Price Watch: Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin Prices are Down Slightly


The growth of the cryptocurrency market is currently stalling. Major assets like Bitcoin have incurred slight drops since yesterday evening when it was trading at a weekly high of $7,500. At press time, the total market cap has fallen from $333 billion to $324 billion, or down 2.8% over the last 24 hours.

Bitcoin, currently ranked #1 by market cap, is down 1.65% over the past 24 hours. BTC has a market cap of $126.29B with a 24 hour volume of $4.93B.

Chart by CryptoCompare

Bitcoin is down 1.65% over the past 24 hours.

Blockchain technology received praise from Chinese President Xi Jinping this week, who stated that it had the potential to “heal” ailing economies. During a speech at a conference with the Chinese Academy of Sciences, Jinping mentioned the advantages of blockchain and his hope for elevated adoption in China. The President stated:

“Ever since the start of the 21st century, a new generation of industrial revolution is substantially reshaping the global economic structure with artificial intelligence, the Internet of Things, and the blockchain constantly making breakthrough applications.”

This marks a serious shift in China’s opinion. Until now, the country has been one of the strictest and largest opponents of cryptocurrency-based technologies and assets.

Ethereum, currently ranked #2 by market cap, is down 1.54% over the past 24 hours. ETH has a market cap of $56.48B with a 24 hour volume of $1.99B.

Chart by CryptoCompare

Ethereum is down 1.54% over the past 24 hours.

Analyst Sam Bourgi of Hacked claims that Ether’s ongoing price dumps originated from Bitfinex, the world’s fourth-largest digital currency exchange. Approximately 12 percent of ether transactions are processed via Bitfinex, and more than a third of the exchange’s business is generated via ether trades.

Ether has made its way into several initial coin offerings (ICOs) and other blockchain projects, one of which was EOS. EOS spent nearly $1.5 million worth of ETH last Monday – that’s roughly $400,000 more than what was doled out over the weekend, and well above the $850,000 spent over the first half of May. Bourgi notes that Ethereum’s price is now falling just days before EOS plans to launch its mainnet.

In addition, an obscure project called NePay is dumping roughly 80 percent of its total supply of Ether via airdrop. This has allegedly clogged up Ether’s network for the past nine days, which some say is part of an elaborate DDoS attack as it requires users to “send” zero ETH to their digital wallets for the airdrop to lock in.

Ripple, currently ranked #3 by market cap, is down 2.97% over the past 24 hours. XRP has a market cap of $23.57B with a 24 hour volume of $301.47M.

Chart by CryptoCompare

Ripple is down 2.97% over the past 24 hours.

The nation of Kuwait is joining hands with Ripple via the Kuwait Finance House (KFH). The establishment has become the nation’s first bank to join the Ripple Network and pave the way for remittance payments via XRP.

While the institution is still awaiting approval from the Central Bank of Kuwait (CBK), KFH is confident the order will pass in the coming weeks. KFH also insists that customers will benefit from Ripple’s faster payments, stronger security and transaction transparency. KFH also believes that XRP will give rise to lower fees and improved efficiency for all its customers and trading systems.

Bitcoin Cash, currently ranked #4 by market cap, is down 2.3% over the past 24 hours. BCH has a market cap of $16.93B with a 24 hour volume of $643.62M.

Chart by CryptoCompare

Bitcoin Cash is down 2.3% over the past 24 hours.

Bitcoin Cash is garnering serious support from an unlikely candidate: UFC and Bellator fighter Rory MacDonald. The Canada native and welterweight champion recently announced on his Twitter page that he was heavily invested in BCH, and posted a 30-second live video of himself punching a water bag while wearing a BCH t-shirt.

MacDonald states he was first introduced to crypto through his fight coach, and he’s been hooked ever since. The fighter currently has an ongoing partnership with DASH and believes that digital assets can offer fighters the opportunity to better their lives and overall careers.

Litecoin, currently ranked #6 by market cap, is down 3% over the past 24 hours. LTC has a market cap of $6.65B with a 24 hour volume of $297.26M.

Chart by CryptoCompare

Litecoin is down 3% over the past 24 hours.

In yesterday’s price watch, it was discussed that NASDAQ, in boosting its plans to become an official cryptocurrency exchange,  narrowed the potential coins it will list to Bitcoin, Stellar Lumens, and Litecoin.

The trading organization says it has strong confidence in Litecoin since the currency joined hands with Blocknet. This will allow Blocknet to work as a cross-blockchain decentralized app, which means it can serve as a medium of exchange between other forms of fiat and cryptocurrencies on other trading platforms.

Conclusion

The global cryptocurrency market cap stands at $324.79B with a 24 hour volume of $15.79B. The Coinbase Index is currently sitting at 3474.69. Bitcoin dominance is currently at 38.88%.

While the cryptocurrency market is not experiencing the devastating price drops of last week, investors are still advised to remain cautious and only trade what they can afford to lose as volatility remains a serious threat.

Cover Photo by Håkon Sataøen on Unsplash

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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Nick Marinoff Author

Nick Marinoff

Nick Marinoff is an author, writer, and journalist that has been covering the cryptocurrency arena since 2014. In the past, he has served as a news writer and editor for Money & Tech, and as a senior writer several cryptocurrency websites. He also has several guest publications under his belt from Sludge Feed to Coin Journal to Digital Gold Magazine. He has since traveled extensively to libraries, offices and other locations delivering seminars on the book’s subject matter and the growing student debt crisis in America.

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