Bitcoin Price – Bitcoin Surges Over 7% in September: A Break from Historical Trends

Bitcoin Price – Bitcoin Defends $60,000 Level: What’s Next for the Cryptocurrency Market?

Bitcoin Price – September is often regarded as one of the worst months for Bitcoin (BTC) and the broader cryptocurrency market. However, in 2024, the oldest digital asset defied this trend by rising over 7% and successfully defending the psychological level of $60,000. This positive performance comes despite a lack of clear market direction, which has significantly reduced investor activity and contributed to a 20% decline in trading volumes across the top ten largest crypto exchanges.

Spot Volume Falls to Lowest Levels Since November 2023

According to recent analysis by Finance Magnates Intelligence, the total spot trading volume for the ten largest centralized exchanges in September amounted to $715 billion, down from over $909 billion in August. This represents not only a notable drop from August’s figures but also marks the lowest trading volume recorded this year. The last time volumes were this low was in November 2023, when Bitcoin traded at around $35,000. CCData noted that the decrease in monthly trading volume is consistent with the final month of the seasonal period, which traditionally experiences lower trading activity.

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Binance Maintains Dominance, Upbit Sees Growth

Despite the overall decline, Upbit managed to buck the negative trend, achieving a 5% increase in volume to $46.5 billion. This growth allowed Upbit to surpass Coinbase, which suffered a 31% decline, bringing its volume down to $46.4 billion—a marginal difference. The rankings for the top exchanges remained unchanged, with Binance still dominating the market with nearly 50% market share. ByBit holds about one-fifth of the market, while Huobi remains in third place.

Year-Over-Year Growth Shows Improvement

Although September 2024’s results are less than optimistic compared to August and previous months, they show a significant improvement over the same period last year. Volumes have increased by an average of 68% from the $401 billion reported in September 2023. Upbit stands out with a remarkable year-over-year growth of 250%, boosting its turnover from $35 billion to over $123 billion.

What to Expect in October

With Bitcoin recently surpassing $64,000 and the approach of the US presidential elections, increased volatility in the cryptocurrency market is anticipated. CCData pointed out that historically, Q4 has recorded the highest quarterly trading volumes in six of the last ten years, suggesting that we can expect more investor activity and higher exchange volumes in the coming month. However, only time will reveal how the market will respond.

As September 2024 concludes, Bitcoin’s unexpected performance stands out amidst declining exchange volumes. With positive signals from the market and historical patterns suggesting potential growth, investors will be keenly watching the developments as October unfolds.

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