September Analysis: Bear vs. Bull, Who Will Win?
- ETF approvals and regulation define September’s crypto market outlook.
- Past bearish pressure met with resilience; global market cap at $1.05 trillion.
As we find ourselves in the final month of Q4 this year, it’s crucial to reflect on the past months, marked by extreme volatility and a series of significant events. The year began by recovering from the FTX collapse, witnessed the Memecoin hype season in Q2, faced SEC regulatory challenges in Q3, and saw Ripple emerge victorious in its lawsuit against the SEC in Q4. Furthermore, the recent victory of GBTC against the SEC added another layer of intrigue to the crypto market’s rollercoaster ride.
Despite enduring periods of extreme bearish pressure, cryptocurrencies have displayed resilience. Notably, BTC crossing the $31,000 mark and ETH surpassing $2,000 provided moments of celebration for the community.
As the crypto journey hasn’t been smooth, the community, traders, and investors are now pondering its next direction. August ended with cryptocurrencies gaining ground against the bears, only to retrace back into the red on the charts. There’s no denying that the persistent bearish sentiment is a cause for concern. Currently, the global crypto market cap stands at $1.05 trillion, representing a 3.65% decrease in the last day.
Over the past 24 hours, the total crypto market volume has reached $38.07 billion, marking a substantial 32.94% increase. DeFi’s total volume is $2.54 billion, accounting for 6.67% of the total crypto market 24-hour volume. Stablecoins make up a substantial portion of the market, with a total volume of $36.13 billion, representing 94.90% of the total crypto market 24-hour volume.
Bitcoin vs Altcoin : Who Drives Investors in?
Meanwhile, Bitcoin’s dominance currently sits at 48.35%, reflecting a 0.54% decrease over the day. Bitcoin, the leading coin by market capitalization, experienced a 4.66% decline, falling to its lowest price range of $25,752.93 to $27,456. Notably, BTC trading volume, which dropped by 53% yesterday, has rebounded by 40%. However, it currently faces selling pressure, with the RSI standing at 37. Analysts suggest that Bitcoin’s inability to maintain a steady decline significantly affects investor sentiment.
In light of these developments, investor attention is shifting towards altcoins and stablecoins. Investor trust is bolstered by updates such as Tether‘s collaboration with the banking sector and altcoins like Ethereum transitioning to Proof of Stake (PoS). Additionally, initiatives like Chainlink’s Chainlink Community Improvement Proposal (CCIP) and Polygon’s imminent launch of Polygon 2.0 are capturing interest.
What Is in For September Crypto Ride?
Amidst these developments, September holds significant anticipation for a potential bull rally, with the approval decision day for Bitcoin and Ethereum ETFs drawing near. If approved, it could have a substantial impact on the crypto market. While Bloomberg analysts predict a 75% chance of approval, there remains some apprehension in the community due to past encounters with the SEC.
Moreover, the release of the US Federal Reserve’s minutes from its July meeting is eagerly awaited. These minutes could offer insights into the central bank’s interest rate plans, which could significantly influence the cryptocurrency market. The outcome of the September meeting of the G20 finance ministers and central bank governors, where cryptocurrency regulation may be discussed. Additionally, any news events affecting the global economy, such as a stock market crash or a natural disaster. It could also negatively impact the cryptocurrency market.
Finally, In the bear versus bull analysis for September, the crypto market’s fate hinges on ETF approvals, regulatory shifts, and global economic variables. Making it a month of anticipation and vigilance for stakeholders.