In recent weeks, the crypto market has shown sideways movement, indicating uncertainty among traders. September could be a key month for potential breakouts.
Overall Crypto Market Analysis
The total market capitalization of the crypto market remains below the $4 trillion mark. After peaking in mid-August, the market shows signs of consolidation, reflecting traders' indecisiveness as they await clear signals from the macro economy.
Bitcoin Price Dynamics
Bitcoin remains the key asset, holding steady above the $110,000 level after a retreat from its all-time high near $120,000. This price consolidation may indicate support formation, but the lack of bullish catalysts is shifting traders' focus to altcoins.
Altcoin Prospects
The CMC Altcoin Season Index currently sits at 55, indicating growing strength in altcoins compared to last month. With altcoin dominance gradually increasing, September may mark the beginning of a rotation towards promising projects.
The consolidation in the crypto market and stable Bitcoin price create favorable conditions for potential altcoin growth. Attention should be directed to some of the altcoins with strong fundamentals.
