September was an animated month, with a spike of volatility on news coming from China.
Let's see how the main cryptocurrencies have performed since the beginning of this troubled month.
THE WHOLE MONTH :
SEPTEMBER 1st - SEPTEMBER 28th - 1 hour chart
In the first half of the month Bitcoin Cash had the best performance, followed by Bitcoin and Ethereum. However the "Chinese crisis" was better absorbed by Bitcoin, while BITCash and Ethereum suffered more, with a fall of almost -50%.
FOCUS ON RECOVERY
SEPTEMBER 15th - SEPTEMBER 28th - 1 hour chart
The chart below shows how cryptocurrencies have reacted to the great drawdown saw on September 15th.
As you can see, Ethereum and BitCash have recovered more than Bitcoin, but they also suffered a bigger fall before.
CONCLUSION
The behaviour of cryptocurrencies during September was similar, and this is normal, considering the high correlation between them.
However it's important to underline some aspects:
- Bitcoin seems to be more resilient: chinese news was absorbed better than Ethereum and Bitcash and I think the main reason could be the different capitalisation
- Bitcash has the highest BETA of the group: it means that it is the most reactive both in bull and bear market.
- Ethereum was very weak in the first half of the month, but showed a good performance during the recovery phase. I think that after its great year-to-date performance, it needed a correction before the beginning of a new uptrend.
Comments are welcome!
Let's see how the main cryptocurrencies have performed since the beginning of this troubled month.
THE WHOLE MONTH :
SEPTEMBER 1st - SEPTEMBER 28th - 1 hour chart
In the first half of the month Bitcoin Cash had the best performance, followed by Bitcoin and Ethereum. However the "Chinese crisis" was better absorbed by Bitcoin, while BITCash and Ethereum suffered more, with a fall of almost -50%.
FOCUS ON RECOVERY
SEPTEMBER 15th - SEPTEMBER 28th - 1 hour chart
The chart below shows how cryptocurrencies have reacted to the great drawdown saw on September 15th.
As you can see, Ethereum and BitCash have recovered more than Bitcoin, but they also suffered a bigger fall before.
CONCLUSION
The behaviour of cryptocurrencies during September was similar, and this is normal, considering the high correlation between them.
However it's important to underline some aspects:
- Bitcoin seems to be more resilient: chinese news was absorbed better than Ethereum and Bitcash and I think the main reason could be the different capitalisation
- Bitcash has the highest BETA of the group: it means that it is the most reactive both in bull and bear market.
- Ethereum was very weak in the first half of the month, but showed a good performance during the recovery phase. I think that after its great year-to-date performance, it needed a correction before the beginning of a new uptrend.
Comments are welcome!
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