The global market cap fell 3.7% to $1.2 trillion at press time on Thursday night, while ether fell sharply, while the world's largest market cap fell 3.7% at press time.
See also: Best USDC Interest Rates.
It Matters: Cryptocurrencies didn't have the strength to overcome even as other risk assets like stocks went up on Thursday.
At press time, the price of doge coin, ether, and bitcoins fell below the $30,000, $2,000 and 8 cents levels. The S&P 500 closed 2% higher on Thursday, and the Nasdaq added 2.7%.
As investors tend to shed riskier assets during downturns, altcoins are under pressure.
OANDA senior market analyst Edward Moya blamed the sharp fall in ETH to scaling worries post The Merge, or the official transition to proof-of- stake.
Moya said in a note that he was selling off as many traders start to doubt thatEthereum 2 will be successful.
The merge ofEthereum 2 will be delayed until August, but it won't let Ethereum be scaled up, they will use a multi-chain system and will connect to a wrath of Layer 2 scaling solutions. Moya noted thatEthereum has potent rivals that can do a better job of scaling up, and this latest update might force people to jump ship. According to Micha l van de Poppe, a trader and analyst, said he was looking at the $28,800 and $29,300 levels for the upward movement ofBitcoin, and that the apex coin could make its way to $31,000 and $32,800.
According to Glassnode data, the percentage of unspended Bitcoin transactions with a price of less than the current price fell from 86.8% at the beginning of 2022 to 74.5% at press time. A higher number is usually indicative of market tops, while lower values indicate a bottom.
Courtesy Glassnode: Percent of UTXO's In Profit Since January 1, 2022 - Courtesy Glassnode
A contrarian view was expressed by chartered artist Ali Martinez, who said thatBitcoin appears to be losing support between the $30,000 and $29,100 levels.
Martinez said there weren't any other significant demand walls underneath.
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