Those watching the markets will have noted a recent upswing in the price of most cryptocurrencies, something which is reflective of positive market sentiment. Moreover, the first of September saw gains for a clear majority of the top 100 cryptocurrencies.
Stock investors will be well-versed in the old maxim ”sell in May and go away”, which is an investment strategy intended to avoid the seasonal decline in markets mainly seen during the summer months.
It would now seem that this saying could hold true for those investing in virtual currencies as well, as the cryptocurrency markets are also beginning to recuperate as autumn is rapidly approaching.
The past few months have seen both slumps and gains, with the price of Bitcoin now sitting at around the same price point as during the end of May – but backed by a clearly bullish trend over the past few weeks.
Although not increasing explosively, the price of Bitcoin has been steadily rising for the better part of August, increasing from a low of $6,143 on August 10 to the current [September 2] price of $7,273.
According to fresh data from Coin360, 97 of the top 100 cryptocurrencies – according to market capitalization – were in the green on September 1st.
In addition to this, most cryptocurrencies similarity show impressive gains over the past seven days. Bitcoin has currently increased by 9.09% during the last week, Bitcoin Cash by 21.89%, Ethereum by 7.29%, and with many others also seeing substantial gains.
The last week saw especially marked gains for the Dogecoin (DOGE) altcoin, which has increased by a whopping 125.29% during the last seven days.
According to Twitter commentators, DOGE’s price increase can be attributed to the upcoming ”Dogethereum” project, a demo for which is reportedly slated for September 5th.
More generally, observers have explained this recent wave of green for most cryptocurrencies with the flood of good cryptocurrency-related news.
Toshi Times have covered the recent reports that the Chicago Board Options Exchange will launch Ethereum futures by the end of the year, as well as reports that the Reserve Bank of India will establish a special division to evaluate the potential release of a CBDC.
In addition to this, the US Commodity Futures Trading Commission has recently reported a decline In the bearish positions for non-commercial Bitcoin futures contracts, which would seemingly have strengthened this recent bullish market sentiment.
As always, the markets can be volatile, but the current market sentiment would appear to be markedly positive.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.