Bitcoin crossed the $63 thousand price mark: will the cryptocurrency continue to grow

Bitcoin recovered from a brief dip below $63,000 and ended September with a 7.3% gain, reaching its best ever figure for that month.

Despite the market volatility, experts point to possible further growth of cryptocurrencies, although there are also warnings of possible difficulties.

Writes UNN with reference to Investing.

Bitcoin recovered from a brief drop below $63,000 earlier this week. Now at $63,950, the leading cryptocurrency ended September with a 7.3% gain, its best performance for the month in history.

The past few days have been a hot spot for a series of events that have simultaneously renewed optimism in global markets, with bitcoin at the forefront. The feeling of FOMO (fear of missing out) has returned to the market, indicating a readiness for further growth

However, this optimistic outlook is tempered by warnings, such as a peak in social sentiment, which could indicate potential difficulties ahead of new waves of growth,” he added.

The broader cryptocurrency market also suffered losses on Monday, with bitcoin down 3.7% and other cryptocurrencies such as Ethereum and Solana down 2.8% and 1.9% respectively.

Several altcoins, including Ripple, Cardano, Polkadot, and Chainlink, lost more than 5%. Meanwhile, US equity indices remained largely stable throughout the day but declined towards the end of the session.

Federal Reserve Chairman Jerome Powell said that although further rate cuts are planned, they may be less aggressive than before.

Despite market volatility, bitcoin is showing resilience. Historically, September has been a difficult month for bitcoin, but this year's gains suggest that October could be even more successful.

Recall 

Yesterday, the price of bitcoin today settled at $63,259, the best result for the cryptocurrency in September in recent years.