As of September 15, 2023, Bitcoin and most altcoins had retraced their gains, shortly after the SEC decided to delay making a decision on all recently submitted spot Bitcoin ETF applications.
Bitcoin’s volatility has also increased recently. The cryptocurrency started rising around August 29 after Grayscale’s victory against the U.S. Securities and Exchange Commission (SEC) but then began to decline after the SEC postponed its decision on all seven spot Bitcoin applications.
The primary recent market trigger is associated with Bitcoin ETF news. Bloomberg ETF analysts express optimism about the possibility of the ETF being approved by regulators in 2023.
In a post from August 30 on X (formerly Twitter), Bloomberg ETF Senior Analyst Eric Balchunas increased the likelihood of Spot Bitcoin ETF approval from 65% to 75%.
NEW: @JSeyff & I are upping our odds to 75% of spot bitcoin ETFs launching this yr (95% by end of '24). While we factored Grayscale win into our prev 65% odds, the unanimity & decisiveness of ruling was beyond expectations and leaves SEC w "very little wiggle room" via @NYCStein pic.twitter.com/IyEGmWjuHa
— Eric Balchunas (@EricBalchunas) August 30, 2023
Wake me up When September Ends
Many believe that September can traditionally be considered bearish, as, based on CoinGlass data, Bitcoin has demonstrated negative returns in September for 6 consecutive years. Will this trend continue in 2023?
Bitcoin also influences several major altcoins that have also shown a decline in value. Will the decline continue, or is it time for a rebound? Let’s take a look at some assets I’ve specifically chosen to find out.
Crypto price analysis: Solana ($SOL)
Solana has dropped in the last 24 hours, reaching a price of $19.1. Solana ranks 9th on the crypto market chart with a market capitalization of $7,794,101,741 ($7.8 billion) according to data from Coinstats.
According to Changelly analysts, it is expected that SOL’s price will decrease by 0.54% and drop to its lowest point in the second half of September 2023. Over the last 30 days, Solana had 10 out of 30 (33%) green days with a price volatility of 7.85%.
Based on Changelly cryptocurrency analysts, the maximum price for SOL in October 2023 could reach $22.02, while the minimum trading price would be $18.57.
This price decline is likely due to concerns about the planned FTX liquidation of Solana (SOL) tokens worth over $1 billion, which represents approximately 16% of the total cryptocurrency token supply. However, on September 14th, SOL already showed a growth of over 3%.
Solana, the token supporting the Solana blockchain with first-layer smart contract support, recently traded at around $19 per token, almost 10% higher than the previous week’s mid-$18 lows. Despite concerns about the mass liquidation of SOL tokens, it appears that calmness prevails, as Solana has grown by almost 3% in the last 24 hours.
Furthermore, positive sentiment is present on Twitter, as a trader with over 34,000 followers posted about SOL’s potential for a pump.
I am filling my bags and will continue to do so.
Solana will pump, and many will hate to see it!$SOL pic.twitter.com/tgnT5hhbZB
— CROW (@TheCrowtrades) September 14, 2023
Related Reading: Bitcoin Price Analysis: Bitcoin Yet to Break the $32,000 Mark
Crypto price analysis: Ethereum ($ETH)
According to Coinstats, the price of Ethereum is $1,628.57, and ETH currently holds the second position in the cryptocurrency ecosystem. Ethereum’s market cap is $195,609,681,809.72 ($195 billion) with a circulating supply of 120,222,579 ETH.
In the last 24 hours, the cryptocurrency has risen by $29.94 in its current value. Ethereum has recently demonstrated significant potential, presenting a good investment opportunity.
Over the last month, ETH’s price has increased by 11.64%, adding a substantial average of $189.39 to its current value. This sudden growth suggests that the coin could become a reliable asset if it continues to rise.
It’s worth noting that the price fluctuates between $1,635 and $1,600. Changelly cryptocurrency experts predict that the minimum price of ETH in October 2023 could be $1,664.80, while the maximum could reach $1,871.01. The average expected price for Ethereum is around $1,767.91.
However, according to a trader on Twitter with over 69,000 followers, a significant ETH pump may be on the horizon, making it a potentially great opportunity to buy the asset at a favorable price.
Can't wait for the 2024 Ark pump! 🫰 pic.twitter.com/Zi0MwwrJZu
— FLASH (@THEFLASHTRADING) September 14, 2023
Crypto price analysis: Ripple ($XRP)
XRP’s price today is $0.4965 USD, with a 24-hour trading volume of $780,225,726 ($780 million). XRP currently ranks 6th on the crypto chart with a market capitalization of $26,110,142,073 ($26 billion).
Price Ripple (XRP) Source: WhiteBIT
Recently, XRP, the native token of the XRP Ledger, has garnered attention amid the broader cryptocurrency market recovery. One analyst predicts that XRP’s price could rise to $6.29 in the future.
In a post on the microblogging platform X (formerly known as Twitter), cryptocurrency analyst CoinsKid, who has over 130,000 followers, detailed that if XRP can break above its current resistance, it may increase its chances of reaching its previous high in April 2021, paving the way for a price of $6.29 per token.
#xrp if we do see #xrp take out the red line as resistance, then it may be increasing the chances of taking out the April 2021 high, leading to a 1.618 $6.29 price tag.
Keep an eye on the close this month. It has been holding 0.236 since busting through it in March this year. pic.twitter.com/oyQdvyBhK9
— CoinsKid (@Coins_Kid) September 13, 2023
New Listings in September 2023
WhiteBIT
- SSV Network ($SSV)
- Natural Resource of the Treasure Metaverse ($MAGIC).
Gate.io
- Reflexer ($FLX)
HTX (formerly Huobi)
- Connext ($NEXT)
- Paypal USD ($PYUSD)
Conclusion
September has historically been viewed as a bearish month for Bitcoin, with a consistent pattern of negative returns over the past six years. However, the question remains whether this trend will persist in 2023. The impact of Bitcoin’s movements extends to major altcoins, which have also experienced price declines.
Analyzing specific crypto assets, Solana (SOL) has experienced recent price volatility according to analysis, primarily influenced by concerns about a planned FTX token liquidation. Despite this, Solana has shown signs of resilience, with notable price fluctuations and a positive sentiment among traders.
Ethereum (ETH) has demonstrated substantial growth in recent times, presenting potential investment opportunities. The coin’s price has seen a notable increase over the past month, and while price fluctuations persist, some experts foresee the possibility of an ETH pump in the near future.
XRP has attracted attention due to its potential for growth, with one analyst suggesting a price target of $6.29 if certain resistance levels are breached.
