The price of Bitcoin has dropped 7% in the last month, down to its current price of $10,891. But this comes as no surprise.
Historically, September has been seen as one of the worst months of the year for Bitcoin market performance. Since 2011, Bitcoin has closed in the red for seven out of 10 years, and closed in the red for four years in a row, with Bitcoin losing 6% in September 2018, 8.6% in September 2017, 14% in September in 2019, and 6.7% in September 2020.
This represents an average September loss of 8.3% in the last four years. So, this year's loss of 7% is slightly above average—albeit still negative.
On the other hand, October has generally been a strong month for Bitcoin, but past performance isn't always an indicator of future success.
The crypto market rebounds
Despite the last month, the cryptocurrency market is showing signs of recovery across short-term timescales, with almost all cryptocurrencies now strongly in the green on the 7-day and 24-hour charts.
Several of the cryptocurrencies in the top ten by market capitalization have experienced a strong rally this week. Chainlink (LINK) and Cardano (ADA) are currently leading the pack with 33.6% and 35.4% gains respectively in the last 7 days. Binance Coin (BNB) isn't far behind and is up 27.4% over this timeframe, while every other top ten cryptocurrency (barring Bitcoin) is up at least 10%.
Bitcoin (BTC), on the other hand, is also in the green but is lagging behind the pack with its modest 6.1% gain in the last week. Bitcoin's relatively weak performance has seen it slowly lose ground to altcoins and its market dominance has dropped from over 59.1%, down to 57.8% today.
On the daily charts, Bitcoin SV (BSV) is the worst performer in the top 10 with 0.9% gains, while XRP and BTC are close behind at 1% and 1.6% respectively. But at least they're not in the red.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.