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Between Sept. 1 and Sept. 7, 2024, the crypto market took a notable hit, shedding $170 billion in value. Bitcoin and ethereum were the main drivers of this downturn, responsible for 78.82% of the week’s losses. These two heavyweights saw their combined market caps shrink the most, dragging the entire market down with them.
Historically, bitcoin has posted gains during the final quarter of the year 63.64% of the time since 2013. The Q4 bull runs have been impressive, with returns soaring to 215.07% in 2017 and 168.02% in 2020. Despite this, September often proves challenging for the cryptocurrency. As of Sept. 7, bitcoin is down 8.84%, following an 8.6% dip in August.
So far, September is living up to its difficult reputation, wiping out $170 billion in just the first week. Bitcoin alone saw a $100 billion drop in market value from Sept. 1 to Sept. 7, 2024. Ethereum (ETH) didn’t fare much better, losing $34 billion, with both assets responsible for 78.82% of the total losses. Binance coin (BNB) contributed another 3.94% of the $170 billion decline, losing $6.7 billion.
Solana (SOL) wasn’t spared either, shedding $4.76 billion, or 2.8% of the overall decline. Other top cryptocurrencies also saw billions vanish, deepening the market’s woes. This latest market upheaval underscores the present unpredictable nature of the crypto world these days, especially with September often signaling rough times. While history hints at a potential Q4 recovery, the heavy losses from bitcoin and ethereum remain a glaring reality.
