Although September is considered as a gloomy month for Bitcoin and cryptocurrency in general, Ether got through the storm is better than most.
According to CoinMarketCap, the leading cryptocurrency by market value – Bitcoin (BTC) is on track to post a monthly loss of more than 16% – the biggest since November 2018. At the time of writing, BTC was trading around $8,070, it hit the lowest within 3.5 month of $7,838 earlier that day.
While, the total market capitalization of all cryptocurrency has recently drop nearly 13.7% on a month-to-date basis, standing at $215 billion at press time.
However, ETH – Ethereum’s native cryptocurrency ether was currently reporting a monthly gain of 0.30%. At the time of writing, ETC is changing hands at $174. In fact, ETH is one of the 10 best performing cryptocurrencies in September – as can be seen from the chart below (the tether stablecoin has not been included):
The worst performing cryptocurrency this month is Bitcoin BV – BSV with 35% monthly drop. It slumped to a six-month low of $75 last week and it was trading around $84.
Six of top 10 was reporting double-digit monthly declines.
The large-based losses could be associated with the risk aversion triggered by bitcoin’s recent side.
Big drop for Bitcoin
Last week, Bitcoin fell by $2,000 confirmed a bullish-to-bearish trend change on technical charts.
The month had begun with BTC picking a bid around $9,500 and hitting a highs nearly $10,900 on September 6.
However, the bullish momentum ran out in the following 2-week, despite the surging hash rate or computing power would draw bids for cryptocurrency – the strengthening narrative, leaving BTC directionless.
The biggest weekly drop of 2019 is the consolidation ended with 20% slide of last week.
In over 2-month, the biggest weekly loss of Ether was their loss by 20% last week. Even so, at press time, the cryptocurrency is currently reporting marginal monthly gains. Because the last week’s sell-off merely erased the gains seen in the preceding two weeks. The cryptocurrency had increased from $178 to $222 in 12-day from September 19, before decreased back to low below $170 last week.
The increase of Ether’s price in the second and third week of September seems to be a good sign for other alternative cryptocurrencies. For example, on September 18, XRP reached a one-month high of $0.32 before sliding to a 658-day low of $0.22 on September 24.
Litecoin’s corrective bounce also topped out at a one-month high of $79.45 on Sept. 18, before falling to $52.38 last week, the lowest level since March 6.
Before falling to $52.38 last week – the lowest level since March 6, Litecoin’s corrective bounce also reached at one-month high of $79.45 on September 18.
Most alternative cryptocurrencies are based on ethereum’s blockchain. Therefore, ether’s rise is often considered by many observers, especially against BTC, a positive sign for alts.
ETH/BTC turned higher from Sept. 6 lows near 0.016 BTC and rose to a seven-week high of 0.02038 BTC on Sept. 19. At the time of writing, ether’s bitcoin-denominated exchange rate is seen at 0.02145 BTC.