The cryptocurrency market is undergoing a correction with most segments experiencing price declines, only a few smaller sectors maintaining slight increases.
Data from SoSoValue shows that most groups in the cryptocurrency market have declined in the past 24 hours, while the PayFi sector and some individual coins still show positive movements.
MAIN CONTENT
Bitcoin and Ethereum both slightly decreased to below 116,000 USD and 4,300 USD.
The PayFi sector maintains slight growth, highlighted by Monero, Nano, and Ultima increasing in price.
Many other segments like CeFi, Layer1, Layer2, DeFi, and Meme all experienced declines.
What happened in the cryptocurrency market on August 19?
According to data from SoSoValue, the cryptocurrency market is under adjustment pressure, with most major segments declining in the past 24-hour trading session.
Bitcoin decreased by 0.39%, falling below 116,000 USD, while Ethereum also dropped by 2.25%, losing the 4,300 USD mark. This reflects investor caution in the short term after recent fluctuations, weakening liquidity and market sentiment.
Subsectors like Layer1 dropped by 1.50%, DeFi by 2.52%, and Meme by 2.73%, indicating widespread selling pressure across various fields, highlighting strong polarization in the current cryptocurrency market.
What makes the PayFi sector and prominent coins special?
The PayFi sector is one of the few segments that has maintained stability and slight growth amid a general market downturn, recording a 0.06% increase in 24 hours.
Monero (XMR) saw an increase of 2.19%, Nano (XNO) increased by 1.38%, and Ultima (ULTIMA) had the strongest gain of 3.63%. These coins attracted capital flows due to their applications in payments, security, and unique technical features, propelling a positive recovery despite a weak overall market.
“We see a clear difference in cash flow between segments, with PayFi showing better resilience to volatility. This indicates the sustainable growth potential of payment solutions on cryptocurrency.”
Cryptocurrency market analyst, August 2024 report
Detailed analysis of other sectors in the cryptocurrency market
The CeFi sector decreased by 0.68%, but some coins like OKB increased by 7.40%, standing outside the general trend, indicating selective investment choices and ongoing expectations for reputable names or projects.
The Layer2 sector decreased by 0.94%, however, Mantle (MNT) and ex-MATIC (POL) went against the trend with increases of 1.39% and 3.65% respectively. Similarly, the BUILDon (B) token increased by 3.91% during the session, showing that some projects remain attractive to investors despite the overall market trend weakening.
This evidences a clear polarization between projects and sectors, requiring investors to be meticulous in fundamental analysis and cautious in trading strategies.
Frequently Asked Questions
How will the price decline of Bitcoin and Ethereum affect the cryptocurrency market?
The price drop of these two major coins typically brings a negative effect on altcoins and the overall market, affecting sentiment and liquidity.
Why does the PayFi sector continue to grow in a correcting market?
The PayFi sector benefits from high payment and security demands, along with new technology solutions, helping to maintain its appeal amid volatility.
What caused OKB to increase by 7.40% during a general decline?
The growth of OKB may stem from positive news or technical improvements, creating distinct appeal compared to the market.
How do Layer2 and Layer1 differ in the current trend?
Layer2 focuses on scaling and improving transaction performance while Layer1 is the main platform; price volatility reflects different levels of risk and investor confidence.
How can investors take advantage of market polarization?
Investors should carefully study volatility, select potential projects, and apply flexible risk management to optimize profits in an unstable market.
Source: https://tintucbitcoin.com/tien-dien-tu-giam-payfi-tang-cao/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news about the cryptocurrency market and not miss any important information!
