BTC Falls By 10% Dragging Other Cryptocurrencies Down With No Uptrend In Site 

This year’s ending couldn’t be more different from last year for the cryptocurrency market. This time last year, the price of cryptocurrencies were on an uptrend as they prepared to reach their all-time-highs. This year, the prices are still in the downtrend with no hope of recovery in view. In fact, the price of BTC recently fell by 10% against the USD within a 24 hour period. This took BTC as low as $3,330.28. As expected, the price of other cryptocurrencies fell along with BTC. This isn’t the December investors were expecting but this is the one everyone has to cope with.

Cryptocurrency Price Analysis

Yesterday, Bitcoin (BTC) was trading at $3,330.28 against the USD. This means that it was down by 10.25% against the USD. Right now, it is trading at $3,394.30. This means that it is down by 10.00% against the USD with chances of falling even lower. The trading volume over a 24 hour period is $6,229,166,905 and the market capitalization is $59,096,932,656.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$3,364.05
-2.24%

As expected, the price of XRP and ETH also fell significantly against the USD. ETH fell by 16% while XRP fell by 11% still within the same period. Right now, XRP is trading at $0.297840. This shows that it is down by 11.57% against the USD and down by 1.74% against Bitcoin. The trading volume over a 24 hour period $598,817,471 and the market capitalization is now as low as $12,011,098,903. ETH is trading at $85.64. This shows that it is down by 15.82% against the USD and down by 6.48% against BTC. The trading volume is $2,406,487,143 and the market capitalization is $8,875,935,576.

Since the beginning of the year, the total market capitalization of cryptocurrencies has fallen by 86.96% from the all-time-high it reached in January. The daily trading volume for the entire market is down by 62.84%.

What Else Is Happening In The Industry?

On another edge of the cryptocurrency industry, the United States Securities and Exchange Commission published an update about how far or has come with approving ETF. The approval of ETF is something the entire community has been waiting for with the hopes that it will cause a spike in price.

The ETF is a product that is used to track the prices of assets. It is typically listed on exchanges so investors can decide not to buy the underlying asset. This product makes engagement in trading safer for institutional investors.

The ETF the SEC was referring to in the publication is the one created by VanEck, a money management firm and SolidX, a blockchain company. This is the third time VanEck is trying to create a BTC ETF. The update the SEC published wasn’t an approval. Instead, it stated that it would not make any decision regarding the issue until February 29th 2019. The assistant secretary of the SEC, Eduardo A. Aleman said:

“The SEC believes it is appropriate for us to deliberate on this issue for a longer period. During this time, we can issue our order disapproving or approving the rule change.”

There is a possibility that this news may have contributed to the price decline. Keep in mind that $9 billion was removed from the value of BTC the last time the SEC postponed making a decision about this ETF.

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