Bitcoin (BTC) is on track to record its best performance ever for the month of September.
Historically, September has been the worst month of the year for the largest cryptocurrency by market capitalization. But not this year.
The first interest rate cut by the U.S. Federal Reserve in four years and economic stimulus measures from China’s government helped to lift Bitcoin’s fortunes this September.
Bitcoin has rallied 12% this month through Sept. 27. That’s its best September performance since 2009 when Bitcoin was created and launched.
September has also been the best month for Bitcoin since May of this year when it rallied 14%, according to market data.
Currently trading at $63,300 U.S., Bitcoin is up 43% on the year and about 10% below its all-time high of $73,798 U.S. reached in March of this year.
Heading into the fourth and final quarter of the year, Bitcoin looks to have several tailwinds that are likely to propel it higher.
These include the prospect of more economic stimulus measures from the Chinese government, and additional interest rate cuts from the U.S. Fed and other central banks.
Futures markets are currently pricing in an additional 50 to 75-basis points of interest rate cuts from the U.S. Federal Reserve this year.
Lower interest rates have renewed investors’ appetite for riskier assets such as cryptocurrencies, say analysts.
