Crypto winter continues. Analysts call different terms for the end of the downtrend, but most agree: Bitcoin is now close to its lows. These assumptions are supported by the cyclical nature of the cryptocurrency exchange rate. Over the past 12 years, the price of BTC has made lows every 90 weeks.
In September, market sentiment changed under the influence of external factors. First, the news about the slowdown in inflation gave impetus to the growth of the dollar. Investors began to withdraw money to fiat, the rates of top cryptocurrencies sank by 5-10%.
The Fed then raised rates by 75 basis points for the third time in a row. Cryptocurrencies reacted ambiguously. The largest coins, led by bitcoin, sank 0.2-5.6% (ETH, BNB). Other assets from the top 10 by capitalization grew by 0.2-9.3% (XRP, ADA, SOL).
In general, over the month, Bitcoin fell by 2.7% (from $20.04 thousand to $19.49 thousand). The Ethereum exchange rate decreased by 15.3% (from $1.57 thousand to $1.33 thousand). Many top coins have increased in price, but most have repeated the negative trend of the flagships.
Top 5 most profitable cryptocurrencies for September 2022
This bear market is different from the previous ones in many ways. In particular, analysts note that altcoins are declining more slowly and losing less than bitcoin. Experts see this as a good sign – investors have not left the market, but are waiting for the downturn with less volatile assets.
The compromised Terra Classic (LUNC) coin showed the biggest increase in September. For 30 days, the asset has risen in price by 110.9%.
The growth is due to the massive support of the community and the activity of developers who are trying to restore the price of the cryptocurrency. In September, another ecosystem update was released. The team has introduced a burn tax of 1.2% on all swaps.
Even earlier, the developers restored staking and launched a bot that notifies investors on community management issues. As a result, the capitalization of LUNC increased to $1.91 billion, the trading volume increased to 519.61 million. The cryptocurrency is traded for $0.00027.
In second place in terms of profitability was another coin of the Terra ecosystem – Luna (LUNA). For 30 days, the cryptocurrency has risen in price by 49.9%. By early October, the asset is trading at $2.47.
LUNA is a relatively new coin. The asset was launched in May 2022 after the reboot of the Terra blockchain. By October, the cryptocurrency is traded on major exchanges (Binance, Kucoin, Gate.io) with a daily volume of $137.72 million. The capitalization of the asset is $410.2 million.
The third in the list of leaders was the cryptocurrency Tokenize Xchange (TKX). In September, the asset price rose by 39.1% to $7.68. As a result, the price of the circulating offer increased to $615.21 million. The daily trading volume is $18.21 million.
Tokenize Xchange is a native token of the exchange of the same name. The platform is focused on the convenience and security of work. The first condition is achieved through the use of technological tools, the second – through compliance with regulatory requirements.
The top 5 most profitable coins also included:
Quant (QNT) — the cryptocurrency has risen in price by 34.2%.
Ripple (XRP) — growth was 31.9%.
The most unprofitable cryptocurrencies for September 2022
In early autumn, the list of losers is wider, but the loss is much smaller compared to the price increase. The bitcoin downtrend was supported by most of the top cryptocurrencies.
The Synthetix Network (SNX) coin turned out to be the most unprofitable. In September, investors lost 31.6% of their investments. The price of the asset fell to $2.38.
Synthetix Network is a decentralized protocol for issuing new assets backed by the native SNX cryptocurrency. To create an asset, developers lock a network token in a smart contract. This mechanism solves the liquidity and slippage problems typical of DEXs. Users can trade assets without the need for counterparties.
In early autumn, SNX is dynamically traded on major exchanges (Binance, Coinbase, DigiFinex). However, the total volume of transactions decreased to $79.28 million per day. The capitalization of the asset decreased to $564 million.
In second place in the list of losers was the Evmos coin (EVMOS). By the beginning of October, the cryptocurrency exchange rate fell by 26.3% to $1.69. The interest of traders in the asset also decreased – the daily trading volume fell to $1.25 million. As a result, the market capitalization decreased to $521.68 million.
Evmos is a high performance blockchain. It is fully compatible with Ethereum. This is the first EVM token that allows you to run Ethereum as a blockchain for any Cosmos application.
LEO Token (LEO) became the third most unprofitable. The cryptocurrency, which allows Bitfinex customers to save on fees, fell 21.3%. The market capitalization of the asset decreased to $3.87 billion. Trade attractiveness – to $1.43 million per day.
The top 5 cryptocurrencies with the worst returns also included:
EOS (EOS) — the asset fell by 20.4%.
DeFiChain (DFI) – the coin rate fell by 20%.