September was a slow month for most of the cryptocurrencies. Several coins were on a decline after a sustained bull run. They were mirroring Bitcoin that was facing its new resistance levels of around $12k. 

The month still was a revelation to the Defi currencies. They took the market with a boom as they rallied to new heights. 

Here are the September's top-performing cryptocurrencies; 

1.    Ethereum (ETH)

Ethereum is hands-off, the best performing crypto currency of 2020. While most of the other coins have been dormant, Ethereum has been so active. The coin entered the month with a sustained value increase. The talk on the Ethereum upgrade was not taking a break. The prospects of the ETH 2.0 are so alluring.

Its launch was postponed until the end of the year. Even after the new version's disappointment, the coin kept expanding—this time round due to the entry of the decentralized finances. 

The smart contracts giant started the month trading at around $360. The coin then quickly moved to beat one of its resistance levels of $384. The value turned into the new support levels as the coin rallied to reach over $400. The rally continued throughout the mid-month. 

It was, however, unable to beat the next resistance levels of $420 – 440. The digital currency hit the highs of $431. It then started a slow decline as the market began a correction phase. It has gotten to October still on the decline. 

It currently trades at around $358. The decline is mostly due to too much pressure from the DeFi coins.  

The Defi coin influx tested the Ethereum capabilities to the maximum. It was too much that the coin started too large at some point. The transaction speeds suddenly went down with prices shooting. Only the Ethereum miners had it great. They earned rewards way better than those of the Bitcoin mining by 6x. 

The overwhelming response of the Ethereum platform reinforced the need for an upgrade. The ETH 2.0 will come with faster transaction speeds. It relies on proof of stake instead of the current proof of work. PoW doesn't need everyone in the blockchain to verify transactions. 

2.    Bitcoin (BTC)

For the first time, Bitcoin starts the list, not as the leader. While Ethereum might have overshadowed it, Satoshi Nakamoto's coin still performed well. The coin started September, threatening a bearish move. It had been on a bullish run sustained from March 2020. It seemed as though it is headed for a market correction. 

Several other indications were pointing towards a bearish move. The US dollar was beginning to recover. 

A stronger USD reduces the value of the BTC. The month of September has also been historically slow for BTC. Also, the market seemed headed to a consolidation. 

Bitcoin by now has become so integral to fight off weak decline. It beat all the predictions to keep top performance within the month.  Starting the month at $11500, the coin rose steadily for the better part of the first half of the month.

The growth is attributed to the increasing HODLing activity within the crypto. Most traders have gained confidence in the coin. They are not willing to let go easily. The growth is due to the decline in exchange reserves. BTC has also started to attract institutional investors.

Like Ether, BTC ended September in a declining mode. Users are hoping it doesn't go below $10k. Going below the support levels would mean a sustained decline. 

3.    Chainlink (LINK)

Chainlink is one of the coins to have gained the most from the Defi boom. The coin is a useful virtual currency. It connects the blockchain technology-based smart contracts and real-world applications. It uses oracles (a Defi instrument) to connect the different worlds. 

The Defi has grown due to the ability to fulfill traditional financial roles without the risks. It allows for exchanging currencies, making payments, and other services. 
Chainlink eliminates banks, governments, or brokers. Chainlink has been the main connection in the whole process. 

LINK started September trading at around $12.50. It then rose against the market bear run to hit $13.40. It grew at a time most altcoins were plummeting. The coin was also on a perceived bearish run after all-time highs in August.

The LINK growth was due to the expansion of its data feeds. Different smart contract platforms started using data feeds. 

The market correction has at last caught up with the coin. Currently trading at around $8.9, the coin is likely on a bearish move. 

4.    Aave (LEND)

Aave is the leading Defi coin with more than $1.4 billion value. The coin had an active September. 

It started the month trading in the lows of 0.65. It then rallied to increase by 40% within the first week. It has then sustained growth as the lending facilities became integral. 

Aave growth doesn't seem to slow any time soon. The coin is introducing a new platform. It is moving the LEND token to the AAVE token. 

The new protocol promises to allow users more stakes. It also offers more security and functionality. 

The changes show the coin rise by more than 20% in the first week. The rise is likely to continue as the coin is proving so lucrative. 

5.    Tether (USDT)

September has not been as great for stablecoins. Tether still had a good run through the month. With its value tied to USD, the coin has faced a challenging 2020. The dollar has been on the low. It was trading at some of the worst rates since the 2008 economic crisis. 

The fiat currencies had an upturn in September as the economy started opening up following the coronavirus lockdown. It has gained ground and remains one of the most valuable virtual currencies.

Bottom Line 

September 2020 has been unique for digital currencies trading. Bitcoin lost its place as the top-performing cryptocurrency. The privacy coins were left behind while Ripple lost its allure. The market instead favored Ethereum. 

Most of the market was on a decline as the Defi coins took center stage. Ethereum being the support platform, gained the most. It, in the end, couldn't handle it anymore. The transactions became slower, with costs getting higher. The market started a correction phase. 

Other coins like Tether, Chainlink, and Aave were exceptional in September.