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Monthly Update on the Cryptocurrency Market for September 2018

By Monica Barker
Published on October 03, 2018
Cryptocurrency Market Update

It seems like the cryptocurrency market hasn’t been able to catch a break over the last few months. In September, a few wrapped up the month above the red line, but most coins ended up losing value from the 1st of the month to the 30th.

We were hoping that the positive momentum that we saw at the end of August would carry over to September, and it did for the first few days, but unfortunately, it didn’t last for the majority of the coins on our top 10 market cap list.

About a week into September, the value of Bitcoin began to drop rapidly after a devastating announcement made by Goldman Sachs. And with it, the value of most other coins dropped as well.

We’ll talk more about that event, as well as another high-profile Japanese crypto exchange hack that left users without $60 million in cryptocurrencies.

Though the news wasn’t plentiful for the month of September, the stories that did make the headlines were massively important to everyone that has invested in any cryptocurrency.

As always, we’ve broken down the top 10 market cap coins into a performance ranking of the best to worst performing coins based on the value change from September 1st to the 30th.

Along with a little bit of information about each coin, we’ve provided the performance ranking as well as the percentage value change.

Keeping an eye on the overall monthly performance of the market, as well as the coins that you’ve invested in, is an incredibly important tool in your crypto toolbox.

If you’re looking for the highlights for the month of September, or you’re bookmarking this page for future reference, we’ve created this cryptocurrency market update to help paint a better picture of what happened this month.

As always, we’d like to mention that the cryptocurrency market is volatile, and as we’ve seen this month, it can drop or spike in value without much warning. While the data in this crypto market update is important for crypto users, it shouldn’t be used to try to predict future market behaviors.

We encourage you to use this guide as a jumping-off point and do some independent research to find exactly what you need to be a smart and successful cryptocurrency user.

Top 10 Market Cap Coins

There are a lot of options for anyone looking to invest in cryptocurrency, but there are a handful of coins that make up the top 10 market capitalization coins list. This isn’t a list of the top 10 most expensive coins, but instead, they are the top 10 most popular or most widely-owned coins. This list does change a bit from month to month, but for the most part, it remains the same.

Every month, we take the top 10 coins and examine their values and how they performed over the course of that month. We then take that performance information and rank each coin from 1 – 10, with #1 being the top-performing coin and #10 being the lowest.

With each coin, we’ve provided a very short background in addition to the monthly value overviews.

#1 – Bitcoin (BTC)

Bitcoin is arguably the most well-known of the bunch and has been set in the #1 market cap position for quite some time now (though that could change at any time). It’s the oldest on this list and has so far been the most successful.

Unlike its rank in terms of market cap, Bitcoin’s performance month to month fluctuates a bit. In September, it came in at #7, dropping in value by almost 6%. On September 1st, it started off at $7,044.81. At market close on the 30th, it had dropped to $6,625.56.

September Rank September 1, 2018 September 30, 2018 Percent Change in September
7 $7,044.81 $6,625.56 ↓5.95%

#2 – Ethereum (ETH)

Ethereum was created to improve upon the existing Bitcoin and blockchain setup and is now the second-most-popular coin on the market. It aims to be constantly evolving in addition to providing faster transaction speeds.

For the second month in a row, ETH is the #10 performer. It dropped in value by almost 18%, which translated to just about $50 USD. On September 1st, a single ETH was valued at $283.50, and by market close on September 30th, it had fallen to $232.85.

September Rank September 1, 2018 September 30, 2018 Percent Change in September
10 $283.50 $232.85 ↓17.86%

#3 – Ripple (XRP)

Ripple was a slow burner, being introduced 7 years after the beginning of the coin’s development in 2004.

Unlike most coins that use a connection to your bank account to fund your coin purchases, you can purchase Ripple using things like flight miles and cell phone minutes in addition to the traditional methods.

XRP was the top performer for the month of September, growing in value by almost 25% from the 1st to the 30th. On September 1st, a single XRP was valued at $0.335, and at market close on September 30th, it had jumped to $0.581.

September Rank September 1, 2018 September 30, 2018 Percent Change in September
1 $0.335 $0.581 ↑24.6%

#4 – Bitcoin Cash (BCH)

If you’re wondering how this coin got away with its name, it was actually birthed from the original Bitcoin.

There was a disagreement about how to move forward with the setup of Bitcoin, which caused a “fork” and the eventual creation of Bitcoin Cash. It claims to offer faster transactions that are cheaper for its users.

You rarely see Bitcoin Cash, or most of the coins on this list, move in their position in terms of market cap. But in terms of performance, they’re kind of all over the place.

Last month, BCH was the second-worst-performing coin. This month, it came in at #6 after dropping in value by just over 2.5%.

September Rank September 1, 2018 September 30, 2018 Percent Change in September
6 $543.96 $529.93 ↓2.57%

#5 – EOS (EOS)

EOS uses “parallel processing” to increase transaction speeds by executing multiple tasks at the same time. For those that are familiar with the Bitcoin model of the blockchain, this is a bit of a big deal.

In September, EOS ranked 8th in performance, having dropped in value by 15.37% from September 1st to September 30th.

At market open on September 1st, a single EOS was valued at $6.44. At market close on September 30th, that value per coin had dropped to $5.45.

This is in no way discouraging considering the overall performance of ALL major coins, and its small value per share means that the 15% drop translated to a $1.01 USD drop per share.

September Rank September 1, 2018 September 30, 2018 Percent Change in September
8 $6.44 $5.45 ↓15.37%

#6 – Stellar (XLM)

Stellar was created just 4 years ago to improve upon the Ripple system. Stellar claims to offer faster transaction speeds than Ripple, which is a big deal for most cryptocurrency users.

XLM ranks #2 in performance this month, having increased in value by just over 16% from the 1st to the 30th.

On September 1st, a single Stellar coin was valued at $0.22. On September 30th at market close, it was up to $0.259.

Though that may not seem like much, with the market at its current state, it’s impressive for a coin of this size to increase in value at all, let alone by over 16%.

September Rank September 1, 2018 September 30, 2018 Percent Change in September
2 $0.222 $0.259 ↑16.66%

#7 – Litecoin (LTC)

Many coins set out to create a setup and system that improves on the setups of major coins like Bitcoin and Ethereum.

As you may be able to tell by the name, Litecoin was created as an improvement to Bitcoin’s system. It claims to offer much faster transaction speeds than its muse.

Litecoin came in at #5 on our performance list this month with a drop of just 0.97% from the 1st to the 30th.

Considering that the value fell over 20% in August, we think that that’s good news. On the 1st of September, a single LTC was valued at $61.74. By market close at the end of the month, it was valued at $61.14.

September Rank September 1, 2018 September 30, 2018 Percent Change in September
5 $61.74 $61.14 ↓0.97%

#8 – Tether (USDT)

Tether has a different setup entirely than the vast majority of coins available today for a few reasons. It’s essentially a cryptocurrency representation of fiat or traditional currencies, currently only representing USD and EUR.

This means that Tether is much more stable in value than most other coins you’ll find on the market. This can be good and bad, depending on what your aims are for owning the Tether coin.

Because of its relative stability, we often see Tether having a 0% change from the first to the last of the month.

Over the past few months, this has landed it in the #1-performing coin slot simply because it was the only coin that didn’t experience a loss.

For September, it comes in at #4, again with a 0% change, remaining at $1 per USDT on September 1st and September 30th.

September Rank September 1, 2018 September 30, 2018 Percent Change in September
4 $1.00 $1.00 0%

#9 – Cardano (ADA)

Cardano celebrated its 1st birthday this month after being released in September 2017. Its initial purpose was to act as an improvement to the Ethereum model, but it has expanded in its goal since then.

Over the course of this month, ADA was one of the worst-performing coins, having dropped in value by over 15% from the beginning of September to the end. Its value is under $1 USD, so the 15% value drop really only translated to about 2¢ per coin.

On September 1st, it was valued at $0.101, and at market close on September 30th, it had dropped to $0.085.

September Rank September 1, 2018 September 30, 2018 Percent Change in September
9 $0.101 $0.085 ↓15.84%

#10 – Monero (XMR)

Monero uses a bit of a different kind of ledger called an obfuscated public ledger.

Basically, what that means is that it’s still a public ledger, but some pieces of personal information are left out. That extra layer of privacy is very enticing to many people that worry about their safety.

In September, XMR ranked #3 for the second month in a row in terms of performance. On September 1st at market open, Monero was valued at $116.26.

At market close on the 30th, it had grown in value by 0.017 at $116.28 per coin.

September Rank September 1, 2018 September 30, 2018 Percent Change in September
3 $116.26 $116.28 ↑0.017%

September’s Top Stories

There were a few major stories this month that hogged the headlines, but they were quite important to dissecting the possible reasons for the crypto market’s poor performance this month.

If you’re interested or currently invested in any cryptocurrency, keeping yourself informed of the current events is imperative.

This is doubly true when the news stories provide a firm reminder that although cryptocurrency is popular, and many people speculate it to be the currency of the future, there are still lots of kinks to work out.

This isn’t us trying to discourage you from investing in crypto. We just recommend that you do plenty of research and keep yourself in tune with everything going on in the world of cryptocurrency.

Japanese Exchange Hack

One of the most commonly cited concerns with cryptocurrency and crypto exchanges is security. And unfortunately, the biggest story of the month probably won’t ease any of those fears.

Another major Japanese cryptocurrency exchange experienced a hack at the end of September. About from the Zaif exchange on the evening of September 14th.

They’ve reported that of the 6.7 billion yen that was stolen, about 4.5 billion was customer money. This hack wasn’t nearly as large as the Coincheck hack of earlier this year, where hackers made away with almost $500 million from the exchange.

Though this situation is less than ideal and doesn’t help the reputation of Japan’s Financial Services Agency (FSA), there are measures that are being put in place to stop future hacks.

The FSA, in an attempt to increase the popularity and legitimacy of crypto trading, authorized lots of exchanges without monitoring the security of those exchanges.

While we can’t tell you which exchanges will be hacked in the future, we can give you some tips to protect your coins in the event of an exchange hack.

Major Cryptocurrency Dip After Goldman Sachs Trading Desk Plan

It’s hard to put a definitive stamp on exactly WHY the market drops and spikes, but you can sometimes use big crypto news stories to make an educated guess.

This month, we’re making an educated guess that Goldman Sachs’ decision to scrap their previously announced plan to create a crypto trading desk was a top contributor.

In the early days of September, that they would no longer be going forward with their plans to create a cryptocurrency trading platform.

This plan was thought to increase the legitimacy and regulatory nature of cryptocurrency, so the rollback of the plan was quite a blow to those that believed this step would launch the crypto market into the next level.

Bitcoin owners that were banking on this plan being implemented began to sell off their coins, and it ended up dropping by about 10% in 48 hours. According to CoinDesk, about $1,000 USD of Bitcoin’s value was lost in that period of time.

Bitcoin wasn’t the only one, though. Ethereum dropped by 13%, Ripple by 6%, and Bitcoin Cash by 12% in roughly 24 hours.

It’s quite common to see smaller coins move in the same direction as Bitcoin, which, in cases like these, can be harmful to the market overall.

Summary

Most of the major cryptocurrencies dropped in value during September. There were also a couple of big rises, though, so there’s no need to panic and assume the whole market is on the verge of collapse.

There’s been a lot of recent speculation that there could soon be a big jump in the value of Bitcoin. Whether that actually happens or not remains to be seen, but the speculation is a sign that there’s still plenty of positivity surrounding the market.

If you hold investments in Bitcoin or any of the other cryptocurrencies or are looking to get involved, please take the time to analyze all the information in this report. Past performance is not a perfect indicator of future performance, but it’s certainly something you should take into account.

We’ll be back next month with our latest report, so please remember to check back.

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Monthly Update on the Cryptocurrency Market for September 2018
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Monthly Update on the Cryptocurrency Market for September 2018
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Looking back at what’s happened in the cryptocurrency market in September 2018. Analysis of the major cryptos and a news roundup.
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