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Crypto: September 2020 ends with a yo-yo effect
Crypto: September 2020 ends with a yo-yo effect
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Crypto: September 2020 ends with a yo-yo effect

By Federico Izzi - 30 Sep 2020

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September 2020 ends with a yo-yo effect for the crypto market. For five days, there have been alternating red and green signs, highlighting a period of uncertainty that has characterized the entire month. 

The last month of the third quarter of the year began in full euphoria, pushing prices to hit new annual records, and then exploded into a downturn that cancelled out most of the increases achieved during the summer. 

A step backwards that had a negative impact on the monthly performance of the main big players. 

The best and worst crypto assets of September 2020 

Out of the top 20 capitalized, only Binance Coin (BNB) has been able to navigate against the trend, gaining more than 20% since the end of August. 

Also doing well are Tron (TRX) and NEO up by more than 5%, and Monero (XMR), the only privacy coin to close the month in beauty and a quarter with a gain of more than 50%. 

ZCash (ZEC) and Dash stumbled with monthly declines of more than 20%, affecting quarterly performance which ended with small gains.

coin360 20200930
Source: COIN360.com

The crypto market today

The last day of September begins with a slight prevalence of red signs. 

Of the first 100, 60% move below par. Scrolling the ranking from the top, the best rises of the day are Binance Coin (BNB) Monero (XMR) and Bitcoin Cash (BCH), all climbing above 2%. 

Moving past the most capitalized, Zilliqa (ZIL) takes the podium with a leap above 10%. Followed by Cosmos (ATOM) +7% and ZCash (ZEC) +6%. 

On the opposite side today, Yearn.Finance (YFI) together with Enjin Coin (ENJ) yielded more than 12% from yesterday’s levels. Profits were also taken on OMG Network (OMG), Aave (LEND), Loopring (LRC) and Synthetix Network (SNX), all down 7%.

DeFiPulse 20200930

TVL and market cap

Capital locked on decentralized financial protocols continues to strengthen, rising to $11 billion, despite the release of more than 500,000 ETH in the last two weeks. Meanwhile, the number of Bitcoin that owners prefer to tokenize for better returns in a period of uncertainty has risen to over 135,000 BTC, a new all-time record.

Total capitalization remains above $345 billion with volumes down just over $100 billion traded in the last 24 hours, less than half of the traffic recorded in mid-September. For Ethereum this is the fifth consecutive day with trades below $1 million.

BTC 20200930
Bitcoin chart by Tradingview

Bitcoin (BTC)

The tedious price fluctuations of the last few days remain above the former resistance area of $10,700, now becoming short-term support. Options hedges remain unchanged. 

Traders do not show any particular tensions with prices within the channel between 10,000 and 11,200 USD, which has been forcing prices since the beginning of the month.

ETH 20200930
Ethereum chart by Tradingview

Ethereum (ETH)

For a week now, prices seem to have fallen asleep at USD 355, an area that continues to remain balanced between the lows and highs recorded after the sinking of the first week of September. 

For Ether too, professional traders do not alter their hedging strategies by keeping the protection for possible falls above USD 315 and bullish resistance above USD 405-415.

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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