Bitcoin’s price performance in September has been characterized by a lackluster trend, as the cryptocurrency has failed to make significant moves in either direction. The month began with a sharp drop, pushing Bitcoin to an 11-week low of $25,350. This decline followed a brief surge above $28,000, triggered by the news of Grayscale’s victory.
Despite a brief recovery of approximately $500 and a weekly high of $26,400, Bitcoin quickly lost momentum. It has been hovering below the $26,000 mark ever since, with its market capitalization staying just above $500 billion. Bitcoin’s dominance over alternative coins (alts) has slightly increased to 48.5%.
SOL Leads the Decline Among Altcoins
Other cryptocurrencies have also faced challenges in the past 24 hours. Ethereum, Binance Coin, XRP, and TRON have experienced slight declines of up to 1%. Their current prices stand at $1,620, $212, $0.5, and under $0.08, respectively.
However, several altcoins, including Dogecoin, Cardano, TONCOIN, Polkadot, Polygon, Litecoin, and Shiba Inu, have suffered more significant losses, ranging from 2% to 3%. Among these, Solana (SOL) stands out as the biggest decliner, experiencing a 5% drop and falling below $20.
Widespread Losses in the Altcoin Market
The broader altcoin market has also witnessed losses, with notable declines in Pepe (-7.5%), Compound (-6%), Gala (-6%), and ApeCoin (-5%). These losses have collectively contributed to a $10 billion decrease in the total market capitalization of all cryptocurrencies, which currently stands at $1.040 trillion.
Read More:
Blockchain Association Addresses US Lawmakers’ Call for Guidance on Crypto Taxation
Binance Ceases Sandbox NFT Staking Program and Ends Polygon Network Support