Cryptocurrencies Open September Strong - Forex News by FX Leaders
Cryptos

Cryptocurrencies Open September Strong

Posted Friday, September 6, 2019 by
Shain Vernier • 2 min read

September has kicked off with a bang for cryptocurrencies, with the major coins posting solid gains. The leader has been Bitcoin (BTC), rallying more than 12% since this time last week. If you bought BTC on August 30, well done! The crypto-giant is on its way to a winning week, the first in three.

On the news front, there really isn’t much going on for cryptocurrencies. The Facebook Libra headlines and any BTC ETF buzz are long gone ― both huge crypto market movers. For now, we are seeing talk mainly regarding peripheral blockchain participants and new token launches.

However, the ongoing debate regarding cryptos as safe-havens is heating up. Uncertainty regarding recent Brexit developments and the U.S./China trade war are being partially credited for 2019’s run to BTC. For the time being, those that maintain cryptos are a viable port in the financial storm certainly have a case.

Cryptocurrencies Are Off And Running For September

Bullish sentiment is dominating the cryptosphere during September’s early going. Values are up across the board and many enthusiasts are predicting a holiday-season run on the market. It is a bit early to bet BTC at $20K for Christmas, but September’s opening week wasn’t half-bad:

Coin                                                Gain      Key Number

Bitcoin BTC                               +12.8%      $11,000

Bitcoin Cash (BCH)                      +6.8%         $300  

Ethereum ETH                         +4.5%           $175

Litecoin LTC                              +4.5%           $65

Ripple XRP                                  +1%            $0.26

Perhaps the only disappointment of this group has been Ripple (XRP). The past month has been brutal, ushering in a 16% drop and taking price to the key psyche level of $0.25. It is hard to believe that a little over 18 months ago, XRP was trading at $3.10 and drawing bids.

All in all, it is tough to hold anything but a bullish intermediate-term bias toward cryptocurrencies. BTC is above $10,000 and we are likely to get a resolution to the Libra and BTC ETF sagas by 1 January 2020. With bullish sentiment dominating the cryptosphere heading into the fall, there is reason to believe 2019’s uptrend in cryptos will continue.

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About the author

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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