The cryptocurrency market has grown nearly $20 billion over the past 24 hours as Ripple and other altcoins embarked on a short Bull Run.
The news that the U.S SEC has postponed the Bitcoin ETF decision didn’t affect the market negatively, as shown by the small price surge.
The total cryptocurrency market cap now stands at $221 billion with the 24-hour trading volume seeing massive growth to now stand at $24 billion.
The recent market rally was led by Ripple, soaring nearly 100% as the community prepares for the release of the xRapid service.
Bitcoin price analysis
The price of Bitcoin has gone up by over 2% over the past 24 hours, rising from $6,529 yesterday to trade at $6,667 per coin.
The cryptocurrency rose despite news that the U.S SEC has delayed its Bitcoin ETF decision again.
The daily trading volume has also increased over the past few hours. Bitcoin’s 24-hour trading volume yesterday was $5.7 billion but has now surged to stand at $6.0 billion.
Against the U.S Dollar, Bitcoin has recorded growth of more than 2% over the past five days. It was trading at $6,510 five days ago but has now risen to $6,667, with a weekly high of $6,816 experienced during that time frame.
Ethereum price analysis
Ethereum has gone up by more than 4% over the past 24 hours to reclaim its second spot after losing it to Ripple earlier on. The second largest cryptocurrency was trading at $227 per coin yesterday but now trades at $236, with a high of $251 experienced during the day.
There was no apparent catalyst for this movement as it surged alongside the general market, with daily trading volume also increasing from $2.1 billion yesterday to now stand at $2.7 billion.
A look at Ethereum’s chart shows that it has gone up by nearly 5% against the greenback over the past five days. It was trading at $224 five days ago but has since then gone up, reaching a high of $251 during that time.
Against Bitcoin, Ethereum has gained 3.1% over the past five days.
Ripple price analysis
Ripple is undoubtedly the biggest winner in this latest market run having recorded a gain of nearly 100%. Since hitting its peak, the coin started to lose some of those gains. Following a drop, it is still up 19% against the U.S Dollars.
The coin went from $0.46 yesterday to trade at $0.55 today. The recent rise has been attributed to the pending release of xRapid which is expected to make use of XRP token.
The 24-hour trading volume has surged by $3 billion, rising from $1.7 billion to $4.7 billion.
Against the USD, XRP has risen by 99% over the past five days. It was trading at $0.28 five days ago but has since then risen massively, reaching a weekly high of $0.66. Against BTC, it has surged by nearly 95% over the past five days.
EOS price analysis
EOS also partook in the recent market rise as it went up by nearly 2% over the past 24 hours. It was trading at $5.77 yesterday but has now gone up to now trade at $5.88.
The fifth largest cryptocurrency didn’t perform better despite news that it has been listed on Circle investing app.
The daily trading volume has also increased, rising from $866 million to cross the $1 billion mark for the first time in a while.
EOS has gained roughly 10% against the U.S Dollars over the past five days. It was trading at $5.4 five days ago but has now risen to trade at $5.88. It has also gone up against BTC, rising by 6.8% over the past few days.
Litecoin price analysis
Litecoin gained the least amongst the leading cryptocurrencies, rising by less than 1% over the past 24 hours, gaining just a dollar from its $57 price yesterday, tepidly climbing to now trade at $58.
The trading volume has also gone up, rising from $295 million to now trade at $378 million.
Against the USD, LTC has risen by 2% over the past five days, losing just 0.3% against Bitcoin during that timeframe.