In August 2024, Bitcoin ($BTC) lost more than 9% of its value by the end of the month. According to statistics, this drop is significant because Bitcoin ($BTC) has performed well almost every August for the past ten years. CryptoRank, a blockchain analytics firm, shared statistics on Bitcoin’s performance in August and predicted cryptocurrency trends for September.
📉 #Bitcoin ended August 2024 with a price drop of 9% #BTC ended August 2024 with a price drop of 9%, which is significantly below the average.
September is usually a positive month for #cryptocurrency. What are your expectations for next month? pic.twitter.com/Xz5AKnZ74G
— CryptoRank.io (@CryptoRank_io) September 1, 2024
Volatility and market sentiment contribute to market decline
The decline in August can be explained by the volatility of Bitcoin ($BTC) as an “altcoin”. Since the beginning of the year, the value of subsequent months has registered only a slight increase, 0.87% in January, and losses in the overall monthly decline in value. However, this is worse than the performance of Bitcoin ($BTC) in August, which has always been, on average, stable with various fluctuations.
However, based on historical data, the consolidation of Bitcoin ($BTC) in August was bearish. September has usually always been positive and tactical. The transition to September is accompanied by increased attention of traders and investors to the state of the market, anticipating a recovery that usually occurs in September. However, the uncertainty of the trading dynamics in the market limits the forecast.
Bitcoin ($BTC) Monthly Price Analysis
Bitcoin price dynamics over the last month. It started at around $64,750 but then steadily declined, eventually reaching $57,991.36 by the end of the period. The chart shows significant volatility in the price swings between these two points. Notably, the sharp drop at the beginning of the month suggests a strong sell-off, followed by some recovery and further swings, indicating an overall downward trend.
The noticeable decline at the beginning of the month explains why large sales should be followed by some medium sales and even larger sales, but the trend is downward. Looking at the trading activity, there has been a significant drop in trading volume of 34.01% in the last 24 hours, which is a sign of less activity in the market.
There is no movement in the circulating supply, which is 19,748,018 BTC and is about 94.04% of the total available supply. There was also a slight decrease in the market cap of 2.06%, which is based on the overall decrease in the Bitcoin ($BTC) price on the charts.
