lived. By September 1, the price had taken a nosedive, settling back at $25K. Since then, the market has been in flux, with minor recoveries that have been insufficient to capture significant attention. The crypto analytic firm Santiment took to Twitter to narrate the volatile phase of the current crypto market.
📊 #Bitcoin's ranging has traders frustrated, and whales are sitting on the sidelines biding their time. In our September mid-month #crypto report, we discuss the surge in $BTC and $ETH address activity, the #CPI report mini pump, and what to expect next. https://t.co/IUsx47BwwG pic.twitter.com/auO9xQ3yeQ
— Santiment (@santimentfeed) September 19, 2023
According to the data from CoinMarketCap, Bitcoin has recorded a price surge of 0.59% and is currently trading at $26,830.36. BTC’s trading volume has also recorded an increase of 96.33%, currently at $15,110,797,311.
Additionally, Bitcoin Cash (BCH) has been in the spotlight, benefiting from the ongoing speculation about its inclusion in upcoming ETFs. This has provided a much-needed boost to the asset, making it one of the primary candidates for institutional investment. Hence, BCH could be the dark horse to watch in the coming months.
Moreover, Toncoin has emerged as the biggest story in the crypto space, with a staggering 105% increase since the beginning of August. This altcoin has doubled in value and captured the attention of traders and investors alike. Currently, Toncoin is trading at $2.45, the surge which serves as a testament to the unpredictable and dynamic nature of the cryptocurrency market.
In addition, Santiment report stated that whales sit on the sidelines, biding their time. This could indicate a larger move on the horizon, as these market movers often catalyze significant shifts. Therefore, traders should monitor whale activity to indicate what’s coming.
The Consumer Price Index (CPI) report also had a momentary impact, causing a mini pump in the market. However, the effect was short-lived, and the market soon returned to its cautious stance. This suggests that external economic factors still have a role to play in the crypto market, but their influence is waning.
