The cryptocurrency market has added $5 billion to its coffers over the past 24 hours. The total crypto market cap was $206 billion yesterday but a rise in prices of Bitcoin and others has seen it rise to $211 billion.
The cryptocurrency market continues to see a rise in adoption as more companies enter the cryptocurrency industry. Despite the bear market, the cryptocurrency industry continues to record new entries.
The 24-hour trading volume meanwhile has added $1 billion. The trading volume yesterday was $13 billion but has now gone up to $14 billion.
Bitcoin price analysis
The Bitcoin price dropped to the $6,300 region yesterday before recovering to trade just above $6,500.
This rise means that BTC price has added 2.3% over the past 24 hours. At the time of writing this report, BTC is trading at $6,486.
A soft alternative to Bitcoin ETF dubbed the Bitcoin ETN (exchange-traded note) has been trading on Nasdaq Stockholm exchange since 2015 and traders are now looking to it while awaiting ETF approval by the SEC.
The daily trading volume meanwhile has increased by $200 million. It stood at $4.6 billion yesterday but has gone up to $4.8 billion.
The Bitcoin price has been trading between $6,400 and $6,500. There have been occasional dips, with the most notable one on August 13 when it dipped below the $6,000 mark. It has however recovered and is now trading at $6,486.
Ethereum price analysis
ETH has gained 5% to finally reach the $300 mark. The second largest cryptocurrency suffered the most amongst the leading cryptocurrencies during the recent price hit. It has however slowly recovered to now trade at $300.
There is no significant market catalyst for ETH’s recent market movement. The 24-hour trading volume meanwhile has remained stagnant at $1.7 billion.
Over the past seven days, Ethereum has lost 17% of its value. It was trading at $364 per coin a week ago but has dropped to $300. The movement hasn’t been linear though, with drops close to the $250 mark experienced during the week.
Ripple price analysis
The third largest cryptocurrency has gained nearly 6% over the past 24 hours to hit the magical $0.30 mark. XRP was trading at $0.288 yesterday but has now risen to $0.300.
Ripple recently endorsed three cryptocurrency exchanges for XRP payments. The exchanges are Bittrex, Bitso, and Coins.ph, with the exchanges having the highest XRP trading volumes.
The 24-hour trading volume continues to decline, falling from $272 million yesterday to now stand at $258 million.
A look at XRP’s weekly chart shows that it has lost 11.7% of its value. It was trading at $0.34 a week ago before dipping below the $0.28 mark. It has subsequently recovered and is now trading at $0.30.
EOS price analysis
EOS has gained 2.8% over the past 24 hours to trade at $4.81 after slipping to $4.72 yesterday. The cryptocurrency has gained from a general market increase.
The daily trading volume has added more than $100 million over the past one day. It stood at $650 million yesterday but has now increased to $769 million.
EOS is still on the losing side when we take a look at its weekly chart. It was trading at $5.78 a week ago but has slipped by $16% during that timeframe to now trade at $4.81.
Litecoin price analysis
Litecoin has slightly increased to $56.7 after trading at $56 for the best part of yesterday. The seventh largest cryptocurrency meanwhile saw its daily trading volume drop by $9 million, from $229 million to $220 million.
LTC has lost 11% over the past seven days. The Bitcoin sister coin was trading at $64 per coin a week ago but has dropped to its current price, though there were drops below the $55 mark during the week.