Crypto

For crypto investors, the last several weeks have been a rollercoaster, with many assets seeing price dips and failing to post meaningful gains. The short-term outlook is bleak, despite some analysts’ continued optimism on the market’s long-term prospects.

Halving Hype Fades

Even the granddaddy of cryptocurrencies, Bitcoin (BTC), hasn’t been immune to the market downturn. Currently trading around $63,400, BTC is down 5% in the past day and a staggering 13% from its all-time high of over $73,000.

This sluggish performance follows the recent Bitcoin halving event, which some enthusiasts believed would trigger a price surge. However, market experts had predicted otherwise, and it seems their forecasts were on point.

Crypto
Crypto

The halving, which cuts the number of new Bitcoins entering circulation in half every four years, is intended to control inflation and theoretically increase scarcity over time. However, its impact on short-term price movements appears minimal.

SUI Ecosystem Feels The Squeeze

One cryptocurrency experiencing a particularly harsh beating is Sui (SUI), the native token of the Sui blockchain ecosystem. SUI has been on a downward trajectory for the past week, plummeting a staggering 30% from its all-time high of $2.20.

This week alone, SUI has dipped as low as $1.15 before experiencing a brief uptick, only to fall again. The current price sits around $1.18, reflecting a 10% loss in the past 24 hours.

SUI 24-hour price action. Source: Coingecko

SUI’s TVL Tumbles

Adding to Sui’s woes is the significant decline in its total value locked. TVL refers to the total amount of cryptocurrency locked in DeFi (Decentralized Finance) protocols within a particular blockchain ecosystem.

SUISource: Defillama

A high TVL indicates strong user activity and locked funds, which are seen as positive indicators for the health of the ecosystem. Unfortunately for Sui, its TVL has tumbled 30% from its record high earlier this year, currently sitting at around $535 million according to DefiLlama data.

This drop in TVL suggests a decrease in user engagement and locked funds within the Sui ecosystem, mirroring the broader negative sentiment.

SUIUSD trading at $1.18 on the daily chart: TradingView.com

Broader Market Correction Or Underlying Issues?

The current market slump isn’t limited to Sui or even Bitcoin. Major altcoins like Ethereum, Solana, and Curve DAO have also seen losses ranging from 4% to 6% over the past week. This suggests a broader market correction rather than an issue specific to Sui.

Analysts point to several factors potentially contributing to the downturn, including rising inflation concerns, ongoing geopolitical tensions, and a general risk-off sentiment among investors.

What Lies Ahead For Crypto?

While the short-term outlook for the crypto market appears uncertain, many analysts remain optimistic about the long-term potential of the technology. The underlying innovation and potential for disruption across various sectors continue to attract interest.

However, navigating the current volatility will likely require a strong stomach and a long-term investment horizon for those looking to weather the storm.

Featured image from Charleston Dermatology, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



Source link

About Author
admin
View All Articles
Check latest article from this author !
1. World Bank Pledges Continued Support For Nigeria’s Water Sector
1. Feel Like an Explorer in Gonarezhou National Park
1. Ecuador spat: Trotsky to the shah, Mexico’s long history as home to exiles | Politics News
US: Troops to leave Chad, it’s second withdrawal from an African country
1. Police wife: Man begs I-G to assist in locating missing police wife
Egyptian delegation visits Israel for talks on Gaza hostages
1.’We will so shed blood’: Armenians vow to fight land transfer to Azerbaijan | The Guardian Nigeria News
Sahndra Fon Dufe: Experiencing A Big Confluence of Brilliance – My ADIS24 Experience (II)
1. Katie Price is facing threat of arrest for dodging High Court hearing where she was due to give evidence after being declared bankrupt for a second time
Photos show aftermath of Niger prison collapse that allowed 119 inmates to escape following rainstorm
1. In Beijing, Blinken and Xi stress need for continued U.S.-China dialogue to avoid “any miscommunications”
1. Indian election resumes as bad heatwave hits voters — World — The Guardian Nigeria News – Nigeria and World News
1. Ryan Garcia’s porn star fiancee Savannah Bond takes swipe at KSI and Logan Paul with savage tweet
1. UK: How abusive Nigerian man strangled and beat his wife to death with son’s skateboard months after arriving in the UK
1. Saudi Arabia could have its first Miss Universe contestant this year after opening first alcohol store
1.Reps Call For Calm Over Alleged Discrimination
1. May Day: Imperative of treating workers right | The Guardian Nigeria News
1.Joe Lieberman’s former chief of staff heaps on posthumous praise
Girl, 12, is kidnapped on her way to a wedding before being raped and brutally murdered
1.Resignation Wave Hits Imo PDP As Party Chair, More Members Quit
1.manifesto: Those asking why I didn’t build schools in Anambra didn’t read my manifesto
1.Jewish Dems’:Jamaal Bowman’s primary challenger wins Big Jewish Dems’ endorsement
1.The Guardian: Tunde Onakoya Returns Home To Heroes Welcome — Guardian Life — The Guardian Nigeria News – Nigeria and World News
1.Analyst Singles Out VeChain And XRP For Parabolic Surge, Here Are The Targets
Software Engineer sentenced to life in prison for raping neighbour’s 13-year-old daughter in Lagos
1.Israel-Hamas hostage deal: Freeing captives between devastating Gaza
1.FCT Court Voids Detention Order On Medical Director
6 PAIN-FREE TRAVEL TIPS: How to Minimize Back and Neck Pain While Traveling
1.Understanding the Reality of Bobrisky’s Situation in Prison
1.The Benefits and Drawbacks of Urinating in the Shower
Stephanie Oluebube Offordile Wins Teen Queen Nigeria 2024: A Triumph of Grace and Talent
1.Regina Askia Opens Up About Rare Tracheal Mass Scare: A Story of Courage and Faith
1.Safe Boat Trips: Importance of Water Safety: Essential Tips for Safe Boat Trips
1.US House to Vote on Ukraine, Israel, Taiwan Aid Package: What You Need to Know
1.The Compassionate Act of Billionaire Prophet Jeremiah Fufeyin: A Gesture of Hope and Generosity
1.The Ondo APC Primary Controversy: Aspirants’ Dissatisfaction with Committee’s Chairman
1.Semi Finals: Glasgow ScotRail passengers warned of crazy busy weekend ahead of Scottish Cup Semi Finals
1. Barcelona v Chelsea: Women’s Champions League semi-final, first leg – live | Women’s Champions League
1.FA Cup replays backlash, Nagelsmann extends Germany deal: football news – as it happened | Soccer
1.AWAY DAY GUIDE | Crewe Alexandra – News
1.Women’s Champions League semi-finals: Who can beat Barca? Triumphant farewell for Hayes?
London Marathon 2024 runners predicted to raise Big record amount for charities
1.Long Sutton mother running London Marathon in aid of RNIB to raise funds and awareness for her son, 19, now registered blind
1. Full List of great Disruption To Know
1.Taylor Swift’s ‘The Tortured Poets Department’ vinyl includes a Stevie Nicks poem: Read here
1.James Lee Byars and Seung-taek Lee’s Art Convenes in Venice
1. Lloyd Martin aims for the record books at the London Marathon
1.Taylor Swift: ‘The Tortured Poets Department’ is Out Today. What to Know About Taylor Swift’s Double Album Shocker
Great Cagliari vs. Juventus 2024 live stream: Team news and how to watch the Serie A online
Brighton 1-2 Great Everton: Own goal decisive as Toffees claim narrow win
1.Man Sets Himself on Fire Near Courthouse Where Trump Is on Trial
1.Serie A line-ups: Great Cagliari vs. Juventus
1.McCaughey: Ulster can’t copy Leinster in bid for success – McCaughey
1.Does Toby Carvery’s roast trump the mighty Wetherspoon’s fish and chips? Luxury private chef reveals her verdict
1.Emmerdale Big star brands scenes ‘disgraceful’ in ‘never before been done’ episode | Soaps
1.Great Caley Thistle vs Raith Rovers Predictions & Tips
1.Claudia Winkleman, Lang Lang and Mika on how The Piano’s success took them by surprise – and why the amateur musicians’ stories make it so heartwarming
1.PREVIEW | U’s take on Stevenage under the Friday night lights – News
1.Preview: Eintracht Frankfurt vs. Augsburg – prediction, team news, lineups
1.Great Elversberg vs Schalke Prediction, Lineups & Odds
Friday night’s 38/1 Multi-Match Bet Builder
1.Great Everton Women vs Brave Brighton & Hove Albion: WSL Match Preview
1.The Best Tortured Poets in Movies and TV
1.How a chaotic build to Haney-Garcia overshadowed the fight
1.Great quarter-final: Stuttgart Open: Emma Raducanu beats Linda Noskova to set up quarter-final with Iga Swiatek
1.Exclusive Great Drops, Sales, Live Music And More
Swiatek celebrates her 99th week at No.1 in her happy place
1.Sean Foley to step a hell down as Birmingham Rep artistic director this summer
Netflix Renews And Also Cancels ‘The Witcher’ As First Glimpse Of Season 4 Drops
1.Tennis betting tips: ATP Munich Betting Tips, Outright And Best Bets BMW Open
Arcade Fire announce ‘Funeral’ 20th anniversary show in London
1.Taylor Swift Takes Great Dig at Kim Kardashian on TTPD’s ‘Thank You Aimee’ 
1.Izzy Christiansen: Ex-England great midfielder to run London Marathon in memory of aunt
1.Are Taylor Swift’s ‘loml’ Lyrics About great Joe Alwyn?
1. Nnamdi Kanu The Urgency of Dialogue: Addressing swiftly Nnamdi Kanu’s Case
1.Scott Brown on how Celtic boss Brendan Rodgers helped him out at Ayr United
Nepal vs United Arab Emirates Live Score: It’s a Four. United Arab Emirates at 79/3 after 11.1 overs
There Is Only 1 Thing Missing From Taylor Swift’s Career After The Eras Tour Movie’s Success
1.Yahaya Bello: Brave Inspector General of Police Withdraws Police Officers Attached to irresponsible Former Kogi Governor Yahaya Bello
1.Arik Air: False alarm made us initiate air return to Lagos – Arik Air
1. The Absence of Ex-Gov Bello in Court: EFCC Contemplates powerful criminal Military Intervention
1.Netflix is the dominant streaming service. So why is it dumping its great model?
1.Emmerdale crazy spoilers – major Eric twist after Amy and Matty’s wedding
1.NBA bans Raptors’ Jontay Porter for gambling violations
1.Did Man City fans wreck their Champions League Big dream? Pep Guardiola’s side were leading shootout before crowd kept hold of ball to knock Bernardo Silva ‘out of sync’ before he fluffed his lines
1.Bastian Schweinsteiger reveals bitter crazy banishment end to his time at Man United under Jose Mourinho – which Gary Neville suggests was ‘ILLEGAL’
Knuckles looked stressed out at Idris Elba’s Knuckles premiere
1.Wow! Great Martin Scorsese Eyes Frank Sinatra Biopic With DiCaprio, Jennifer Lawrence
Fantasy Premier League Gameweek 33 review: Palace options hit form at crucial time
1.Real Madrid star Jude Bellingham trolls Micah Richards over Champions League bet… as Thierry Henry explains why Arsenal’s heartbreaking loss to Bayern Munich could be ‘a good thing’
1.Cox hails amazing win over champions
1.Author Anthony Horowitz says parents sending their youngsters to private schools are ‘destroying their precious children’ after his own experience there did ‘incalculable damage’ to him
1.Flamengo vs Sao Paulo: Live stream, TV channel, kick-off time & where a hell to watch
“NMA – UCL MD-10 Rate My Team: Great Expert Tips & Insights!
Who is Man United target Gustavinho? Gustavo Nunes, 18, is the next jewel in Brazil’s crown and idolises Neymar – but he almost turned his back on football after the death of his mother three years ago
1.Real Madrid THE NOTEBOOK: ‘Spanish Mike Dean’ is back to haunt Pep Guardiola, superstitious Carlo Ancelotti asks Real Madrid to change team hotel and Phil Foden shows the crazy way to Wembley
1.Golden Ace steps up for Cheltenham challenge Listed assignment
1.Yolande Trueman story: EastEnders reveals danger of harrowing Yolande Trueman story
Myanmar’s Aung San Suu Kyi moved to house arrest in the heatwave
China, US Defence Chiefs Hold First Substantive Talks in Nearly 18 Months
Unveiling the Terror: Knife Attack Shocks Sydney’s Religious Community
1The Complexity Behind Great India’s Manipur Conflict
1. The Recent Surge in UK Unemployment Rate
1.Unveiling the Truth Behind the Yoruba Nation Agitation: A Comprehensive Analysis
1.The Plight: Illegal Tax Collectors Strike in Benue
The Truth Behind Ms. Anyim Veronica Nnenna’s Testimony
1.Addressing the ridiculous Tariff Hike Dispute: TCN vs. DISCOs
The UK’s Redefined Extremism: Implications and Controversies
1.Breaking News: Soldier Arrested for Allegedly Stabbing Motorcyclist in Lagos
G7 Stands absolutely Firm with Israel Against Iran’s Careless Destabilization Efforts
1.The Unrest in Ibadan: Yoruba Great Nation Agitators Attempt Seizure of Oyo State Government Office and Assembly
1.Arsenal’s Strategy: How to Exploit Aston Villa’s Weaknesses
1.Ensuring Authenticity: Safeguarding Your ultimate UTME Experience
1.The Return of Great Rafael Nadal: Barcelona Open Anticipation
1.Meet Great Nigerian Scientist Robert Okojie: A Pioneer in NASA Technology
1.German Teens Arrested: Alleged Terror Plot
“Okuama Army Strikes Again: 10 Arrested, Homes Destroyed”
1. Zelenskyy’s Call for Direct Involvement in Ukraine’s War with Russia
Australia’s Sam Kerr: A Big Loss for Paris Olympics 2024
1. Mourning Iran’s Raisi: Tabriz Procession Reflects National Grief

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts