As we head into September, it is important to state that August 2023 was a bearish month for the cryptocurrency market. This was noticeable in the case of both Bitcoin and various altcoins, which experienced significant decreases since their yearly highs in July.
Now at the beginning of the last month of the third quarter, analytics show that September has traditionally been a challenging month for the flagship asset Bitcoin.
Although historical trends indicate that September is usually characterised by negative price movements which suggests a red month for Bitcoin, there are no guarantees that there won’t be gains for altcoins (other cryptocurrencies apart from Bitcoin).
What this means is that despite an expected bearish market, some altcoins have bullish-looking formations. With this, Technext looks at the top 3 cryptocurrencies to look out for in September 2023.
This is one of the cryptocurrencies that has taken investors on a roller coaster ride in recent years. One of the biggest reasons Cardano has such acclaim is its developmental approach. The network takes a slow, methodical approach that relies on evidence-based decisions to guide its growth.
And recently, the network has continued to garner substantial user activities. Data shows that developers now focus more on Cardano than any other network, in 2023. Making Cardano the leader in developer engagement and project advancement.
Investors already know what that means. Developers are the architects of the Internet and Web3. If they engage with Cardano more than any other crypto that is about as clear a signal as there can be that Cardano is on a path to growth. Increased participation equals more buyer demand which will propel the market price of the native token, $ADA.
In September, $ADA has the potential to return to one of the best-performing cryptocurrencies. Investors should keep an eye on the token.
Ripple and its native token, $XRP have enjoyed media attention in the past two months and it all goes down to the protracted legal battle between the company and the United States Securities and Exchange Commission (SEC).
When the court passed a judgment in favour of $XRP recently, it experienced a significant uptick which made a lot of money for investors. The SEC has however disclosed its intention to appeal the decision. Which makes September an interesting month for $XRP investors. If the lawsuit goes in favour of Ripple, then investors should look towards a sustainable market rally for $XRP.
Also, there is another bullish indicator, there are speculations that $XRP may soon be listed on the Robinhood exchange, which is expected to result in greater token liquidity and interest.
The project, known for the issuance of fan tokens, has experienced a positive price movement recently. This surge in price coincided with the project’s introduction of a mainnet upgrade designed to support sports and entertainment cryptocurrencies within the ecosystem.
Also, the world’s largest exchange, Binance recently announced its intention to integrate the Chiliz 2.0 mainnet. This integration will automatically convert all Chiliz-based tokens, including the native CHZ tokens and fan tokens, from their existing BEP2, BEP20, and Chiliz Legacy Chain addresses to the CAP20 token standard.
With the exposure, interest and traction attached to this new partnership, September promises to be a favourable month for the native $CHZ token. It is one of the cryptocurrencies to look forward to.
This content is for informational purposes only and should not be construed as investment, tax or legal advice. It is strongly recommended that every recipient seek appropriate independent professional advice before acting on any information contained herein, as Technext provides no endorsement, opinion or advice, including investment, tax or legal, and makes no representation or warranty about the suitability of a product for a particular reader or circumstance.
Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!