Bitcoin lost 7% in August while Ethereum gained 17%, but traders expect a possible bounce in September

Bitcoin’s been dragging through the summer while Ethereum left it in the ￰0￱ August, Bitcoin dropped 7%, even as ETH ran up 17%. Over the last two months, Bitcoin has only moved by less than 1% up, while Ethereum surged by 74%. That underperformance hit Bitcoin’s market dominance, which sank over 5% in a month, based on data from ￰1￱ according to a report from CNBC, some traders expect a short-lived comeback for Bitcoin in September, especially if market conditions remain volatile and demand for flashy new crypto stocks dries ￰2￱ new public crypto companies, most of them launched to chase shareholder returns, are now leaning heavily on retail interest to stay ￰3￱ that interest fades, prices could fall ￰4￱ Sigel, who leads crypto research at VanEck, said: “While we don’t see signs of excessive leverage like last cycle … there has been a whole lot of new stocks that need buyers to maintain their current ￰5￱ retail investor appetite falls materially, my hunch is that those stocks will definitely suffer and bitcoin itself might end up being an outperformer in the space.” Ethereum ratio drops as Bitcoin pulls traders in Bitcoin’s record in September isn’t ￰6￱ asset has averaged a 3.7% decline in the month since 2013, with a 4.3% median drop, according to data from ￰7￱ did finish September in the green the past two years, but traders still brace for ￰8￱ the flip side, October has been Bitcoin’s rebound month almost every ￰9￱ 2013, Bitcoin has posted gains in all but two Octobers, with average and median returns both sitting at 21%.

The crypto community calls it “Uptober”, and many are counting on that pattern again this ￰10￱ Bambra, CEO of the hybrid crypto exchange Rails, said the start of September could be rocky for Bitcoin before momentum changes. “Bitcoin should chop around at the beginning of September and that’s where you’re probably getting towards local highs for ETH-BTC,” he ￰11￱ ETH-BTC ratio compares the performance of Ethereum to ￰12￱ it’s falling, Ethereum is cooling off. “So you will see ETH-BTC cool off and that means bitcoin dominance takes a bit of a run against ETH in September,” Bambra ￰13￱ eyes are on the Federal Reserve, with its next policy meeting scheduled for September 16–17.

Traders are reacting to a recent signal from Jerome Powell, who suggested that a possible rate cut might be on the ￰14￱ typically performs better in pro-liquidity environments, and a dovish Fed could help the crypto gain some ￰15￱ Bitcoin is still vulnerable to wider market sell-offs, its price is expected to find support from large ETF inflows and accumulation by long-term ￰16￱ asset hit a new all-time high of nearly $125,000 on August ￰17￱ millionaires use crypto to buy jets, yachts, and hotel suites The rise in Bitcoin’s value is changing how the wealthy spend. A growing group of private jet operators, cruise lines, and hotels has started taking crypto payments as rich investors, especially those in their 30s and 40s, look for faster, flashier ways to spend their coins.

Flexjet-owned FXAIR, a private charter company, now accepts ￰18￱ company’s chair, Kenn Ricci, said they’ve seen a jump in demand from younger travelers. “Tremendous” interest from Bitcoin-rich clients led them to embrace crypto payments. “We save them time… And time is the most precious luxury,” Ricci said. A single flight from Farnborough Airport, near London, to New York City can cost up to $80,000, and Ricci said clients from the Bitcoin space want bigger planes and longer ￰19￱ Voyages, the luxury cruise brand, now sells its $120,000 annual pass using ￰20￱ Yacht Club, which runs two high-end yachts with nearly a 1:1 crew-to-guest ratio, also started accepting Bitcoin shortly after Trump returned to the White ￰21￱ boutique hotel groups have followed ￰22￱ Kessler Collection in the United States and The Pavilions Hotels and Resorts, originally founded in Hong Kong, now take crypto, specifically Dogecoin, Litecoin, and ￰23￱ demand is driven by a younger generation of crypto millionaires who are fueling growth in the luxury travel ￰24￱ aged 30–40 spent $28 billion in 2023, and are expected to push that number to $54 billion by 2028, based on analysis from ￰25￱ aren’t your old-school first-class passengers ￰26￱ $50 free to trade crypto when you sign up to Bybit now