September has ended, and with that Q3.
But while Sept. was the worst month since March’s 25% drop for the leading cryptocurrency, as it lost -8.5% of its value last month, Q3 was a green one.
Bitcoin recorded an 18% return in Q3 compared to Q2’s +42.2% positive performance and -10.58% downtrend in Q1.
Moreover, Q3 ended with BTC price at $10,780, the second biggest closing after 2017’s Q4 closing of $13,780. Interestingly, Q2 of 2019 is the only other one above $10k and close to Q3’s at $10,590.
Additionally, in every single third quarter, except for 2015’s, bitcoin’s closing price ended up higher, much like Q4, whose exception was Q4.
The start of the new month and new quarter is also on a green note.
This quarter historically tilts towards gains, the biggest one recorded during the bull run of 2017 at over +210%. The two years before that, 2015 and 2016, have also been the greens at +82.84% and +62.60%, respectively.
The bear market of 2018 saw us losing -42.5% of value in the last quarter of the year, and so did the following year at +13.60%.
How did others do?
Compared to other asset classes, bitcoin has been somewhere in the middle.
The digital asset has beaten gold’s +6.30% returns, S&P 500’s 7.6%, and Dow Jones 6.35% in Q3. But bitcoin sure fell short of silver’s rallying of 33.57%.
As for September, silver performed way worse, recording -12.85% losses. While gold declined -3.75%, SPX slid -4.6%, just about half of Bitcoin’s drop.
Bitcoin not only had the worst month among the macro assets but even in the crypto world.
Compared to Bitcoin’s 18% upward move, Ethereum, not so surprisingly, jumped 60%. In the DeFi sector, while the likes of RUNE (-21%), REP (-21%), BNT (-22%), COMP (-22%), SUSHI (-34%), KNC (-47%), and CRV (-78%) had a really bad quarter, several had a spectacular one.
YFI led this with its +2,075% returns along with UMA (+407%), LEND (+273%), LRC (+137%), SNX (+91%), KAVA (+76%), GNO (+66%), LUNA (+49%), REN (+44%), BAL (+37%), MKR (+29%), and UNI (+20%).
For now, Bitcoin is looking good in October, up over 1%, so far, currently trading around $10,900.
“If you're a believing man, this is a bullish retest, and any dips towards $10.1k are for buying,” says analyst DonAlt. Even for a doubter, “it's really hard to be bearish,” so it’s time to be patient and see where the month goes, he added.
Bitcoin holders are also feeling bullish about the digital asset, given that the number of addresses holding for more than a year continues to grow on a monthly basis.
These holders now stand at 65.89%, with 20.96 million addresses holding 11.77 million Bitcoin’s for more than a year.