bitcoin

An overview – Bitcoin trend in third quarter

Bitcoin is currently hovering at $6,950. On the last day of September, Bitcoin trading closed at $5,570 which is 6.30 percent drop to September’s opening price of $7,014. Bitcoin also register a 10 percent fall in August, according to CoinDesk’s Bitcoin Price Index. Bitcoin seem to have a fall for a second straight month, but investors seem to be hopeful for October – first month of fourth quarter. Despite the back-to-back monthly losses, the crypto currency market is flushing two percent gain in the next quarter. This gain could be much higher if US Securities and Exchange Commission (SEC) has not rejected application for a Bitcoin exchange traded fund. So how did Bitcoin behaved in third quarter? Let’s have a review of its performance.

Crypto in July 2018

On July 25, Bitcoin jumped to a two month high of $8,507. However this rise was short lived and was dropped to $8,000 on July 27, thanks to SEC’s second rejection of the Winklevoss brothers’ application for a bitcoin ETF. The leading crypto currency had a 21 percent gain in July.

Crypto in August 2018

Bitcoin fell more on August 14, to $5,859 but due to investors immediate move, it rise back to $7,000 by the end of the month.  During this month, a rotation of money out of high risk alternative crypto currency into Bitcoin was witness, which further rose Bitcoin coin dominance rate up to 50 percent for the first time since Dec 19, 2017. Despite US SEC disapproved several other ETF proposals in the second half of this month, BTC survived as safe zone for the investors.

Crypto in September 2018

BTC experience rise in the first half of the week and reached till $7,500 and that lead to prediction that it will rise high above $8,500 by the end of September’s which it couldn’t achieve but still a stability around $6,000 set a new positive trend in the market which is considered very volatile and unpredictable. Many billionaire investors like Novogratz and Fundstrat’s Tom Lee are convinced that Bitcoin market is experiencing seller fatigue and has reached a bottom around $6,000. However, a revesrsal is expected only after BTC has found acceptance above the lower price high of $7,429.

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