On Tuesday, bitcoin sank to the support level of $46,500. Ethereum declined to the price value of $3,400, and XRP fell to $1.07. The total capitalization of the digital currency market sank to $2.06 trillion.
The bitcoin exchange rate decreased by 13% during the day. The total volume of liquidations on the futures market reached $3 billion. The sale took place mainly in the derivatives market. According to analysts, this is typical for most such collapses. What is atypical is the lack of prerequisites for such a rapid price reduction. Almost all digital assets from the top 10 by market capitalization, with the exception of Solana, were in the red zone. The price of some cryptocurrencies has decreased by more than 20%. Due to the sale in the markets, the average commission in the Ethereum network at the moment reached $48. Some cryptocurrency exchanges could not cope with the hype, and their users experienced certain problems with operations. Meanwhile, the demand of institutional investors for altcoins has reached record levels. According to the latest report by CoinShares, the share of capital in crypto funds that are not related to bitcoin reached 35% last week. This value corresponds to the previous May maximum. In addition, almost 40% of the capital received by crypto funds during the week was sent to altcoins. Investors increased their investments in digital assets for the third week in a row. And the volume of investments itself has also grown. The most popular funds after bitcoin were Ethereum funds. At the same time, investments in Solan blockchain funds increased by 388%. In total, according to CoinShares estimates, $62.5 billion is now concentrated in crypto funds. The indicator is gradually returning to the highs set in May around 66 billion. Grayscale funds remain the leader among investment products based on cryptocurrencies with a share of 73%.
The forecast expects a further decline in the price of bitcoin to the levels of 46200, 46000 and 45000 dollars. Ethereum will decline to the levels of 3350, 3300 and 3200 dollars, and XRP - to the price values of 1.05, 1.02 and 1 dollar.