Bitcoin Aims To Retake $44,000 On First Day of October

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Created by TradeOr

3rd Party Analysis 01 Oct 2021

Key Takeaways:

  • Bitcoin pushes to a high slightly above $44,000 on October 1
  • The leading token finished September with a 6% loss but gained over 30% in the quarter

Bitcoin Logs September with a 6% Loss

Bitcoin, the world’s first and largest cryptocurrency, pushed higher earlier today as market participants were aiming to start October strong. Despite the recent slump in the crypto market following the China ban two weeks ago, crypto proponents are highly optimistic.

Near the end of September, bitcoin was able to recoup its losses after Chinese authorities banned all crypto activities about a week ago. A few days after the news, when crypto exchanges scrambled to cut off Chinese traders, bitcoin’s price slipped to $40,000.

Since then, the orange coin has climbed about 10% to current market price of just below $44,000. Despite the recent gain, however, bitcoin finished the month of September with a loss. The leading cryptocurrency slipped roughly 6% over the previous month, sliding to $44,000 from an opening price of $47,000 per coin.

A Broad Decline for September

The entire cryptocurrency market declined modestly in September. In more detail, the market cap of cryptos stood at $2.1tn on Sep. 1. However, by the end of the month, about 10% were lost as the market capitalization of the digital asset space had declined to $1.9tn.

Alternative cryptocurrencies, so-called altcoins, were also pressured in September. For example, Ether, the second-biggest crypto asset, declined about 10% during the last month. The Ethereum token finished September with a price of about $3,050 per coin.

Besides cryptos enduring moderate losses last month, the end of September also marked the end of the third quarter. Taking in mind the inherent volatility in the crypto space, traders are used to seeing wild swings in both directions.

Strong Performance for Cryptos During the Third Quarter

On that note, for the third quarter of 2021, the performance of the cryptocurrency market is looking a lot more different. More precisely, a gain of 52% went to the Ethereum’s native token as it started July near $2,000 per coin.

Moreover, Bitcoin rallied over 30% in the quarter ended September. The original cryptocurrency opened July with a price of a little over $33,000 per token and finished right below $44,000.

Cryptocurrencies Looking to Get More Support

Looking ahead, as the final quarter of 2021 begins today, the crypto market is looking healthy and optimistic. Institutional support has been steadily rising over the year and more is expected to arrive as the nascent market develops.

Crypto enthusiasts remain certain that there is more to the stratospheric gains that have defined the fast-emerging crypto land. If you’re looking to get your hands on some bitcoin and crypto action, head over to our account opening page for more detail.