Sui (SUI) fell below $1, while Bitcoin and Ethereum dropped below key levels at $26,500 and $1,800 respectively.
Altcoins were selling off on Wednesday as the global cryptocurrency market cap dropped to $1.15 trillion, down 2.6% at the time of writing.
A confluence of headwinds, including the uncertainty around the US debt ceiling talks and possible default were likely triggers.
The price of Sui (SUI) fell below $1 on Wednesday as the broader cryptocurrency market continued to sell-off after recent declines catalysed by macroeconomic news events.
At the time of writing, SUI traded at $0.97, about 7.6% down in the past 24 hours and -16% over the past seven days. The token’s daily trading volume was just over $235 million, up 115% from a day earlier as selling pressure mounted.
Today’s declines for Sui sees its price below the dollar for the first time since its token launch for trading on exchanges. On 3 May 2023, SUI reached its all-time high price of $2.16. At the current value, its down nearly 55%.
Crypto market shrinks 2.6% as BTC, ETH and altcoins struggle
As SUI fell to its lowest price level so far, 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% in the past 24 hours at the time of writing, hovering around $1.15 trillion.
Crypto markets were also down as Bitcoin (BTC) price retreated towards $26k amid continuing uncertainty in the financial market. The benchmark cryptocurrency’s market cap was $508 billion, down 3.7% from a day earlier.
Ethereum also struggled to maintain recent upside momentum, with ETH price trading at $1,789 and about 3.3% down in the past 24 hours.
ETH and BTC both hit year-to-date highs above the psychological levels of $2,000 and $30,000 respectively. However, a confluence of headwinds, including regulatory uncertainty have catalysed declines that threaten further rot to critical support zones.
At the moment, another downward trigger is the uncertainty around the US debt ceiling talks and possible default. Stocks were down on Wednesday as a result of investor jitters.
All the top 10 altcoins were also down, including XRP and Litecoin that have had some upside in recent weeks. Crypto analysts say further declines could spell danger for the market. Michael van de Poppe shared such an outlook.