The price of Sui (SUI) fell below $1 on Wednesday, impacting the wider cryptocurrency market. The total crypto market cap dropped to $1.15 trillion, down 2.6% at the time of writing.
Bitcoin (BTC) and Ethereum (ETH) also struggled, dropping below key levels of $26,500 and $1,800 respectively. A confluence of headwinds, including the uncertainty around the US debt ceiling talks and possible default, likely triggered the sell-off.
At the time of writing, SUI traded at $0.97, about 7.6% down in the past 24 hours and -16% over the past seven days. Its daily trading volume was just over $235 million, up 115% from a day earlier as selling pressure mounted.
SUI’s price has been below the dollar since its token launch for trading on exchanges in 3 May 2023. The token has since dropped nearly 55%, having reached an all-time high of $2.16.
Stocks were also down due to investor jitters, with all top 10 altcoins showing losses. Crypto analysts say further declines could spell danger for the market. Michael van de Poppe shared such an outlook on Twitter.
