The capitalization of the crypto market fell by more than 6% in a day

by in Cryptocurrency News

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According to the CoinGecko service, over the past 24 hours, the capitalization of the cryptocurrency market has decreased by another 6% to $940.248 billion.

Bitcoin (BTC) and Ethereum (ETH) fell 5% to $18,795 and $1,517, respectively. Cardano (ADA), Solana (SOL) and Dogecoin (DOGE) retraced 8% to $0.464, $31.06 and $0.059.

In the current cycle, Bitcoin tested lows around $18,674 but then managed to rebound.

Analyst IDEG Asset Management Ltd. Kevin Loo told Bloomberg TV that a deeper dive is likely inevitable in the coming days. There is little hope for the September Ethereum update.

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If the pumping of the altcoin ETH resumes on the eve of this event, then bitcoin will also be able to receive a small share of the capital entering the cryptosphere. However, it is unlikely that the leading digital currency will be able to break above $20,000 this week, the expert predicts.

The MVIS CryptoCompare Digital Assets Index, which measures the performance of the top 100 cryptocurrencies, has fallen by about 60% in 2022.

BTC has been one of the hardest hit risk assets as a result of the negative trend that has dominated the global stock market since April.