Fantom, a scalable blockchain platform for DeFi, lost 14% in the last 24 hours. During the same period, the daily trading volume of crypto assets remained around $294 million, while the market value decreased by 14% to $1.219 billion.

Sui, the native token of the Sui blockchain network, also fell 11.8% and traded at $0.8302. During the same period, the daily trading volume of the token was $343 million. The market value of the crypto asset dropped to $2.16 billion and became the 44th largest cryptocurrency according to CoinGecko data.

The Artificial Superintelligence Alliance, a partnership between blockchain networks Fetch.ai, SingularityNET and Ocean Protocol to create decentralized artificial intelligence, is also affected by Bitcoin price movements.

As of press time, it was trading at $1.22, losing 13.7% in the last 24 hours, and its daily trading volume was $525.6 million. The market value of the token dropped to $3 billion.

Lido DAO also traded in the red, losing 13% and was trading at $1.04 at press time. Daily trading volume was $109.3 million, and the token’s market cap dropped to $938 million.

The crypto asset fell to 80th place among the top 100 leading cryptocurrencies. Due to Bitcoin’s significant influence and market dominance, a sharp decline in the altcoin market is often associated with Bitcoin’s performance.

Significant price declines can cause volatility in the cryptocurrency market and lead to widespread declines in altcoin values ​​as investor confidence decreases and market sentiment becomes negative.

Bitcoin dropped by 6% in the last 24 hours to $58,609 on the morning of August 28. The 24-hour lowest and highest values ​​were recorded as $58,059 and $62,963, respectively. Additionally, the Fear and Greed index is currently at 30, indicating that the crypto market is in a state of fear.

According to Glassnode’s latest report, Bitcoin’s recent price decline is attributed to the fact that the market has reached a balanced state and this situation may not last long. The report focuses on the MVRV ratio, which measures whether Bitcoin holders are in profit or loss. This ratio is calculated by comparing the current market price with the price at which coins last moved.

Recently the MVRV ratio has been fluctuating around the 1.72 level, which usually signals a transition between bull and bear markets. This suggests that after the initial excitement around Bitcoin spot ETFs, investor profitability has leveled off and the market has cooled.

Some analysts link Bitcoin’s recent price decline to the escalation in the Russia-Ukraine conflict, noting that risky assets like Bitcoin are often the first to sell.

However, crypto analyst Ash Crypto predicts that the smart money is rallying Bitcoin between $50,000 and $65,000 and expects a boom after the accumulation phase ends, likely by the end of September.

Bitcoin’s Relative Strength Index currently stands at 44.56, indicating that Bitcoin is neither oversold nor undervalued at its current price level.

Bitcoin’s funding rate also dropped to negative 0.004%. This sudden change generally indicates increased trading against Bitcoin’s price and occurred after $96.5 million in liquidations in the last 24 hours.

Historically, such sudden changes in an asset’s financing rate can often cause price movements. In Bitcoin’s case, this could signal a short-term price recovery.

Overall, the crypto market experienced more than $320 million in liquidations in the last day, with $285 million of this figure consisting of long positions and $35 million of short positions.