The crypto market is seeing a lot of attention lately. Over the last thirty days, it has seen in more institutional participation with the sector attaining several milestones. Unfortunately, these fundamentals failed to positively impact the value.
A clear indication of this is the global cryptocurrency market cap. It started the third quarter at $1.20 trillion. As the session progressed, some major cryptocurrencies registered small gains that shot prices to peak at $1,25 trillion. However, in August, the sector under consideration had one of its biggest downtrends. It dropped to a low of $1.04 trillion during this period.
September ushered in a new low as most crypto assets struggled. It dropped to a low of $1 trillion but rebounded and is worth $1.07T at the time of writing. This signifies a more than 10% decrease in value since the third quarter started. Before fully delving into how some assets performed, let’s look at some key events during this period.
Sometime in August, the crypto market came alive with news of the approval of the first-ever ETF. A United States court cleared Grayscale and gave it the nod to offer such services to its customers after almost ten years of applying. Following this ruling, the firm filed for an Ether ETF.
More good news for the industry as more investors ignore the current bearish trend of the market to invest in various cryptocurrencies. A clear indication of this is a report published by the FCA that confirmed that the number of crypto owners has increased in the UK. It surged from 2.3 million holders in 2021 to 4.97 million in 2022.
Aside from these announcements, most crypto assets registered notable changes during the third quarter. One such is ETH.
Ethereum Sees One of its Worst Performances
Ethereum was one of the assets many predicted would perform better this quarter. However, this failed to happen as the coin revisited lows it hadn’t in almost five months.
One such is the $1,600 support. During the second quarter of 2023, ETH kicked off trading at $1,822 but soon retraced and attempted the highlighted barrier but failed to break it as it rebounded at $1,622. Afterward, it surged to test the $2,000 resistance and broke through it as it peaked at $2,140 but faced correction that saw it close the period at $1,933.
The current quarter brought more in terms of downtrends. A few weeks ago, the top coin retested and flipped the $1,600 support. As a result, it dropped to a low of $1,531 before rebound. It recovered and may close the current quarter at $1,671. This also signifies a more than 13%. The losses also indicate the worst-performing three-month of 2023.
