History did not repeat itself in the world of cryptocurrencies, and September turned out to be less harsh for investors than expected. Contrary to popular belief, Bitcoin (BTC), the leading cryptocurrency, followed by altcoins and Total Crypto Market Cap, experienced relatively acceptable and minor increases instead of declines. This situation provided a much-needed relief for cryptocurrency investors.
The Rising Stars in the Crypto Market
The small movements in September resulted in larger returns for some altcoins than anticipated. Three cryptocurrencies within the top 100 based on market cap have seen over 100% increase since the beginning of 2023.
First and foremost, MKR achieved the highest gains. It recorded a net gain of 25% in September alone and crowned its gains since the beginning of the year with an impressive 185% increase. Secondly, BCH experienced a 13% increase last month, reaching a total increase of 143% since the beginning of the year.
Lastly, Solana, closely monitored by all investors, takes the stage. Unlike its competitors, Solana only experienced a 3% increase in September. Nevertheless, the cryptocurrency has achieved a total gain of 104% since the beginning of the year. Prior to these developments, all three altcoins had experienced price drops of more than 10% in August.
MKR, BCH, and SOL Price Analysis
Starting with MKR, it seems to be unaffected by the recent drop in the crypto market following Monday’s surge. At the time of writing, it was trading at $1,463 with a 0.9% increase in the past 24 hours. Secondly, BCH was unable to fully recover from its intraday losses and was trading at $233.9 with a 5% drop in the past 24 hours.
Solana, which is one of the altcoins closely followed by cryptocurrency investors, almost as closely as Bitcoin and Ethereum, seemed to be doing well. Despite the setbacks caused by the FTX incidents and the potential impact of FTX lock-ups, SOL continued to trade at $24.18 with a 3.51% increase in the past 24 hours, much to the delight of investors.
