Bitcoin Price September 2018: Second Straight Month BTC Posts Losses
Bitcoin Reports Losses for the Second Straight Month in September
The famous virtual currency has just registered the second straight month with losses after opening the Asian markets 6.64% down compared to the beginning of the month. On September 1st, the famous virtual currency was traded close to $7,070 dollars, according to CoinMarketCap. Now it is being traded close to $6,600 dollars. In August, the situation was very similar, losing 9.3% during the month.
This shows that Bitcoin has registered the second consecutive month losing value. However, the future looks bright. The U.S. Securities and Exchange Commission could soon approve a Bitcoin exchange-traded fund (ETF), allowing new investors to enter the market.
According to some experts such as Mike Novogratz, the market has just bottomed and we can now experience a new bull run. In addition to it, Bitcoin could receive a new influx of funds from institutional investors. If the Intercontinental Exchange launches the Bakkt platform, then, wealthy investors could start entering the market.
There are other companies that are also developing different infrastructure for institutions to start placing their funds in the crypto market.
In July, the situation in the market was completely different. The famous cryptocurrency grew 26% moving from $6,370 dollars up to $8030 dollars. However, the bulls were not able to take the whole market and take it out of the year-long bear trend.
At the moment of writing this article, Bitcoin is being traded just under $6,600 dollars and has a market capitalization of $113 billion dollars. It has also lost 0.19% in the last 24 hours. Its dominance has also grown in the last months. Since the beginning of the year, it has grown around 36% to be currently placed around 52%. In January, Bitcoin’s market dominance was just 32%.
In the last days, XRP was able to increase its presence in the market and surpass Ethereum for some hours on several occasions, as the second most valuable virtual currency in the market.