Can the Bitcoin Community Sustain Another Hit? Bitcoin falls in September
- At the time of writing this article, Bitcoin is trading at $21,441 and Ethereum is trading at $1,662.
- Ethereum hit a high of $2022 on August 14, last month.
- Ethereum’s protocol upgrade ‘Merge’ is likely to launch in mid-September.
Many crypto market analysts have informed market participants that cryptocurrency prices are struggling in the market at the lowest trading levels, with Bitcoin suffering the most.
Data from Coinmarketcap says Bitcoin, the largest and most popular cryptocurrency, traded at $25,135 on August 15. It is the highest trading price when Bitcoin reflects a rise in the last month. But due to severe market volatility, prices are not increasing. Instead of an upward trend, all digital currencies are falling.
Several market analysts believe that during September, Bitcoin will trade at $20K and that it may go down to $18-19K. If this price continues, Bitcoin will definitely be dead in the market and it may also lose its current market position and fame.
The Ethereum platform is set to launch the Merge protocol in mid-September. The protocol update and the massive shift of the Ethereum Blockchain from Proof-of-Work to Proof-of-Stake will directly or indirectly affect the crypto market, and prices may increase during the launch period.
According to our closest sources, Ethereum has registered an impressive increase in the last month compared to Bitcoin. Ethereum hit a high of $2022 on August 14, last month.
The news of the merger creates hype in the crypto market and pushes Ethereum in an upward direction. The features of Merge are quite amazing, which will increase the speed of the blockchain and transaction validation speed.
Regardless, the Ethereum upgrade will follow some basic principles, such as energy conservation and making blockchain use easier and faster.
At the time of writing this article with reference data from Coinmarketcap, Bitcoin is trading at $21,441 and Ethereum is trading at $1,662.
Ian Harnett, co-founder and Chief Investment Officer of Absolute Strategy Research, said such a decline in 2022 “would take you back to about $13,000,” an “important support region” for the token. At the height of the cryptocurrency boom in 2021, Bitcoin reached an all-time high of approximately $69,000.
Back in 2021, Bitcoin reached its highest price of $69,000. But eventually, Bitcoin radically dropped its price and is now at $21,441, which reflects a sharp cut of 68.96%.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while graduating. A keen observer of detail, he shares his passion for writing alongside being a developer. His backend knowledge of blockchain helps him bring a unique perspective to his writing
