Over the past few years, this crypto pattern has been more evident in October and September. These two months were so obvious that they have been renamed “Rektember” and “Uptober” in the cryptosphere. Follow along as we explain how these moniker are created and why they can offer hope in the midst of the crypto winter.
According to Bitcoin and other cryptocurrency, they are cyclical. This means that a price rise is usually followed by a selloff, which is then followed up by another rally. The cycle repeats itself repeatedly.
This pattern has been more evident over the years, particularly in September and October. These two months were so obvious that they have been renamed “Rektember” and “Uptober” in the cryptosphere. Follow along as we explain how these moniker are created and why they can offer hope in the midst of the crypto winter.
September is usually a bad month in the crypto industry, especially Bitcoin. In the past nine years, Bitcoin experienced seven Septembers in red. The average monthly decrease was 6 percent. This has earned September the notorious title of Rektember.
The September trend continued this year with crypto prices staying the same. Bitcoin saw a 3.3 percent drop in price between the beginning and the end. ETH dropped 15% from $1,557 to $1,348 between September 1 and September 30, which is a drop of 15 percent.
Rekt can be translated as crypto slang meaning “wrecked”. This is a term that refers to someone who has suffered a significant financial loss as a result of poor investments or trades. This could also be used to describe an asset that has experienced a significant loss in value. Rekt isn’t the same thing as a total realised loss. Rekt investments can bounce back over time. This brings us to Uptober
In terms of market performance, October is completely opposite to September. Bitcoin has been in green seven times in the past nine Octobers. The only red Octobers were in 2018 and 2019.
The global crypto market cap increased by 36 percent last year from $1.9 billion to $2.6 billion on Oct. 1 and $1.9 billion to October 31. BTC rose nearly 60% for the month of October 2013, another big Uptober. These signs point to a possible price rally and possibly a reversal in the bear market that we are currently in.
Uptober so far has not lived up to its expectations. While past years saw huge price rises, this year’s Uptober has seen price drops. Bitcoin has lost over 2.5 percent since the beginning of October, while ETH has fallen 4 percent. The crypto industry’s global market cap dropped from $947 billion to $928 billion at September’s end to $928 billion as of this writing. It’s not a good way to start a month associated with rising prices.
Although September 2022 was true to its Rektember title in September 2022, Uptober is still struggling to get its feet under control. Although prices have declined since the beginning of the month there are still many opportunities for a turnaround. But, it is important not to rely too heavily on Uptober for price increases. The volatility of cryptocurrencies is high, so this October could be an exception to the overall trend like 2018 or 2019.
