- Sui (SUI) fell under $1, whereas Bitcoin and Ethereum hit $26,500 and $1,800 respectively.
- Altcoins offered off on Wednesday as the worldwide cryptocurrency market cap fell to $1.15 trillion, down 2.6% on the time of writing.
- A confluence of headwinds, together with uncertainty over the U.S. debt ceiling negotiations and a possible default, was more likely to blame.
Sui (SUI) fell under $1 on Wednesday because the broader cryptocurrency market continued sell-off following current declines fueled by macroeconomic information occasions.
On the time of writing, SUI is buying and selling at $0.97, down roughly 7.6% over the previous 24 hours and -16% over the previous seven days. The token’s each day buying and selling quantity was simply over 235 million. USD, up 115% from the day earlier than, amid elevated promoting stress.
Immediately’s Sui’s decline is under the greenback for the primary time because it started buying and selling on exchanges. in 2023 Might 3 SUI reached an all-time excessive of $2.16. At present worth, it’s down nearly 55%.
Crypto market shrinks 2.6% as BTC, ETH and altcoins battle
With the SUI falling to an all-time low, crypto sentiment didn’t assist the worldwide crypto market. In line with market information aggregator CoinGecko, the whole cryptocurrency market cap is down 2.6% over the previous 24 hours on the time of writing, hovering round $1.15 trillion.
Crypto markets additionally fell as Bitcoin (BTC) the worth dropped to 26 thousand. The benchmark cryptocurrency market cap was $508 billion. USD, which is 3.7% lower than the day earlier than.
Ethereum additionally struggled to keep up its current momentum, with ETH buying and selling at $1,789, down about 3.3% prior to now 24 hours.
Each ETH and BTC hit yr highs above the $2,000 and $30,000 psychological ranges respectively. However a confluence of headwinds, together with regulatory uncertainty, has led to a downturn that threatens to additional erode vital help zones.
At present, one other destructive issue is the uncertainty surrounding the US debt ceiling negotiations and attainable default. Inventory fell on Wednesday amid investor jitters.
All high 10 altcoins additionally fell, together with XRP and Litecoin, which have rallied barely in current weeks. Crypto analysts say additional declines might put the market in danger. Michael van de Poppe shared such a perspective.
