On Tuesday, Bitcoin saw a decline of 3.24% in its value within the last 24 hours, giving up all its gains from the previous day, according to a report by Kaiko. The cryptocurrency had rebounded to $28,000 on Monday but has since pared back its gains.
Despite this recent drop, Bitcoin experienced its best September performance since 2016 with a gain of 4.7%. This is second only to the historic surge of 23.5% in September 2012. The report noted that Bitcoin's market dominance stands at 49.3%.
The strong performance in September comes despite traditionally challenging Septembers for the cryptocurrency, including a significant plunge in September 2014. Factors such as anticipation of a Bitcoin spot ETF and its role as an inflation hedge have been fuelling optimism among investors.
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