Data shows that September was a cruel month for most cryptocurrencies, with mid-cap Altkins just making it to positive gains.
Mid-cap Altcoins registered positive gains despite a bloody September
According to the latest Arcane Research Weekly report, September was pretty bad for many cryptocurrencies, including Bitcoin and Etherium, but mid-cap Altkins seem to have just reached the finish line with overall positive gains.
The month histor was historically bad for the digital currency market as a whole and this is the fifth time in a row that BTC and others have seen negative returns.
This September was a rollercoaster ride especially for the overall crypto market as multiple major events have shaken prices throughout the month.
The first of these was El Salvador Bitcoin Day, which many expected would bring some improvement, but instead led to a massive market crash where both BTC and Altcoin lost their value as investors took to “selling the news”.
Another big event was China’s statement about the illegality of crypto transactions in the country, which led to another catastrophe.
Related Reading | Mid-cap Altcoins hold higher altitudes than Bitcoin and Etherium
There was also news this month of Bitcoin being added to Twitter’s new tipping function, and general global economic pressures about Evergrand’s possible bankruptcy were also added to the mix.
Here’s how different cap altcoins performed throughout this month of chaos:
Looks like only mid-cap altcoins have escaped September with positive gains | Source: Arcane Research
As the graph above shows, mid-cap altkins have survived the month with a positive return of about 7%, thus becoming the best performance index of the month.
The small-cap index seems to be the most affected during this period with about 18% negative returns. Below them is the Large-Cap Index which has doubled in number to about 10% in red.
Related Reading | Bitcoin Bearish Signal: On-chain data shows whales have started selling
Bitcoin has outperformed all Altcoin savings for the mid-cap index, but the crypto is still deep in the red.
At the time of writing, the price of BTC is close to $ 42k, down 0.5% in the last seven days. In September, the currency lost about 8% of its value.
Here is a chart showing the price trend of Bitcoin in this cruel month:
BTCs price plunges down during the period | Source: BTCUSD on TradingView
After a long period of slight price movement, the volatility of Bitcoin has finally returned this month as the currency has shown much up and down movement throughout the entire period. Although, in the end, BTC has only been able to manage negative earnings for the month.
Featured image from Unsplash.com, charts from Arcane Research, TradingView.com