Key Points
- The total crypto market cap rebounded in September, contradicting the bearish expectation.
- Analysts predict a short pullback before a recovery towards the $2.4 trillion mark.
Despite the historical trend of September being a bearish month for digital assets, this year saw cryptocurrencies performing better than expected.
The total crypto market cap chart showed a pattern of lower highs and lows until August 2024, leading analysts to anticipate another dip below the $2 trillion threshold.
Contrary to these predictions, the market rebounded, reaching the previous high of $2.21 trillion and thus invalidating the bearish thesis.
Market Predictions for October
According to AMBCrypto’s September 2024 market report, a short-term price increase to the $69,000-$70,000 range is likely.
Exchange outflows have risen over the past month, while large holders have decreased their inflows to exchanges by 66.81% in the last 90 days.
With potential easing of monetary policy by the Federal Reserve and increasing ETF inflows, a return to Bitcoin’s all-time high is feasible.
However, Bitcoin’s declining social dominance could pose a challenge, as investors appear to be showing more interest in altcoins.
Altcoin Season on the Horizon?
Despite speculation about an altcoin season, a survey by AMBCrypto suggests we’re still some way off.
Investor sentiment has been heavily impacted by Vitalik Buterin’s recent Ethereum sales, with over half of respondents expressing high concern.
While Ethereum has often led the altcoin market, its recent price action has been less impressive, particularly with increasing outflows from spot ETH ETFs.
Meanwhile, Cardano continues to face challenges with robust development activity but limited user engagement.
In contrast, memecoins have performed relatively well, with NEIRO token emerging as a standout performer, surging 2,600% in the last 30 days.
For an in-depth look at key emerging trends in the cryptocurrency space, check out AMBCrypto’s September 2024 Crypto Market Report.
This report covers a range of important developments, including the surge in altcoins, the rising influence of memecoins like Neiro, and the mixed performance of sectors such as NFTs and DePIN.
