Here’s What Happens in the Crypto Markets in September, According to Top Analysts
A widely followed crypto analyst is looking at the performance of the crypto markets over 12 years to determine how digital assets are likely to perform this month.
In a new video update, popular crypto trader Benjamin Cowen told his 766,000 YouTube subscribers that nine out of ten members in September saw Bitcoin (BTC) expire in the red.
“If we go back and look at all the previous September members, going back to 2010 you can actually see that all but three of them were red and the only ones that were green gave about 2.5% of the movement to the upside, 6% and 15% They’re heading up.”
As for Ethereum (ETH), Cowen says historical data also reveals a similar pattern for the leading smart contract platform.
“We can also look at other things, like Ethereum, and wonder if that gives the same kind of results and, on average, is true on average.
You see a -12% move by ETH in September. [It] Not that all September members are red. There are a couple in green, but historically on average, you’d expect it to be red.
For example, this September is green, and that doesn’t necessarily negate the idea that September tends to be a bloody month for cryptocurrencies, you may sometimes see deviations outside whatever the norm.”
Looking at the performance of the total cryptocurrency market capitalization (TMC), Cowen goes on to illustrate the asset class’s historical September problems using data from previous years.
“You can see that on average, as of 2010, the only month that shows up in red is September. The last time September was green for the total asset class was back in 2016 and 2015, but we’ve had five straight years As September wasn’t a good month this month, and if you go back to that and say 2017, the average return in September is about 7.5% on the downside.”
While crypto in general was mostly bearish during the month of September, Cowen notes that the digital asset market could still end in the green this month.
“September has historically not been a good month for cryptocurrencies. Now, does that mean categorically that we should have a red month? No, it doesn’t, and the reason is that something usually happens doesn’t mean it has to happen every time.”
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