Can Bitcoin Community Sustain Another Hit? Bitcoin Falls in September

  • While writing this article Bitcoin is trading at $21,441 and Ethereum is trading at $1662. 
  • Ethereum reached a high of $2022 on August 14th, the previous month.
  • Ethereum’s protocol upgrade ‘Merge’ is likely to launch in mid September.

Many crypto market analysts have informed market participants  that cryptocurrency prices are struggling in the market at their lowest trading levels, with Bitcoin suffering the most.

Data from Coinmarketcap states that Bitcoin, the biggest and most widely popular cryptocurrency, traded at $25,135 on August 15. It is the highest trading price when Bitcoin reflects a hike in the last month. But due to severe market volatility, prices are not increasing. Instead of an upward trend, all digital currencies are downtrending.

Several market analysts believe that during September, Bitcoin will trade at $20K and that it might decrease to $18-19K. If this price continues, then definitely, Bitcoin will be dead in the market and it may also lose its current market position and fame.

The Ethereum platform is ready to launch the Merge protocol in mid September. The protocol update and massive shifting of the Ethereum Blockchain from Proof-of-Work to Proof-of-Stake will directly or indirectly affect the crypto market, and prices may increase during the launch period.

As per our closest sources,Ethereum has registered an impressive hike in the last month in comparison to Bitcoin. Ethereum reached a high of $2022 on August 14th, the previous month.

The news of the Merge is creating hype in the crypto marketplace pushing Ethereum in an upward direction. The features of the Merge are quite amazing, which will increase the speed of the blockchain and transaction validation speed.

Regardless, the Ethereum upgrade will adhere to some fundamental principles, such as energy conservation and making blockchain usage easier and faster.

While writing this article with reference data from Coinmarketcap, Bitcoin is trading at $21,441 and Ethereum is trading at $1662. 

Ian Harnett, co-founder and Chief Investment Officer of Absolute Strategy Research, said that such a decline in 2022 “would take you back to roughly $13,000,” an “important support region” for the token. At the height of the 2021 cryptocurrency boom, Bitcoin reached a record high of approximately $69,000.

Back in 2021, Bitcoin reached its highest price at $69,000. But, eventually, Bitcoin radically dropped its price and is now at $21,441, which mirrors a sharp cut of 68.96%.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing

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