The cryptocurrency market has plummeted again, losing $17 billion over the past the past 24 hours.
The total cryptocurrency market cap yesterday was around $227 billion but has now dropped to $207 billion over the past few hours.
According to market analysts, investors are increasingly resigned to the fact that the SEC does not appear likely to approve a bitcoin ETF in the near future. The 24-hour trading volume has moved in the other direction, going up by $1 billion.
Yesterday, the trading volume was $12 billion but it currently stands at $12.6 billion.
Bitcoin price analysis
The Bitcoin price dropped to $5,995 yesterday before rising back to the $6,100 region. The drop means that BTC has shed more than 7% of its value over the past 24 hours.
The bears continue to affect the market, with Bitcoin finding it hard to record significant gains.
With no big news regarding Bitcoin, analysts believe that the currency and the entire market continues to be affected negatively by the delay in Bitcoin ETF by the U.S SEC.
The 24-hour trading volume still stands above the $4 billion, though Bitcoin’s dominance has increased to 51%. A look at its weekly chart shows that Bitcoin has lost 18% of its value during that time frame.
A week ago, Bitcoin was trading at $7,481 but has been on a decline to currently trade at $6,157.
Ethereum price analysis
Ethereum suffered even bigger loss compared to Bitcoin. The second largest cryptocurrency lost 14% of its value over the past 24 hours.
It was trading at $362 yesterday but has dropped to its current price of $309.
The 24-hour trading volume meanwhile has increased to $1.7 billion from the $1.6 billion it record yesterday. The drop in the BTC price saw ETH and other cryptocurrencies following it.
Over the past one week, Ethereum has lost nearly $100, making it one of the biggest losers amongst the top 10 cryptocurrencies.
Ripple price analysis
XRP follows Bitcoin and Ethereum in recording losses over the past 24 hours. It was trading at $0.33 yesterday but has since dropped to $0.29.
The 24-hour trading volume, however, has increased by nearly $30 million.
XRP recorded a daily trading volume of $267 million yesterday but has gone up to $288 million despite the price decline.
Its weekly chart has seen XRP lost a whopping 30% of its value. A week ago, XRP was trading at $0.43 but has declined alongside the wider market to currently trade at $0.30
EOS price analysis
EOS didn’t lose much compared to the others discussed above. The cryptocurrency lost 11% over the past 24 hours, dropping from $5.33.
The 24-hour trading volume has drastically dropped from $760 million to its current $699 million.
EOS, over the past one week, lost 28% of its value, similar to XRP. It was trading at $7.17 per coin a week ago but has slipped significantly to now trade at $4.93.
Litecoin price analysis
The seventh largest cryptocurrency LTC also recorded losses similar to the other four explained above.
It was trading at $61 yesterday but has dropped to now trade at $56 per coin. The trading volume meanwhile has gone up over the past 24 hours, from $245 million to $255 million.
LTC lost 27% of its value in a week. It was trading at $77 a week earlier but has now dropped to $56 as the bear market continues.