In August 2024, Bitcoin ($BTC) lost over 9% of its value at the end of that month. As per the stats, this decline is significant because Bitcoin ($BTC) has performed well almost every August for the past ten years. CryptoRank, an on-chain analytical firm, shared the stats regarding Bitcoin’s performance in August and predicted the crypto trends for September.
Volatility and Market sentiment Contribute to Market Downturn
The downturn in August can be explained by Bitcoin ($BTC)’s volatility as an ‘altcoin.’ From the start of the year, the value of the following months registered only a minor gain, 0.87% in January, and losses in overall month decline value. However, this is worse than Bitcoin’s ($BTC) August performance, which has always been, on average, stable with varying fluctuations.
According to historical data, Bitcoin ($BTC) consolidation in August was, however, a bearish sentiment. September has typically always been positive and tactical. The transition to September is accompanied by increased attention from traders and investors to the market state, waiting for recovery, which usually occurs in September. However, the uncertainty of trade dynamics on the market limits the forecast.
Monthly Price Analysis of Bitcoin ($BTC)
Bitcoin price movement over the past month. It began at approximately $64,750 but experienced a steady decline, eventually reaching $57,991.36 by the end of the period. The chart indicates significant volatility in fluctuating prices between these two points. Notably, the sharp drop early in the month suggests a strong sell-off, followed by some recovery and further fluctuations, showing an overall downward trend.
At the beginning of the month, a marked decline explains why some average selling and more selling should follow a lot of selling, but the trend is downwards. Looking at the trading activities, there was a remarkable drop in the trading volume of 34.01% within the last 24 hours, which is a sign of less activity in the market.
There is no movement in the circulating supply, which is at 19,748,018 BTC and is about 94.04% of the total available supply. There was also a tiny decline in the market cap by 2.06%, which is based on the general decline of the price of Bitcoin ($BTC) in the graphs.Â
