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In September, the crypto market trading was active, with prices under pressure and derivations accounting for more than half.
Crypto Assets Market September Analysis: Volume rise but prices under pressure
In September, the overall cryptocurrency market showed a downward trend, with the prices of major cryptocurrencies experiencing varying degrees of decline. The price of Bitcoin fell by 7.1% to $43,829, while Ethereum dropped by 12.6% to $3,001. However, Solana continued to maintain an upward momentum, with a monthly increase of 30.4%. Although Cardano completed the Alonzo upgrade, introducing smart contract functionality, its price still fell by 23.6%.
Despite the price decline, cryptocurrency trading activity remained active in September. The total spot trading volume increased by 6.2% to $2.5 trillion, with a single-day volume of $161.6 billion on September 7 setting a monthly record. Derivatives trading volume rose by 1.2% to $3.5 trillion, accounting for 56% of the overall market. The total open interest reached $27.8 billion, a five-month high.
From a regulatory perspective, some positive signals were also reported in September. The Chairman of the Federal Reserve expressed no intention to ban Crypto Assets, and some social platforms have begun to launch features related to Crypto Assets. In addition, the policy adjustments towards Crypto Assets in some countries have not caused long-term negative impacts on the market.
Specifically, the cryptocurrency market showed the following characteristics in September:
Overall, despite the pressure on Crypto Assets prices in September, trading activity is still on the rise, and the derivatives market is developing rapidly. This reflects that investors' long-term confidence in Crypto Assets remains, and the market structure is continuously improving. In the future, as the regulatory environment gradually clarifies, the Crypto Assets market is expected to usher in a healthier development.
Sol is so powerful, the momentum is strong!