Despite the Bitcoin price fluctuations, an analysis of the market showed that more people were entering it. A deeper look into Bitcoin also revealed that the spike in users buying BTC came at the same time that the prices fell at the start of this month.
Bitcoin’s September History
This is not the first time that Bitcoin’s price has fallen towards the final quarter of the year as it is a pattern that it has followed for the past two years as well. The current price fall began at the turn of the month, with a fall of approximately $1500. Bitcoin was trading for $11,737 on August 31st with the price falling to $10,224 just four days later. Since then, Bitcoin has seen slight increases in its price with $10,443 being its latest posting.
At press time, Bitcoin’s 0.74 percent fall had slightly lowered the market cap to $193.631 billion. Bitcoin’s market cap hit almost $200 billion a couple of weeks back, and fans of the cryptocurrency are fervently hoping that it reaches the same heights again. The current 24-hour market volume was $92.304 billion as a major portion of the market set its sights on crossing the $100 billion mark.
The Path Ahead
On September 13, Bitcoin’s hash rate hit an all-time high in the midst of the continued bear run. This news excited the hardcore Bitcoin fans as some predicted it as the start of a new era for Bitcoin growth. Bitcoin users on Twitter praised the robustness of the cryptocurrency network that made it possible for it to hit consistent ATHs in a short span of time.
Bitcoin holders can also take a reprieve in the fact that more capital was flowing into the market. This was signified by the Chaikin Money Flow indicator which showed a significant spike for the first time since mid-July.
If Bitcoin continues its current price movement, a lot of users can be expected to buy into the dip thereby increasing the price again. As it stands, Bitcoin was slowly gaining in value, but only time will tell if the gains can make an actual difference in the long term charts.