Bitcoin and altcoins are witnessing some profit taking today, but the overall uptrend remains intact.
Bitcoin (BTC) has made a sharp comeback from its August low of $49,000, but history does not support the continuation of the recovery in September. According to CoinGlass data, Bitcoin has dropped an average of 4.78% since 2013. In the past seven years, Bitcoin has witnessed a positive monthly gain only in 2023.
However, that has not deterred investors from buying Bitcoin-related exchange-traded products (ETP). CoinShares’ latest report shows that Bitcoin-related ETPs witnessed $543 million in inflows last week.
Daily cryptocurrency market performance. Source: Coin360
