We have just entered the fourth quarter after a challenging September for cryptocurrencies. In the previous quarter, prices dropped by double digits. As of the time of writing, the price of Bitcoin is holding above $27,000. Trading volumes continue to hover around $30 billion, regardless of weekdays or weekends. Some days, we even saw half of this volume on weekdays.
The monthly closing for September took place approximately 5 hours ago, with the closing price on Binance being $26,952. The price had increased by 3.94% on a monthly basis. Although September is traditionally associated with a decline for BTC, it was an exception since 2016. The price traded within a range of about 10% for 30 days. Bitcoin, which opened at $25,940 on September 1, reached its peak for the month at $27,483.
While September may have been an exception, October should not follow the same pattern. Historically, October and November are favorable for double-digit increases. The government shutdown was expected to be one of the hot topics next week, but as we announced a few hours ago, the House of Representatives unexpectedly approved the decision, postponing the shutdown for 45 days. This issue has become a serious debate among Republicans, but with the support of Democrats and a limited number of opposition parties, the bill passed.
Since the Democrats have the majority in the Senate, the bill’s approval from there indicates a short-term solution to the problem.
The cumulative value of cryptocurrencies is at $1.08 trillion, suggesting some potential relief for altcoins. Bitcoin is still struggling around the $27,000 range. The largest altcoin, Ethereum, is maintaining its position above the $1,670 threshold with the excitement of the upcoming futures ETFs. As we reported about an hour ago, a moderately volatile market is expected due to significant developments this week.
GMX, MKR, PEPE, and COMP were the top gainers among the top 100 altcoins on a weekly basis, with prices increasing by approximately 20%.
The Dollar Index (DXY), which has gained even more importance recently, is currently at 106.17. Although the index has temporarily bounced back from the 106.7 level, investors can still find some relief. However, we should not be certain that the decline has ended and we need to see closures below the critical level of 105.2.