Bitcoin Defies Seasonal Slump With Third-Best August Ever
Bitcoin Magazine
Bitcoin Defies Seasonal Slump With Third-Best August Ever
Bitcoin is known for its summer slumps. But August was different.
In fact, the leading cryptocurrency had its third best August ever.
As highlighted on Tuesday by Bitwise’s European Head of Research, André Dragosch, bitcoin delivered returns of 25% last month.
“No ‘summer lull’ so far,” Dragosch wrote on X, highlighting that the only better Augusts the coin has had were in 2017 when it gave investors returns of nearly 66%, and 2013, with close to 31%.
Multiple analyses point to the months of June-September showing weaker average returns than the rest of the year.
Throughout most of June and July, bitcoin’s volatility was particularly muted, and the coin traded below $65,000.
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