Top Crypto Performers September 2 – Helium, Uniswap, MANTRA
Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...
As major cryptos recover on Monday following a dip over the weekend to fresh multi-week lows, traders are hunting for top crypto performers today in the alt-coin market that might be able to sustain bullish momentum during September, a typically bearish month for the likes of Bitcoin (BTC).
The Bitcoin price has risen on just three out of the nine prior Septembers, per bitcoinmonthlyreturn.com.
Bitcoin was last trading in the upper $58,000s, up around 2.5% on the day.
Other major cryptos were also trading with a slight positive bias, with Ethereum (ETH) up 2.2% in 24 hours to just above $2,500, per CoinMarketCap.
The bulls will be hoping that major US economic data releases this week, including the ISM PMI reports and US jobs data on Friday, will simultaneously support the case for Fed interest rate cuts whilst also easing any concerns that the US economy is on the verge of tilting towards recession.
Indeed, the bulls will be hoping that the first Fed interest rate cut since 2020 later this month could boost sentiment.
With inflation having eased substantially this year and the labor market showing cracks, the Fed is expected to cut interest rates by a minimum of 25bps later this month, marking the beginning of a cutting cycle after the Fed hiked interest rates to multi-decade highs of 5.25-5.5% in 2022/2023.
Macro tailwinds thus suggest that this September could break from traditional seasonality and come in more bullish than in prior years.
Add to the mix potential political tailwinds. Polymarket has the more ardently
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