September 2019 Crypto Market Review
September was a busy month in crypto. New launches, acquisitions, price drops and gains – we saw them all. Let’s take a closer look at what the main cryptocurrencies have been up to this month.
Bitcoin in Focus (Featuring Bakkt!)
September started off well for Bitcoin. The cryptocurrency regained its position above the €9K line on September 2, after having ended August at around €8,760. Bitcoin was rather stable for the majority of the month, navigating between €9,200 and €9,500 until THE day. Yes, we are talking about Bakkt bitcoin futures launch.
Bakkt bitcoin futures finally kicked off on September 23. The anticipation caused a slight price increase the day before the launch but looks like Bitcoin celebrated too soon. September 23 saw a price drop of 3.3% and soon after Bitcoin found itself hovering at around €7.5K. Could the price drop have been caused by Bakkt?
The main suspicion is that Bakkt’s hyped release didn’t meet investor expectations. Only 71 smart contracts were traded in the first 24 hours and the total trading volume was $5 million in the first week. That’s well below anticipations and the rumor has it there’s a connection to the BTC price drop.
So what now? Fear not, says Tom Lee. Fundstrat’s managing partner expresses his positivity on Cointelegraph and says that Bakkt will improve the reputation of crypto in the long run. Many agree, as Bakkt’s influence on solidifying the crypto market is expected to be incremental and long term. The platform is taking on institutional investors that don’t necessarily share the traits of early adopters. Building their customer base might just take a bit more time.
Another theory for explaining the price drop is what we coined (pun intended) the Hash Rate Drama. We first witnessed a mysterious 30% decrease on September 24. Some put the blame on poor fellow Bakkt, some suggest it was caused by the power outages in Canada and Kyrgyzstan. On September 30, the hash rate reached a new ATH of 108 EH/s. What a ride!
Bitcoin ended the month at €7,629. We’re excited to see what October has in store for us.
Other Top Assets in September
Let’s see how the rest of the gang did this month.
Ether saw some gains in September. It started the month at €155.79 and launched its mini growth spurt on September 7. ETH started steadily increasing from €160, rising to a monthly high of €202.95 and ending the month at €166.20. The Ethereum platform grabbed our attention when SKALE, an Ethereum-compatible network completed a $17.1M funding round for mainnet launch. On a possibly related note, ETH was the best performing Top-10 cryptocurrency this month.
Ripple (XRP) has also had quite an eventful month. It started September at €0.234 and had a steady run between €0.22 and €0.23 with a brief high of €0.285 on September 18. More importantly, Ripple expanded its engineering army by six and took on a new geography. We are talking about the acquisition of Algrim, an Icelandic crypto trading firm. Prior to that, Ripple also acquired Logos and added eight engineers to its Xpring team.
Litecoin’s efforts were less outstanding from its peers this month. LTC welcomed September at €60.2, reaching its monthly high of €70.5 on September 18, followed by a steady drop to around €51. Litecoin is following its bearish trend and ended the month at a low comparable to its March rates.
Bitcoin Cash started off from €256.44 and continued to rise steadily until the noticeable dent that occurred on September 23. The next day saw a 14.84% drop and BCH ended the month at €209.
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