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Views: The Veles team is pleased to present you with the most relevant month-end information that will help you better understand the market dynamics and prepare for future changes. What happened on the cryptocurrency market this month? Which cryptocurrencies performed the best? And what to expect in October?
Let's figure it out together!
What happened on the market?
Price Movements
Despite the historic downturn in September, known as “Redtember,” Bitcoin (BTC) showed significant price gains. However, its 11% rise was overshadowed by other cryptocurrencies, with Solana (SOL) showing a 13% increase, Ripple (XRP) up 14%, and Dogecoin (DOGE) up 21%. Ethereum (ETH) showed an increase of 4%.
Bitcoin movement, September 2024. Source: Tradingview
Total cryptocurrency market capitalization
Total cryptocurrency market capitalization reached $2.24 trillion on September 30, reflecting an increase of >100% year-on-year. Bitcoin had a capitalization of $1.25 trillion (57% dominance). Stablecoins have a capitalization of $174 billion.
What has contributed to Bitcoin's growth?
Two factors contributed to the rise: significant inflows into Bitcoin-ETFs ($1.2 billion) and the Federal Reserve's 0.50% interest rate cut, which lifted Bitcoin's price by 3% and increased its capitalization.
What to expect in October?
While September has always been a negative month for cryptocurrencies, there is always a growing optimism in October for a potential recovery, often referred to as “Greentober.” Historically, October has been a favorable month for Bitcoin, with prices rising in 8 of the last 13 years. This trend is especially noticeable in halving years such as the current one.
BTC/USD monthly returns (screenshot). Source: CoinGlass
Veles Platform News
Monthly performance
- The cumulative trading volume on Veles platform exceeded $497 million.
- Cumulatively, users earned a profit of $1.76 million. The maximum profit was reached on September 27, when users earned $154 thousand by executing 100 thousand trades.
Updates for the month
We launched a promotion to celebrate 1 million backtests on Veles. Details.
Provided conservative ready-made bots for September. Details.
Added average price and stop loss to the preview. Details.
Developed a special short-spot strategy for the clicker games. Details.
Added new pairs on the platform: CATIUSDT, HMSTRUSDT. Details.
