Bitcoin Records Best September Gains Since 2016: Kaiko

Despite Bitcoin relinquishing its recent gains, data from the crypto analytics platform Kaiko reveals a historic milestone scored by the asset, as it records the best September gains since 2016.

Kaiko noted, in a recent report, that this past September marked the most profitable for the premier coin since 2016 and one of the most profitable in over a decade.

Per the chart shared, Bitcoin’s growth for the month is pegged at 4.7%. This growth compares to September 2012, when the coin soared as high as 23.5%. Of the 12-year data presented, only September of 2016 outpaced the past month as BTC jumped by 5.7% at the time.

From the Kaiko data, it can be gleaned that September is a historically tough month for Bitcoin. The coin’s growth was inverted a total of 8 times, with September 2014 being the harshest as the coin plunged by more than 19%.

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Bitcoin Growth Factors

Different factors impacted the general outlook of Bitcoin back in September. While these factors are mostly dominated by the anticipation of a Bitcoin spot ETF product, the sentiment surrounding the actual role of Bitcoin as an alternative to gold as a hedge against inflation is also growing.

Despite the massive uncertainty in the market, Bitcoin still maintains a 49.3% dominance, and top traders, including John Bollinger and Peter Brandt, believe a bullish rally might be around the corner.

While September has always proven to be tough for Bitcoin, October remains its best month over the years. The sustained bullishness in October has given rise to the term “Uptober.” In the spirit of this optimism, Bitcoin recently recovered $28,000 on Oct. 2 for the first time since August.

Interestingly, Bitcoin (BTC) has pared off all its gains over the past 24 hours. At the time of writing, BTC is trading at a spot price of $27,352.44, down by 3.24%, according to data from CoinMarketCap.

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• Source: https://thecryptobasic.com/2023/10/03/bitcoin-records-best-september-gains-since-2016-kaiko/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-records-best-september-gains-since-2016-kaiko