The total cryptocurrency market has lost more than $20 billion over the past 24 hours. The cryptocurrency market cap currently stands at $231 billion, which is low compared to the $254 billion recorded yesterday.
The 24-hour trading volume meanwhile has increased. The total trading volume yesterday was $12.3 billion but is now up to $15.5 billion. The increase in trading volume, however, hasn’t stopped the cryptocurrency prices from recording losses.
The U.S Securities and Exchange Commission (SEC) announced hours ago that it would not be making its Bitcoin ETF decision until next month, which led the market to react negatively to the news.
Bitcoin price analysis
The Bitcoin price lost over $500 over the past few hours, plummeting from $7,000 to its current level just above $6,500.
This decline means that BTC has lost more than 5% of its value over the past 24 hours. The 24-hour trading volume stands above $5 billion, which is higher than the $4 billion recorded yesterday.
The drop in the price of Bitcoin came as a result of the SEC decision. The market has been expecting SEC decision on Bitcoin ETF this month but the commission shifted it to September.
This led to panic amongst some traders and it resulted in the Bitcoin price dropping to the $6,500 region.
Over the past one week, the Bitcoin price has shaded 14% of its value. At this time last week, Bitcoin was trading around $7,636 but has now dropped to its current level at $6,532.
Ethereum price analysis
Ethereum followed Bitcoin as it lost roughly 7% of its value over the past 24 hours. The second largest cryptocurrency was trading at $410 yesterday but has lost $40 so far and now trades at $370 per coin.
It has been affected by the recent news that the SEC would not be making any decision on Bitcoin ETF until next month. This recent dip means that Ethereum has now lost 23% of its value over the past one month.
Just like Bitcoin, Ethereum’s daily trading volume has increased. The trading volume is closing in on $2 billion, which is higher than the $1.4 billion it recorded last week.
A week ago, ETH was trading at $426 but has lost 15% of its value to trade at $370 at press time.
Ripple price analysis
Ripple is perhaps the biggest loser amongst the top 5 cryptocurrencies over the past 24 hours, after it lost more than 14% of its value over the past 24 hours. XRP was trading at $0.41 this time yesterday, but dipped and is now trading at $0.35.
The 24-hour trading volume currently stands at $320 million, higher than the $256 million recorded yesterday. The recent dip has brought XRP’s weekly loss to 23%, making it the worst performing cryptocurrency in the top 5.
EOS price analysis
EOS has dipped by 14.5% over the past 24 hours. The smart contract and DApp cryptocurrency was trading at $7.08 yesterday but is now trading at $6.05.
The dip comes despite the 24-hour trading volume doubling during that time frame. EOS’s trading volume is $750 million, compared to the $471 million recorded this time yesterday.
Over the past seven days, EOS has dipped by roughly 17%. EOS price a week ago was $7.30 but it kept declining and now trades at $6.08.
Litecoin price analysis
Just like other cryptocurrencies, Litecoin has been affected negatively by the SEC decision on Bitcoin ETF. Subsequently, LTC has lost 11.53% of its value over the past 24 hours.
Following the pattern of above-explained coins, LTC’s trading volume has increased over the past 24 hours. Trading volume now stands at $315 million, higher than $268 million recorded yesterday. Over the past seven days, LTC price has lost 15% of its value.