The months of July and August have been quite rough for most of the global crypto community, with depressed asset values and a generally fearful market sentiment, many investors had been eyeing an exit from some of their long-term holdings this time around — fearing for the worst.

However, as September rolled by, a few notable tailwinds have followed. The market sentiment has broadly improved and the Federal Reserve’s interest rate cuts of 50 basis points have also helped spur capital markets in the bullish direction.

Leading the charge was Bitcoin, which reached a price point of over $65,000, which it had not reached since late July of this year.

While the short-term market news is broadly positive, how sustainable is the current crypto market climate and should investors look out for another dramatic swing in the coming months?

To paint a clearer picture, we must turn our attention to the fiat currency market, as forex pairs offered by the likes of Axiory Japan point to a relatively softening U.S. dollar and more rate cuts on the horizon, which typically serves as a boost for financial markets — with crypto being one of the fastest to react to such fundamental economic shifts.

It is also worth noting that the Crypto Fear and Greed Index shows a value of over 50, which indicates slight greed on the market — thanks to recent positive shifts and a more optimistic investor outlook.

Top 5 Gainers of September

As we have already mentioned, the month of September has proven to be a broadly positive period for most crypto projects. It is worth noting that several cryptocurrencies posted triple-digit growth over the past 30 days of trading, which was practically nonexistent over the course of the summer.

Sui (SUI) +115.4%

One of the hottest cryptocurrencies traded in recent months, Sui has been a gift for its mid-to-long term investors.

The coin has more than doubled in price since the start of September — posting a gain of over 115% in the process. It is worth noting that August was also a positive month for Sui holders, as the coin gained a respectable 23% over the period.

These impressive gains put the annual performance of Sui firmly above 250%, which also means that it is one of the top-performing cryptocurrencies of 2024 so far. Going forward, some short-term pullbacks might be in order, as investors cash out on some of their gains, but the near-term future looks bright for Sui and its investors.

Bittensor (TAO) +108.4%

Bittensor has been one of the biggest surprises of the crypto market in 2024. The coin has more than doubled in September, netting a gain of 108% for its investors. But this is far from the full story. Over the course of the past 12 months, the price of TAO has risen a whopping 977%, which makes it one of the best-performing cryptocurrencies of the year.

After such a meteoric rise in prominence, Bittensor, which is a decentralized mining network, is unlikely to keep up the momentum in the short-term, as investors cash in on their massive gains. However, the coin has proven that major market shifts can cause it to be one of the best wealth creators on the crypto market today.

Nervos Network (CKB) +107.2%

Another member of the September triple-digit club, Nervos Network, which is a blockchain network developed by the nonprofit organization of the same name, has seen its coin rise sharply in September.

CKB rose by as much as 107% over the past 30 days of trading, which puts its annual performance at an impressive 508%, which also places the Nervos Network among the top performers of the past year.Due to its explosive growth in recent months, the price of CKB is also highly likely to go through a price correction in the coming weeks.

Fantom (FTM) +64%

Another cryptocurrency with impressive annual returns, Fantom’s 64% rise in September has meant that the coin has returned over 245% since September 2023.

While not as jaw-dropping as the previous entries on our list, FTM has delivered more than impressive returns to its holders through the year.

It is also worth noting that the September price of Fantom is nearly half of its March price point, which means that the coin could have considerable upside in the coming months, granted the crypto market is able to maintain a bullish momentum over that period.

Sei (SEI) +62.9%

Sei, the parallel blockchain platform, has risen by more than 60% over the month of September, which puts its year-long performance at over 290%. Similarly to other notable gainers on our list, Sei is also currently trading considerably lower than the first half of the year, which means that a consistent bullish trend on the crypto market could boost the price of Sei higher than its already impressive price point.

Top 5 Losers of September

Major losing cryptos have been few and far between in September, which saw most projects skyrocket after a disappointing summer for the crypto market.

That being said, a few notable exceptions, such as Monero and Maker, have seen some decline. However, it is also worth noting that, in both cases, the percentage decline did not reach double digits.

Monero (XMR) −9.6%

Monero has remained the biggest underperformer of the September crypto market. However, it is also worth noting that the coin lost less than 10% of its value over the month, further solidifying the overall bullish trend of the past 30 days of trading.

When comparing Monero’s September performance with the past 12 months of trading, we can see that the coin has only gained around 3% over the period, making it one of the most disappointing coins of the year. Going forward, the prospects of Monero largely depend on the continuation of a bullish trend on the broader crypto market.

Maker (MKR) −8.2%

Another underwhelming cryptocurrency that has declined in value over the course of September was Maker, which has also performed underwhelmingly over the past 12 months of trading — gaining only 2% in market value.

However, it is also worth noting that Maker’s price towards the end of September is almost half of the value shown in mid-July of 2024. This means that a turning crypto market could greatly help Maker reclaim some lost ground and improve its annual returns to investors.

Polygon (MATIC) −2.6%

Polygon has been one of the most underwhelming cryptocurrencies over the past year for investors. While the September decline was limited to less than 3%, the annual decline is starker at 25%.

Similarly to other entries on our list, Polygon’s price has also declined by a considerably larger percentage when compared to mid July and late August. Therefore, MATIC holds a higher chance of rebounding in the coming months, so long as the broader crypto market is able to maintain bullish momentum.

Flare (FLR) −2.2%

Conversely, Flare’s annual and September fortunes have been considerably different from each other. The data blockchain’s coin has only lost 2.2% over the month, while gaining over 40% since September 2023.

The coin has also dropped massively since the end of February 2024 — falling from $0.052 to as low as $0.015 by the end of September.

Due to a relatively short period of time on the market, long-term investors may be wary of investing in Flare, as the coin only had its ICO in January 2023. Regardless, the long-term price chart for Flare shows a decent buying opportunity for investors expecting more robust bullish price action in the coming months.

KuCoin Token (KCS) −2.15%

KuCoin’s short-term underperformance comes in a considerable contrast to the annual returns generated for its investors, as the past 12 months of trading has seen the coin gain 77% in value, while September saw a minor dip of just over 2%.

This is unlikely to be a warning sign to KCS holders, as the coin is still firmly in the green over the long run. Furthermore, similarly to many other entries on our list, KuCoin has also lost a considerable amount of value since late February and early March of this year.

For this reason, KuCoin could be one to watch for bullish crypto investors heading into October.

Summary

The summer of 2024 has proven to be very disappointing for the crypto market. However, the month of September has shown major signs of a trend reversal on the market, as most major and minor projects saw impressive growth — with double-digit and even triple-digit gains being posted.

However, it is also worth noting that the current crypto market is heavily reliant on the fundamental macro factors outside of its control, which means that traders have to navigate a considerably uncertain market, which is part of the reason why the Fear and Greed index values have been dovish for the most part.

As the month of October begins, the crypto market could be on the verge of a stronger bullish run, while individual projects are hit with price corrections as investors lock in their September gains.