Despite major news flooding the crypto ecosystem, the the valuation of the cryptocurrency market dropped by around $9 billion over the past 24 hours. Bitcoin has reported a 2% decline falling below the major $6,500 price level for the first time in the past week. Even after the Swell Conference 2018, and the announcement of the company partnering with multi-billion dollar banking giant Banco Santander, Ripple’s XRP has seen a drop exceeding 8%.
With the volume of Bitcoin trending around $4 billion, it has seen a decline of 30% over the last two weeks. This has left the daily trading volume of Bitcoin to be estimated around $2.6 billion. Bitcoin’s low volume is a warning sign for traders that could lead to fear in the market affecting Bitcoin’s near future. The flagship cryptocurrency did see a small rebound in volume, measuring around 1%, however, this had little to no effect on the market.
The market also lost fuel due to the fact the XRP experienced a fast decline after their Swell 2018 conference. This is not uncommon in the market however, as the market gains a boost prior to fundamental news being released, such as services, product release or a mainnet launch. However, after the news comes to fruition, most virtual coins will correct losing much of the ground that it had gained.
While many investors had foreseen this common trend in market correction for XRP, the news of the RippleNet integration by Banco Santander and its OnePay FX mobile application, the drop came as a surprise to many who speculated that a bull run would develop.
With the valuation of the crypto market losing $9 billion, this had especially hurt the major altcoins such as Ethereum (ETH), Bitcoin Cash (BCH) and Stellar (XLM), most likely leading to a stagnant few days. Only volume will set the market on an upward course.