Bitcoin (BTC) started Wednesday (29) with a slight recovery of 1.3% in the last 24 hours that helps the currency maintain its price around US$ 42,350.
According to CoinMarketCap, the BTC hit a low of $40,800 last night, but soon recovered. While the cryptocurrency stabilizes above $42,000, the lack of substantial price gains causes bitcoin to accumulate a 14.6% monthly devaluation, the currency’s worst performance since May, according to Bybt data.
With a day left until September ends, bitcoin will hardly have the strength to appreciate enough and close the month in the green, as it did in August (+13%) and July (+18%).
As in May, the price of bitcoin suffers the consequences of the crackdown on the crypto industry in China, whose government has criminalized any person or company that facilitates the trading of digital assets in the country.
Another factor that hinders the growth of the leading cryptocurrency is the fear that exists in the global financial market of a possible default by Evergrande, which has driven some investors away from riskier assets, such as cryptoactives.
Binance Coin and dYdX lead valuations on the day
Gradually, the cryptocurrency market stabilizes again and today some altcoins are already showing stronger gains. Binance Coin (BNB), native token of the world’s largest exchange, is the most valued in the Top 10 of the market’s main assets, up 8% in the last 24 hours.
This Wednesday morning, the BNB soared from $342 to its current price of $363, the day’s high. Over the course of the month, however, BNB still records a 32% loss.
The fastest growing cryptocurrency of the day is dYdX, which this morning set a new price record of $26. Up 28% in the past 24 hours, the token takes advantage of the growing popularity of the decentralized dYdX exchange in the Chinese market to accumulate earnings that already reach 106% in the week.
The current rise of 0.8% in the Ethereum (ETH) is still not strong enough to keep the currency quoted above the important level of US$3,000. At the main brokers in the market, ether is traded at US$2,920.
Other altcoins are also on the rise this Wednesday morning, such as Solana (3%), Polkadot (2%), Dogecoin (0.7%) and Cardano (0.6%).