At the start of September, Cardano (ADA) showed significant growth in trading activity, increasing trading volumes over the past 24 hours.
Increase in Cardano's Trading Activity
On September 1st, Cardano's trading volume surged by 73.34%, reaching $1.27 billion. This occurred as traders adjusted their positions at the beginning of the month.
September: A Traditionally Weak Month
Historically, September has been a weak month for cryptocurrencies, including Cardano, which has finished three out of the last four Septembers in the red. In September 2021, Cardano experienced a 23% drop, while in the following years of 2022 and 2023, it faced smaller losses of 2.47% and 0.78%, respectively.
Price Predictions for September
Analysts suggest three possible scenarios for ADA in September: a rebound, further declines, or consolidation before the next major movement. Expectations of a potential Fed rate cut in September may positively impact the market.
September is traditionally a challenging month for cryptocurrencies, including Cardano. With anticipated market movements, investors are closely monitoring ADA's response to changes in economic policy.
