Stable Cryptocurrency is continuously falling. Bitcoin, Ethereum, and XRP have dropped by approx 5 % in the past 24 hours.
The price of cryptocurrencies is unregulated; they can rise and fall anytime. However, major cryptocurrencies were hovering around the red circle in September as the global cryptocurrency market dropped by 0.55 percent, approximately $935.68 billion.
The volume of Defi was around $4.22 billion, which accounts for only a 5.17 percent crypto market volume. On the other hand, the volume of all stablecoins was around $74.18 billion, which accounts for 90.78 percent of the total crypto market volume.
The price of cryptocurrencies has recently decreased slightly, with Bitcoin, Ethereum, and Solana witnessing a slight drop in the last 24 hours.
The global crypto market capitalization fell by 0.43% to $926.78 million, while the total volume of the crypto market decreased by 9.43% to $67.86 billion in the last 24 hours.
Although, there is a stable cryptocurrency market where the top gainer was Ripple, which increased by 8.78% and reached $0.4099. In contrast, the ultimate loser was Synthetix, which decreased by 6.35% and is now trading at $2.34 in the last 24 hours.
Again the most trending stable cryptocurrency was ETHPoW, investors are showing considerable interest, and that’s why ETHPoW is trending consistently.
Stable Cryptocurrency Prices
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Bitcoin and Ethereum
Bitcoin was in the red zone for the entire of September, switching between $19,300 and $19,500. At the same time, the graph took the entry towards the green zone, but it was for a short period.
Later, Bitcoin took a steep down movement, and the price of Bitcoin reached below $19,000. The lowest trading price of Bitcoin was $18,813.46, where the trading volume went down by 7.97% to $35,896,199,455. At present, Bitcoin is down by 2.39% to $19,011.31.
Ethereum decreased by 1.57% to $1342.51 in the last 24 hours. On 20th September, Ethereum was trading with gains but high volatility because of too many ups and downs.
But after 10 pm, Ethereum entered the red zone, and its price remained range-bound between $1319 to $1370 levels. The lowest trading price of Ethereum was $1319.20, where the trading volume was up by 16.17% at $14,567,715,672.
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Dogecoin (DOGE) price
Doge has recorded a dip of 3.01 percent as per coinmarketcap data. Currency is trading around $0.05742.
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Litecoin (LTC) price:-
Litecoin experienced a 24-hour low of approx 1.21 percent. As of now, it’s trading at around $51.75.
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Ripple (XRP) price:-
XRP price was around $0.4023, experiencing a dip of 0.84 percent.
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Solana (SOL) price:-
Solana’s price was around $30.94, recording a dip of around 2.75 percent.
Other Altcoins
Cardano was up by 2.55% to $0.4611, and its trading volume went down by 1.81% to $690,384,329.
Binance goes down by 0.97% to $267.76, and its trading volume drops by 20.43% to $816,235,610.
Meme Coins
Dogecoin was up by 1.62% to $0.05947, whereas its 24-hour trading volume went up by 18.6% to $313,869,919.
Shiba Inu was down by 2.71% to $0.00001063.
What is the September Effect for cryptocurrencies?
There are better months than September for cryptocurrencies. It is not the first time that cryptocurrencies are experiencing such a decline in September. There is a history of September not being good for digital coins. It is the worst month of the year for bitcoin in over nine years, where only two times experienced modest gains.
On average, bitcoin loses up to 6% every September, and this September was also not good for bitcoin. While bitcoin was doing well in August, it dropped over 10% in the last ten days.
Some investors are flocking towards ethereum, assuming it can see potential growth after the upgrade merge; while its price increased in August, the coin is currently dipped by 3.5%. In addition, some analysts predict that the cost of ethereum could raise $2,000 by the end of this year.
Why is it a challenging period for the crypto market?
After a rough summer, crypto fans would also be unhappy for a harsh winter. The cryptocurrency world is stormed by macroeconomic events bringing negative sentiments to the crypto market. These events are influencing almost all cryptocurrencies.
The most notable event of this series is the high yield on the U.S. 10-year Treasury. This critical benchmark which determines the several risk assets and benchmark for debt instruments hiked around 10% for the first time after 2008.
Conclusion
Over the long term, cryptocurrencies are highly beneficial and can amplify investors’ returns. Unfortunately, the current market is not in crypto’s favor, but we can expect it to recover soon and grow in the long term.
FAQs
Q. How to invest in stable cryptocurrency?
Ans. Investing in stable cryptocurrency is a challenging task. Technology has made the accessibility of digital currency easier. Thanks to the easy availability of the crypto exchange platforms. Now you can easily buy cryptocurrency on exchange platforms.
Q. Will crypto recover in 2023?
Ans. Yes, the crypto market can recover soon. Analysts believe that the crypto market will recover in 2023.
Q. Will 2023 be a bull market?
Ans. The crypto market is uncertain. It can not be predicted in the real sense.
Q. What factors affect the price of stable cryptocurrency?
Ans. Cryptocurrency prices are affected by several factors. The combination of the various features of demand, supply, media coverage, and global events is highly responsible for influencing crypto prices.
Q. How do you know which coin will pump?
Ans. The best way to determine a pump and dump scheme is when a coin suddenly rises without any significant event.
