The cryptocurrency market recovered some of its losses over the past 24 hours. The total cryptocurrency market cap has added $5 billion to currently stand at $215 billion.
With the total market cap increasing, the 24-hour trading volume has dipped. Yesterday, the trading volume was $13 billion, but it has dropped to its current level of $11 billion.
Bitcoin price analysis
The Bitcoin price experienced a stiff rise to the $6,400 region yesterday after trading above $6,100 for the best part of the day. Bitcoin went up by 4.4% to reach $6,458 yesterday. It has dropped a bit since then to currently stand at $6,341.
Bitcoin hit a dominance level of 50% despite the decreased in price over the past few weeks. The 24-hour trading volume of Bitcoin has declined below the $4 billion despite the increase in price.
Over the past seven days, Bitcoin has lost 9.7% of its value. It was trading at $7,026 but has declined to its current level of $6,341.
Ethereum price analysis
The Ethereum price has recovered excellently after slipping below the $310 mark yesterday. ETH dropped to $308 yesterday before gaining 7% to reach $331 per coin. It has however dipped a bit and currently trades at $325.
There was no major catalyst for this move, with the general market experiencing a buying pressure. The 24-hour trading volume has stayed stagnant at the $1.7 billion despite the cryptocurrency recording gains.
Ethereum’s weekly chart shows that it has lost 20% of its value over the past seven days. It was trading at $406 a week ago but has dropped significantly to its present value of $325.
Ripple price analysis
XRP didn’t record much gains over the past 24 hours compared to the other top cryptocurrencies. It has gone up by less than 2% during that timeframe. It was trading at $0.300 yesterday but has gone up to $0.306.
The currency like the others enjoyed an increase in buying pressure in the wider market.
The trading volume has significantly dropped over the past 24 hours. XRP trading volume yesterday was $293 million, which has subsequently dropped to $216 million over the past 24 hours.
A week ago, XRP was trading at $0.430 but it has lost 28% of its value to currently trading at $0.306.
EOS which is the fifth largest cryptocurrencies has seen its price gone up by less than 1%, rising from $5.11 to currently stand at $5.14.
Amongst the top cryptocurrencies, EOS gained the least over the past 24 hours. The daily trading volume continued to drop, falling from $699 million to $680 million.
EOS has lost 26% of its value over the past seven days. It was trading at $7.01 a week ago but similar to the rest of the cryptocurrency world, it has declined and currently trades at $5.14
Litecoin price analysis
The cryptocurrency which is dubbed as Bitcoin’s sister has recorded excellent gains over the past 24 hours.
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It was trading at $57 per coin yesterday but went up by nearly 4% to reach $61. It has retraced a bit and currently stands at $60.
LTC has added $4 million to its trading volume over the past one day. The daily trading volume was $254 million yesterday but has gone up to $258 million.
Over the past one week, LTC has shed 17% of its total value. It has dropped from $73 to now trade at $60, though the price activity has been mixed during that timeframe.
With the […]