After a strong rally from the start of July to mid-August, the market began showing exhaustion signs in the second part of August. September started on a negative note as the crypto market lost 17.5% of its value in the first week. A sideways movement followed in the remaining days, and the market ended the month with a negative return of 14.9%.
After a strong altcoins run in recent weeks, Bitcoin performed relatively better in September. It recorded a negative return of -8%. Bitcoin represented 58.0% of the total cryptocurrency market capitalization at the end of the month, slightly up from last months’ 57.3%.
The Solidum Bitcoin Momentum Strategy performed on par with the rest of the market in September, with a monthly return of -14.94%. Compared to Bitcoin, however, the strategy slightly underperformed in the previous month. Bitcoin ended the month with a negative monthly performance of -7.65%.