The total supply of cryptocurrencies has fallen by 1% over the past day as of 17:20 Moscow time on August 16, 2022. Almost all leading digital assets have lost value over this period. Analysts noted that the market is now low volatile and this may be a lull before the next bullish momentum. Many traders continued to expect Bitcoin (BTC) to rise to $30,000, and Ethereum (ETH) to levels in the $2200-$2500 range.
Experts stressed that over the past 24 hours, the flagship cryptocurrency Bitcoin has lost about 1.1% in price. The digital asset was trading at $23,859. According to experts, this is not a very good indicator, as the rate on the chart fell below the key resistance level at $24,000. Experts assured that the value of a virtual asset cannot consolidate above this mark, but they continue hope for a positive development scenario. If this happens, then the price will continue to rise.
The second cryptocurrency by market capitalization, Ethereum, also fell in value by 1.2%. The asset traded at $1881. Experts noted that it is important that the rate of the cryptocurrency is fixed above the value of $2,000, only then it will be possible to talk about further growth and conquering the mark in the region of $2,500. However, if the value of the coin falls below $1800, then this could mean the strength of the bears in the market. The next support levels will be around $1600 and $1400.
The experts also noted that despite the fall in the capitalization of all cryptocurrencies over the past day, the Dogecoin (DOGE) meme-coin has risen in price by about 15% and reached the price of $0.078, greatly pleasing its short-term investors.