Cryptocurrency Market Report: September 2024
As the crypto market entered September 2024, most cryptocurrencies saw significant losses. On Monday, September 2, Bitcoin experienced a price drop of 2.57 percent on Indian exchanges like CoinDCX and a decline of around 1.69 percent on international platforms, according to CoinMarketCap. With this, Bitcoin’s trading value on Indian exchanges presently stands at $61,469 (roughly Rs. 51.5 lakh). Meanwhile, on international exchanges, BTC is trading at $57,480 (roughly Rs. 48.2 lakh).
Bitcoin’s Price Analysis by Giottus CEO Vikram Subburaj
Bitcoin has started September with a 2 percent drop and is now trading below $58,000 (roughly Rs. 48.6 lakh), a two-week low. The asset has been registering lower highs in the last 30 days, suggesting that price action is fundamentally bearish. Reclaiming $60,000 (roughly Rs. 50.3 lakh) is key for bullish action, while a bounce off support near $56,000 (roughly Rs. 46.9 lakh) is likely in case of a further drop.
Ether’s Price Movement
Ether reflected a price dip of 0.11 percent on the crypto price tracker by Gadgets360. The value of ETH in India is hovering over the mark of $2,424 (roughly Rs. 2.03 lakh). Internationally, ETH is trading at $2,439 (roughly Rs. 2.04 lakh).
Losses Across Multiple Cryptocurrencies
Ripple, Tron, Cardano, Avalanche, Shiba Inu, Chainlink, Bitcoin Cash, Polkadot, Leo, Near Protocol, Polygon, and Uniswap also showed losses on the crypto price charts on Monday.
In the last 24 hours, the total market cap of the crypto sector dropped by 1.44 percent, bringing the valuation of the sector to $2.02 trillion (roughly Rs. 1,69,43,760 crore), as per data by CoinMarketCap.
Market Trends and Predictions
“A strong September US employment report could temper expectations for easier monetary policy, potentially leading to further market volatility. However, there’s also a 50% chance of an upward trend,” said Avinash Shekhar, Co-founder and CEO, Pi42.
Amidst the loss-making cryptocurrencies, only a handful of altcoins showed gains on Monday. These included USD Coin, Augur, Circuits of Value, Dogefi, Gas, and Bitcoin Hedge.
“The market closed August with negative returns, and with September historically being one of the worst months for returns, many expect further declines,” noted the CoinDCX markets desk. However, factors like the upcoming US presidential election, anticipated rate cuts, and ETF inflows could influence market trends.
Looking Ahead: Potential Volatility and Market Direction
Over the weekend, the crypto market remained neutral to bearish, continuing its choppy behavior. Technically, the charts remain choppy and mixed, with the upcoming US unemployment rate data expected to bring increased volatility and potentially provide a clearer direction.
It’s important to stay informed about the latest developments in the cryptocurrency market to make informed decisions.
Please note: Affiliate links may be automatically generated – see our ethics statement for details.