The cryptocurrency market has suffered a substantial downturn, with the total market value (TOTAL) and Bitcoin falling below critical support levels. August saw the market losing $313 million, primarily due to phishing scams, while other cryptocurrencies like Cardano implemented significant updates.
What’s Driving the Crypto Market Down?
In just 24 hours, the total cryptocurrency market value plummeted by $60 billion, bringing it below the $2 trillion threshold with a potential to further dip to $1.88 trillion. Investors’ sentiment remained bearish in September following the downtrend in August, making recovery prospects uncertain. If TOTAL manages to regain the $2 trillion support level, it could see a rise to $2.11 trillion, though the market would likely consolidate within this range.
How Is Cardano’s Chang Hard Fork Impacting the Market?
Bitcoin has experienced a significant fall, dropping 10.77% over the past week. Its price currently hovers above the crucial support level of $57,000. This decline has alarmed investors, raising concerns about potential further losses if the price continues to fall.
Meanwhile, the memecoin DOGS has seen the most substantial drop among altcoins, plunging 14.38% within 24 hours to an all-time low of $0.00108. Market sentiment around DOGS is overwhelmingly bearish, necessitating close monitoring of price movements to avoid further declines.
Key Inferences for Investors
– Monitoring the market’s ability to reclaim the $2 trillion support level is crucial for predicting potential recovery.
– Bitcoin must maintain its support at $57,000 to avoid further declines.
– Investors should watch for DOGS to turn $0.00130 into a support level to signal possible recovery.
For DOGS to confirm a recovery, it needs to establish $0.00130 as a support base. Achieving this could indicate a potential reversal and restore investor confidence. Until then, DOGS is susceptible to further losses, making it essential for investors to exercise caution.
