- Sui (SUI) fell below $1 while Bitcoin and Ethereum fell below key levels at $26,500 and $1,800 respectively.
- Altcoins sold off on Wednesday as the global cryptocurrency market capitalization fell 2.6% to $1.15 trillion at the time of writing.
- A combination of headwinds, including uncertainty over US debt ceiling negotiations and the possibility of a default, likely triggered the move.
On Wednesday, the Sui (SUI) price fell below $1 due to a broad market decline. cryptocurrency market It continued to fall following recent losses triggered by macroeconomic news.
At the time of writing, the SUI is trading at $0.97, down about 7.6% over the past 24 hours and down -16% over the past 7 days. The token’s daily trading volume was just over $235 million, up 115% from the previous day amid mounting selling pressure.
Today’s drop in Sui sent the price below the dollar for the first time since the launch of the trading token on the exchange. On May 3, 2023, the SUI reached a new all-time high of $2.16. In today’s value, it’s down nearly 55%.
Cryptocurrency market shrinks by 2.6% as BTC, ETH and altcoins struggle
Crypto sentiment did not contribute to the rise in global cryptocurrency market capitalization as SUI dropped to its lowest price level ever. At the time of writing, the cryptocurrency market cap has fallen 2.6% over the past 24 hours, hovering around $1.15 trillion, according to data from market data aggregator CoinGecko.
The cryptocurrency market also fell Bitcoin (BTC) Prices retreated towards $26,000 amid continued financial market uncertainty. The market capitalization of benchmark cryptocurrencies fell 3.7% from the previous day to $508 billion.
ethereum It has also struggled to sustain its recent upward momentum, with the ETH price trading at $1,789, down about 3.3% over the past 24 hours.
ETH and BTC both hit year-to-date highs above the psychological levels of $2,000 and $30,000. However, a confluence of headwinds, including regulatory uncertainty, could drive the downside and further erode key support zones.
Another drag at the moment is the uncertainty around US debt ceiling negotiations and a possible default. stock It fell on Wednesday as a result of investor anxiety.
All Top 10 altcoin XRP and Litecoin, which have seen some uptrends in recent weeks, have also fallen. Cryptocurrency analysts say further declines could pose a danger to the market.Michael van de Poppe share Such a prospect.