So that was September for the cryptocurrency market (aka Septembear). When Australian legend Adam Gilchrist announced his retirement, former Test batsman for England Paul Collingwood said, “Thank God for that.”
If we only consider Bitcoin as the primary crypto market indicator, September (-3.1%) wasn’t as as bad as most people had anticipated.
Although there is no assurance that October will be any better than September, let’s examine what succeeded and failed during the previous 30 days.
BTC ended the month at about US$19,300 after starting the month at around US$20k. In terms of crypto, there wasn’t a huge decline, but there was undoubtedly a lot of choppy trading and uneasy emotion in between.
Having said that, macroeconomics is definitely experiencing some fairly exceptional times. We might make a tiny prayer to the capricious crypto portfolio gods that we don’t have a recurrence of 2011 even though it would be unrealistic to aspire for another 2017 or 2021.
According to the data, October, also known as “Uptober” in the cryptosphere, is typically one of the top three months for crypto investors. Therefore, there is some optimism for the coming weeks, largely based on past results.
firmer ground (than it was in May)
By a wide margin, Terra Luna Classic (LUNC) (+79.7%) led the gains for the month.
Given the contentious recent history of the Terra brand, we’ve occasionally highlighted the trading/investing risk on this one.
While Do Kwon, the founder of Terra (LUNA) (+42.4%), is apparently wanted by Interpol for alleged violations of South Korea’s Capital Markets Act, Terra (LUNA) also ranks among the top gainers. It may be confusing, but the coin presently known as LUNA (also known as LUNA2) was produced as an airdrop by Kwon as part of a “regeneration” strategy for the Terra ecosystem. LUNC is the original Terra LUNA coin.
We saw Terra’s LUNA network collapse in May, costing billions of dollars in investor losses. This event set off a…
