The total supply of cryptocurrencies fell 1% over the past 24 hours on August 16, 2022. Almost all leading digital assets lost value over the period. Analysts noted: the market is low volatility now and this may be the lull before the next bullish momentum. Many traders continued to expect the growth of bitcoin (BTC) rate to $30,000 and etherium (ETH) to mark a range of $2200 – $2500.
Experts stressed: over the past 24 hours, the flagship cryptocurrency Bitcoin lost about 1.1% in price. The digital asset was trading at $23,859. According to experts, this is not a good indicator, as the rate on the chart fell below the key resistance level of $24,000. Experts assured that the value of the virtual asset cannot fix above this mark, but they continue to hope for a positive scenario. If this happens, the price will continue to rise.
Ethereum, the second largest cryptocurrency by market capitalization, also fell in value by 1.2%. The asset was trading at $1881. Experts noted: it is important for the cryptocurrency rate to consolidate above the value of $2000, only then we can talk about further growth and the conquest of the mark around $2500. However, if the value of the coin falls below $1800, it may indicate the strength of the bears in the market. The next support levels will be around $1600 and $1400.
Experts also noted that despite the fall in the capitalization of all cryptocurrencies in the past 24 hours, meme-coin Dogecoin (DOGE) rose by about 15% and reached a price of $0.078, significantly pleasing its short-term investors.