After moving sideways for a while, the cryptocurrency market has taken a downward trend where the biggest losers are observed to be Ether [ETH], XRP and Bitcoin Cash [BCH]. In the 24-hour scenario, ETH has slumped by 11.23%, XRP by 13.36% and BCH by 12.94%.
Within 3 hours, the total market capitalization on the cryptocurrency charts has crashed down from $217.61 billion to $203.85 billion. This is accounted for a total wipeout of more than $13 billion.
In the initial phase of the past 24 hours, XRP was moving smoothly and stable, with a trading price of $0.471 and a market cap of $18.8 billion. For hours, the market moved sideways but took its first minor downturn soon, when it started trading to a depreciated value of $0.459 with a market cap of $18.36 billion.
Post the drop, the price climbed slightly to trade at $0.462 but crashed mysteriously by more than 9%. During the crash, the first huge slump experienced by the coin was $0.432. The second and the most severe drop was when it was trading at $0.428 coupled with a market cap of $16.72 billion. A total of over $2 billion was chopped off of the XRP market in a few hours.
At press time, XRP was trading at $0.416 with a market cap of $16.6 billion. The 24-hour trading volume of the cryptocurrency is recorded at $623.4 million.
The trading price of ETH opened at $224.92 with a market cap of $23.04 billion. Throughout the day, ETH price kept a steady pace until it crashed into the pothole to trade at $206.72. The second hit experienced by the coin was at $204.34 with a market capitalization of $20.94 billion. ETH saw its doom after realizing a gap of over $2 billion in the market cap in just one day.
As for the BCH market, the price faced a major drop with the current trading price of $.444.5 and a market cap of $7.73 billion. This is the largest dump faced by the cryptocurrency during the day.
In the past 24 hours, the BCH price opened at $507.86 with a market cap of $8.83 billion. Then, the price took a minor upturn to trade at $515.67 but soon entered the red zone to trade at $457.51 with a market cap of $7.95 billion. Here, the coin did not stop slumping and bled out further to $450.97. The widest gap seen in the market caps of BCH across the day is calculated to be around $240 million.
The cause for the cryptocurrency market crash has not yet come to light and remains a mystery. Furthermore, there are no signs of the market recovering anytime soon as the prices continue to furrow deeper into the bear-trap.
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