- In the crypto market, Bitcoin is likely to perform well in September, following the news of Grayscale’s victory against the SEC over Bitcoin ETFs.
- Ethereum is also expected to do well in September, thanks to the launch of the Ethereum Execution Layer Specification (EELS).
- Polygon has formed a double bottom pattern, which is a bullish signal.
- Monero might do well as well, due to the SEC’s possible approval of Bitcoin and Ethereum ETFs.
- Polkadot is currently in a descending triangle formation, which suggests that it is due for a breakout.
Septembers have received some very bad rap, as being terrible months for Bitcoin (and therefore the crypto market) – Historically speaking.
However, what are the odds that this one will be different?
Are there some cryptocurrencies out there that are worth keeping an eye out for?
In this article, we will be going over five of the top cryptocurrencies you should be keeping an eye out for, over the next thirty days or so.
The first cryptocurrency is:
1. Cryptos to watch: Bitcoin (BTC)
This is an obvious first choice.
Bitcoin has a $500 million share of the $1.08 trillion crypto market cap and has a considerable amount of influence over the market.
Bitcoin may perform well in September against all odds, after The U.S. Court of Appeals for the D.C. Circuit took Grayscale’s side, in a lawsuit against the SEC over Bitcoin ETFs.
Grayscale now has the rights to convert the Grayscale Bitcoin Trust to an ETF and may have now paved the way for other companies that want to start offering bitcoin ETFs, like BlackRock and Fidelity.
Bitcoin’s performance has been impressive this year, despite the current price weakness.
Bitcoin, even after descending to the $25,000 zone, is still up on a year-to-date basis by 65%.
Bitcoin is currently testing its YTD ascending trendline and if the bulls push well enough against the bears, September may be the month Bitcoin finally “bounces”
Ethereum has a pretty substantial ~20% influence over the market and is a worthy contender for the top crypto to look out for in September.
The Ethereum Foundation just launched the Ethereum Execution Layer Specification, or EELS, after more than a year of development.
This new specification will pave the way for more developers, who in turn will build more DApps and bring some more points to the network’s DeFi TVL.
Just like Bitcoin, Ethereum has been bullish this year, with a YTD gain of 43%.
However, unlike Bitcoin, Ethereum has been in a range between $1,637 and $2,127 since March this year.
The good news, however, is that Ethereum is currently testing $1,637.
This presents an opportunity for the bulls to initiate a bounce and possible 31% rally to $2,127 in September.
According to DefiLlama, Ethereum currently has $22.3 billion TVL and remains the largest Defi chain with a market share of
3. Polygon (MATIC)
Polygon has formed a double bottom formation, after a particularly rough 2023.
Polygon started the year well at a $0.74 price. And from January until mid-February, the cryptocurrency surged in price to as high as $1.57.
However, Polygon has been in a decline ever since and is even at a 29.62% YTD dip.
However, since hitting the $0.52 yearly lows, Polygon has refused to go further down.
The cryptocurrency even has a double-bottom pattern as illustrated below.
Double bottoms are bullish patterns, and may even be the first indicators of a bullish bounce on Polygon from $0.52 to the top.
4. Monero (XMR)
Investment giants, ARK Invest and 21Shares have now come together, in a bid to pursue Ethereum ETFs. This comes after reports that the SEC may soon approve BlackRock and Grayscale’s applications for Bitcoin ETFs.
As expected, several cryptocurrencies have now begun to attract attention. One of these cryptocurrencies is Monero, with its renowned privacy and untraceable transactions.
CoinMarketCap even shows that despite the unfavourable market conditions, Monero is up by 1.2% today, and has a 4.3% gain over the last week.
Like Bitcoin, Monero has remained consistently bullish this year and is even in a retest of its 2023 ascending trendline as illustrated above.
September is likely to be a good one for Monero if the bulls are able to initiate a bounce and sustain the rally that follows.
Monero will need to break through the $143.8 resistance to be eligible for the 29.89% rally to $187.3 that follows.
5. Polkadot (DOT)
Polkadot has not moved very much this year.
This is because the cryptocurrency is in a descending triangle, and has been having a bit of trouble breaking out.
However, the thing about triangle formations (or any other kind of formation, actually), is that sooner or later, a breakout has to happen.
As it turns out, Polkadot is getting squeezed inside this formation and will have no choice but to break out soon.
The formation shows that the bears keep pushing Polkadot into dips whenever it tries to break out, but are unwilling to go below $4.08.
This decreases the likelihood of a break below $4.08 and indicates that Polkadot is more likely to rally to the upside in September.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.