The data shows that although September is a cruel month for most cryptocurrencies, the mid-market altcoins have hardly achieved positive returns.
Despite the bloody September, medium-sized altcoins still recorded positive returns
According to the latest Arcane Research The weekly report shows that for many cryptocurrencies, including Bitcoin and Ethereum, the situation in September was quite bad, but the mid-market altcoins seem to have just reached the finish line of overall positive returns.
This month has always been bad for the entire digital currency market. This is the fifth consecutive time that BTC and other companies have observed negative returns.
September of this year is especially like a roller coaster for the entire cryptocurrency market, as multiple major events have shaken prices throughout the month.
The first is the El Salvador Bitcoin Day. Many people expected this to bring some upward trends, but as a result, there was a market crash, as investors adopted “Sell news. “
Another major event was China’s statement that crypto transactions were illegal in the country, which led to another collapse.
Related Reading | Medium-sized altcoins can stay high than Bitcoin and Ethereum
There are also news this month, such as Bitcoin being added to Twitter’s new reward function, and the general tension in the global economy Evergrande may go bankrupt Add to the mixture.
This is a chart showing the performance of altcoins with different caps in this chaotic month:
Looks like only mid-cap altcoins have escaped September with positive gains | Source: Arcane Research
As shown in the figure above, the medium-sized altcoin has survived this month with a positive return of around 7%, making it the best-performing index of the month.
The small-cap stock index appears to be the most severely hit stock during this period, with a negative return of about 18%. Below them is the large-cap stock index, which also showed a red double-digit number of about 10%.
With the exception of the mid-cap index, Bitcoin outperformed all altcoins, but cryptocurrencies are still losing money.
At the time of writing, Bitcoin price Floating around US$42,000, it has fallen by 0.5% in the past 7 days. In September, the value of the token dropped by approximately 8%.
This is a chart showing the trend of Bitcoin prices this brutal month:
BTCs price plunges down during the period | Source: BTCUSD on TradingView
After a long period of small price changes, Bitcoin’s volatility finally returned this month, because the token exhibited many ups and downs throughout the period. However, in the end BTC can only manage the negative returns of the month.
Featured image from Unsplash.com, charts from Arcane Research, TradingView.com