The cryptocurrency market has remained stagnant over the past 24 hours. The total market cap yesterday was $236 billion and it still remains at that figure, despite some altcoins trading in the red zone.
The daily trading volume, however, dropped over the past few hours. Yesterday’s trading volume was $12 billion but has now dropped to $11 billion.
Bitcoin (BTC) price analysis
The Bitcoin price has gone up by less than 1% over the past 24 hours. BTC was trading at $7,255 yesterday but has now gone up to trade at $7,285 per coin.
The rise comes despite the leading cryptocurrency being bashed by former PayPal CEO who branded it as a cult and rubbished its use. Andreas Antonopoulos also stated that a Bitcoin ETF is inevitable but damaging.
The trading volume has lost $200 million for the second consecutive day. The 24-hour trading volume for BTC yesterday was $4.1 billion but has now dropped to $3.9 billion despite the slight increase in price.
A look at Bitcoin’s five-day chart against U.S Dollars shows that the top cryptocurrency has gained 3.3% over the past few days. It was trading at $7,039 a week ago but surged higher to reach a weekly high of $7,340.
Ethereum price analysis
Ethereum has slipped for the second day running. The second largest cryptocurrency was trading at $290 yesterday but has now lost 1.5% of its value to trade at $285 per coin.
The drop comes despite Google announcing that it now provides a Big Data view of the Ethereum Blockchain.
Despite the dip in ETH price, the daily trading volume has gone up. Ethereum’s 24-hour trading volume yesterday was $1.2 billion but has surged by more than $200 million to now stand at $1.4 billion.
Over the past five days, ETH has lost 1.3% of its value against the U.S Dollars. It was trading at $289 a few days ago but has now dropped to $285 though it experienced a high of $302 during the week.
Against Bitcoin meanwhile, it has lost even more as it lost 4% of its value.
Ripple price analysis
XRP has lost around 1% of its value over the past 24 hours but it is still trading at the $0.33 mark. The cross-border cryptocurrency is set to face huge competition from Stellar Lumen which has been used by IBM to build its Blockchain World Wire payment solution.
The trading volume has dipped slightly, dropping from $209 million yesterday to now stand at $204 million.
A look at Ripple’s chart shows that the cryptocurrency has lost 3.6% of its value over the past five days. It was trading at $0.34 five days ago, surged to a high of $0.35 before dropping back to $0.33.
It fell even harder against BTC, losing 6.8% of its value during that timeframe.
EOS continues its downward spiral as it lost 1.2% of its value over the past 24 hours. It was trading at $6.48 yesterday but has now dropped to $6.40. Its trading volume has also dropped over the past 24 hours, from $809 million to $710 million.
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Despite its recent slump, EOS is still 4.5% up against the U.S Dollars. It was trading at $6.1 five days ago but has risen to now trade at $6.4 per coin. It has also recorded gains against BTC though it is not a significant one.
Litecoin price analysis
Litecoin was the biggest winner amongst the leading cryptocurrencies over the past 24 hours. The seventh largest cryptocurrency recovered from its slump yesterday to now trade at $66 per LTC.
The trading volume, however, refused to climb as it slumped from $297 million yesterday to now stand at $262 million.
Against the U.S Dollars, LTC is up more than 8% over the past five days. It was trading at $61 five days ago but has been on the rise since then, hitting a weekly high of $67. Against Bitcoin, it is currently up 4.4%, with these gains a sign of the currency’s strength at the moment.