Top Cryptocurrencies in September 2017

In September`s rank we have changed 5 cryptocurrencies. Pascalcoin, Emercoin, Counterparty, Syscoin and Gamecredits have been removed and we have added Omisse Go, Bitcoin Cash, NEO, IOTA, Siacoin. Almost every currency lost in this month. It can be seen when we look at capitalization of the whole market. It fell down from $172,593 bln to $147,673 bln – 14%. And the market cap of altcoins fell down from $94,762 bln to $74,753 bln – 20%. Top 3 in September are Komodo – 48%, Zcash – 0% and NEO – 0%. 

 Bitcoin price in Poland during almost whole month was 6-9% higher than on global markets (Bitfinex, Bitstamp, Kraken, GDAX). Currently it is about 3% lower.

Another panic – this time caused by closing of chineese exchanges – resulted in price falling to $2980. It was a great opportunity to buy cheap Bitcoins. JPMorgan CEO spoked and it turned out that he knows more about Bitcoin than anybody else. Good thing he didn`t comment on cocoa price in Suazi because probably he has the same knowledge as about Bitcoin. Previous two media panics were identical: the one about conflict between Bitcoin Core and Bitcoin Unlimited and the second one during o% fee and closing leverages on chineese exchanges. Both cases were wonderful opportunity to buy.

Intresting events in September:

-Japan gives license to 11 cryptocurrency exchanges
-European Central Bank won`t regulate Bitcoin
-Ethereum`s Byzantium Hard Fork postponed
-Australia takes down double Bitcoin taxation
-Investors move from China to Korea and Japan 

 October seems to be very interesting, mainly because possibilibty of “Third Bitcoin”. Bitcoin  communities cannot come over their differences and agree about SegWit2x implementation. It should cause big price movements.

For Bithub.pl Adrian Gozdera, Dominik Gordel, JPKTraders and our analyst Picasso comment on Septemeber. 

 Adrian Gozdera 

 China once again!!!

Once again gossips from China lead to Bitcoin price fall. Mithical “Chinese ban” works perfectly since many years and it can turn price in opposite direction just in few days. Beginning of September was time of beating price records on Bitcoin – almost $5000 was reached. As I wrote in previous comment this level was the key to further growths. Overcoming it would give a strong signal to $6000 ride. However, $5000 was not reached and therefore the price started to fall on many exchanges. What else drowned price? Gossips about Bitcoin and altcoins ban didn`t actually become true. Yet, Chinese government seriously takes care of ICO regulations. It is very possible that it will regulate crypto exchanges as well. Until 30th September most of them has stop trading. Only Huobi and Okcoin were treated more kindly – probably because of their potential and not involving in ICO.

The panic was stimulated by twits from official exchange accounts, which resulted in price falling to $3000. Since than price has strongly recovered. Recovery was probably caused by another gossip, that JPMorgan invests in BTC. It also was not true, because this great bank bought special “coin” on Swedish exchange in name of its clients. This means that clients, not the bank itself were interested in buying Bitcoins in CFD form. Although the bank denied the gossip, the price didn`t fall down and by the end of September it reached $4400. In my opinion it is a very important level and may – if price does not start to fall again – create head`n shoulders formation. This formation suggests trend change and $4400 should be area of “shoulder”. Yet, still there is a lot of time to creation of this formation.

I start to see falling demand, both on Bitcoin and altcoins. When Bitcoin reached $4400 on Bitstamp there was no such enthusiasm as previously and price stayed much lower than on Bitfinex. Higher price there is possible beacause of leverage players, who tend to close their positions irrationaly, according to emotions. Also many players are eliminated because of big price changes.

My another observations is short but dynamic pump on Zcash. It all finished with quick fall, as on Dash, though here price fell slower. It all creates market weakness in my opinion. Maybe investors are waiting for something huge or maybe new people are not joining the market as previously. Poloniex lost 2/3 of their users comparing to the peak of growths. Volume is also smaller and Bittrex is not able to create such big volume as on Poloniex. It is my subjective view and I remain bearish.

There are some pros of this situation. The price didn`t fall down, though many negatice information. I think that the credits should go to people who are shorting but it may also be merit of demand. Bitcoin Cash has to play in the background, because it is being marginalized. Volume is low but it is worth observing as price may quickly rise. Another interesting month is here to come. I think that most of attention will gain new projects and those which did not have their astonishing growths. 

 For the full rank and all comments visit bithub.pl/english/rank-september