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The total cryptocurrency market has lost more than $ 20 billion in the last 24 hours. The cryptocurrency capital market currently stands at $ 231 billion, which is low compared to $ 254 billion yesterday.
The 24 hour trading volume has meanwhile increased. Yesterday's total trading volume was $ 12.3 billion, but it has now reached $ 15.5 billion. The increase in trading volume, however, did not stop cryptocurrency prices from recorded losses.
The US Securities and Exchange Commission (SEC) announced hours ago that it would not make the decision of the Bitcoin ETF until next month, which led the market to react negatively to news.
Bitcoin Price Analysis
Bitcoin's price has lost over $ 500 in the last few hours, plummeting from $ 7,000 to the current level just above $ 6,500.
This decline means that BTC has lost more than 5% of its value compared to the last 24 hours. The 24-hour trading volume exceeds $ 5 billion, which is higher than the $ 4 billion recorded yesterday.
The fall in the price of Bitcoin is the result of the SEC decision. The market expected the SEC decision on the Bitcoin ETF this month, but the commission moved it to September.
This led to the panic among some traders and led the price of Bitcoin to fall to $ 6,500 [19659002] week, the Bitcoin price has obscured 14% of its value. At this time last week, Bitcoin was trading around $ 7,636, but has now fallen to the current level of $ 6,532.
Price Analysis of Ethereum
Ethereum followed Bitcoin as it lost about 7% of its value in the last 24 hours. The second largest cryptocurrency was trading at $ 410 yesterday but lost $ 40 so far and now trades at $ 370 per coin
It was influenced by the recent news that the SEC would not make any decision on Bitcoin ETF until next month . This recent dip means that Ethereum has lost 23% of its value in the last month.
Just like Bitcoin, the daily trading volume of Ethereum has increased. The volume of trade is close to $ 2 billion, which is higher than $ 1.4 billion recorded last week.
A week ago, ETH was trading at $ 426, but lost 15% of its value to $ 370 at the time of printing.
Analysis of the price of undulations
Ripple is perhaps the biggest loser among the top 5 cryptocurrencies in the last 24 hours, after losing more than 14% of its value in the last 24 hours. The XRP was trading at $ 0.41 this time yesterday, but has declined and is now trading at $ 0.35.
The 24-hour trading volume is currently $ 320 million, higher than the $ 256 million recorded yesterday. The recent decline brought the weekly loss of XRP to 23%, making the cryptocurrency worse in the top 5.
EOS Price Analysis
EOS decreased by 14.5% in the last 24 hours. The smart contract and the DApp cryptocurrency sold yesterday to $ 7.08 but are now trading at $ 6.05.
The decline comes despite the 24-hour trading volume being doubled during this period of time. EOS trade volume is $ 750 million, compared to $ 471 million registered this time yesterday.
Over the past seven days, EOS has declined by around 17%. The EOS price of a week ago was $ 7.30, but continued to decline and now trades at $ 6.08.
Litecoin price analysis
Just like other cryptocurrencies, Litecoin was adversely affected by the SEC decision on Bitcoin ETFs. Subsequently, LTC lost 11.53% of its value in the last 24 hours.
Following the pattern of the coins explained above, the trade volume of LTC has increased over the last 24 hours. Trading volume is now $ 315 million, higher than $ 268 million registered yesterday. Over the past seven days, the LTC price has lost 15% of its value.
