93% of leading cryptocurrencies fell in price for September
According to CoinMetrics, over the last week of September, 180 out of 250 or 72% of the largest cryptocurrencies fell, and over the entire month they lost 93% or 232 digital assets in price..
Analysts link the massive downturn to the fading around projects in the field of decentralized finance and profitable pharming. At the end of September, most DeFi tokens lost from 15% to 85% of their value, which led to a sale and a decrease in investor interest.
Since spring, the euphoria from profitable pharming has been one of the main key growth factors in the crypto market. Thanks to which in August the rate of ether (ETH) rose to $ 470, but in recent weeks it has fluctuated at $ 350.
According to DeFiWorld analysts, the cryptocurrency market is characterized by protracted price pullbacks and sales, which often end in sharp jumps in the rate. Therefore, they recommend looking at the current recession as part of a broader cycle and waiting for the uptrend to resume..
text: Ivan Malichenko, photo: varchev