On Friday, the cryptocurrency market fell drastically against the USD. The market capitalization of all coins combined almost entered the double digits. This came as a shock to all those who were still hoping for an end of year bullish rally. The prices bleeded into Saturday but it was able to hold above the $100 billion mark. Today, the price of cryptocurrencies are recovering against the USD slowly but steadily.
Bitcoin (BTC) Price Today – BTC / USD
One strange thing about the last fall in price is that the prices of cryptocurrencies fell but there wasn’t any significant adjustment in the trading volume. What this means is that a sell-off wasn’t the only thing that ignited the fall in price. As the prices fell against the USD, Bitcoins dominance in the market increased to 54.92% from 54.5% within a few days. Even with this dominance shift, there is no sign that the price of BTC will outperform other coins drastically.
Cryptocurrency Price Analysis Starting With BTC
Within the last 24 hours, the price of BTC has remained on a downtrend against the USD. It fell to a new yearly low of $3200 forcing some analysts to conclude that BTC will reach bottom at $3000. However, BTC is yet to breach this key support but it has been able to recover above $3200. Right now, the largest cryptocurrency per market capitalization is trading at $3,285.36. This means it is up by 2.26% against the USD with a trading volume of $3,827,084,882 within the last 24 hours and a market capitalization of $57,250,274,466. If BTC falls below $3000, the next supports will be at $2,970 and $1,760.
Ethereum (ETH) Price Today – BTC / USD
The second largest cryptocurrency per market capitalization, XRP, followed Bitcoin as it declined significantly against the USD. It traded as low as $0.284 during the fall but managed to recover as BTC recovered. At the time of writing, XRP was trading at $0.292314. This shows that it was up by 2.08% against the USD and down by 0.24% against BTC. The trading volume over a 24 hour period is $325,101,185 and the market capitalization is $11,963,521,358. Notwithstanding, Ripple, the parent company of XRP is making a lot of progress in the industry. The XRP token has solid fundamentals that are going to take it to a whole new level.
XRP (XRP) Price Today – XRP / USD
Ethereum (ETH), the third largest cryptocurrency per market capitalization, also traded in the same trend as the other two cryptocurrencies. It was down by 1.4% at the end of yesterday. Today, it is recovering against the USD. At the time of writing, ETH was trading at $87.16. This shows that it is up by 4.03% against the USD and up by 1.68% against Bitcoin (BTC). The trading volume is $1,698,039,291 and the market capitalization is $9,049,677,618.
While BTC, XRP and ETH fell dramatically against the USD, the altcoins, EOS, and XLM recorded gains. Yesterday, EOS was up by 5% while XLM was up by 6%. Right now, EOS is trading at $1.95. This shows that it is up by 6.48% against the USD and up by 4.01% against BTC. The market capitalization is $602,832,646 and the trading volume over a 24 hour period is $1,766,579,331. XLM is trading at $0.098776. This means that it is up by 3.37% against the USD and up by 0.98% against BTC. The trading volume over a 24 hour period is $83,463,618 and the market capitalization is $1,892,000,379.