- Sui (SUI) declined below $1, while bitcoin and Ethereum declined below key $26,500 and $1,800 levels, respectively.
- Altcoins were selling off on Wednesday as the global cryptocurrency market cap plummeted to $1.15 trillion, down 2.6% at the time of writing.
- A confluence of headwinds, including uncertainty around US debt ceiling talks and a potential default, were likely triggers.
Sui (SUI) price fell broadly below $1 on Wednesday cryptocurrency market The sell-off continued following recent declines fueled by macroeconomic news events.
At the time of writing, SUI is trading at $0.97, down almost 7.6% over the past 24 hours and -16% over the past seven days. The daily trading volume of the token exceeded $235 million, up 115% from the day before as selling pressure increased.
Today’s drop for Sui sees its price below the dollar for the first time since the token’s launch for trading on exchanges. On 3 May 2023, SUI reached its all-time high price of $2.16. At the current price, it’s down about 55%.
Crypto market shrinks 2.6% as BTC, ETH and altcoins struggle
As SUI dropped to its lowest price level ever, the sentiment around crypto did not help the global cryptocurrency market cap. According to data from market data aggregator CoinGecko, the total crypto market cap was down 2.6% over the past 24 hours at the time of writing, to around $1.15 trillion.
Crypto markets were down too bitcoin (btc) The price retraced towards $26k amidst the ongoing uncertainty in the financial markets. The market cap of the benchmark cryptocurrency was $508 billion, down 3.7% from the day before.
Ethereum ETH price at $1,789 and also struggled to maintain the upward momentum recently, down by about 3.3% in the last 24-hours.
ETH and BTC both surged above the psychological levels of $2,000 and $30,000, respectively, to new year-to-date highs. However, a confluence of headwinds, including regulatory uncertainty, has catalysed the decline which threatens to rot further into critical support areas.
At this time, another downside trigger is the uncertainty around US debt ceiling talks and a possible default. shares Due to the nervousness of investors, the decline was recorded on Wednesday.
all top 10 altcoins XRP and Litecoin were down as well, which has seen some upside in recent weeks. Crypto analysts say that further downside could pose a threat to the market. Michael van de Poppe shared Such an approach.