On-chain data hints at historical tendency that could benefit XRP, BTC traders
Bitcoin, the largest cryptocurrency by market capitalization, appears to be in the same boat.
September has had the fewest positive-returning months for Bitcoin at only two, and BTC is currently on a six-year negative-return streak. Since 2016, Bitcoin has seen six"negative Septembers" in succession, according to the monthly returns chart.XRP, the fifth-largest cryptocurrency, is down 1.61% in September thus far, while BTC is down only 0.39%.
Given the historical pattern established in September, on-chain analytics firm Santiment observed a significant increase in bearish takes. Historically, it says, this served as a good thing for patient traders. This is because when the crowd is bearish, prices are more likely to rise. "With crypto markets continuing their unpredictability, we have seen a big uptick in bearish takes by the crowd here in September. Historically, this is a good thing for patient traders. The probability of price bounces rising after FUD becomes the majority," Santiment tweeted.
At the time of writing, BTC was marginally down 0.28% in the last 24 hours to $25,831; XRP was marginally up 0.28% in the last 24 hours to $0.502.
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