Prices for six of the top 10 major cryptocurrencies are trading marginally lower on Monday morning as trading activity falls.
The global average daily trading volume now stands at $13.4 billion. Total market capitalization has dropped slightly to $295 billion, has been close to $305 billion last week.
Bitcoin (BTC)’s market dominance continues, now at 47.5%.
On the news front, it has emerged that investment firm VanEck wrote to the US SEC addressing the Commission’s concerns over Bitcoin ETFs.
The firm tackled five key points relating to liquidity, valuation, arbitrage, custody, and potential market manipulation, seen as a stumbling block.
At the same time, Bitcoin continues to attract attention with various firms remaining bullish over its long-term value.
Bitcoin is trading just under 1 percent on the hour and in the last 24 hours. The leading crypto is currently trading at around $8,165.
Bitcoin price has seen an intraday high of $8,261, having then dropped sharply to hit $8,115. A slight pullback took it to $8,235, but pressure sees it trending lower.
BTC/USD continues to hold above $8k as the market looks for the next boost. Trading activity slackened over the weekend and today is no different with a total daily volume at $4.2 billion.
Bitcoin’s dominance in the market remains commanding at 47.5%, and market cap is $140 billion.
Ethereum (ETH) is also trading lower over the hourly and daily sessions.
The second largest coin is just under 1 percent over both trading periods and is currently exchanging hands at $464 against the US dollar.
It has also remained moderately volatile against BTC, currently trading at 0.05682439. ETH/BTC rose to trade at 0.05713040 when ETH/USD dropped to a low of $462.
The ETH/USD pair is fluctuating sharply above $460, but seeing prices capped at the intraday high price at $469.
The daily trading volume is now $1.69 billion, same range as that seen over the weekend. Ethereum’s market cap is $46.8 billion.
Ripple (XRP) is one among four coins that are just above 1 percent in the green. It, however, is likely to turn red in the daily charts as it currently is flashing red in the hour-to-hour charts.
XRP/USD is currently trading at $0.452, remaining within the tight range it has been in for the last several days. It also seems to make very minimal moves against BTC, currently at 0.00005543.
If the top coins dip, then the weak XRP will likely follow suit and see price declines. The daily trading volume is $193 million, with its market cap now at $17.8 billion.
EOS is trading just in the green over the hour but remains delicately poised in the daily charts. The 5th ranked coin is trading marginally in the red in the last 24 hours against both USD and BTC.
It has found it difficult to break above $10.00. It’s currently trading at $8.20 against the USD dollar and exchanges hands at 0.00100342 BTC.
Prices for EOS have traded lower since dipping at a high of $8.42 and 0.00102255 BTC.
EOS has a daily trading volume of $627 million and a market cap of $7.3 billion.
Stellar (XLM) is currently trading at $0.30. Its price over the last 24 hours is down by over 3.50 percent.
It’s also fluctuating lower against the top coin, currently exchanging at 0.00003706 BTC (-3.02% lower in the last 24 hours).
Sentiment for XLM has looked south for much of the weekend and that trend is likely to continue near-term. Prices could dip below $0.30 sooner rather than later.
Stellar’s intraday volume is $69 million, significantly lower than those seen in recent days. The coin’s market cap is now $5.6 billion.
Litecoin (LTC) price is holding above $83 against the US Dollar as it looks to bounce back above $85.
7th ranked LTC is currently trading at $84.09 against the USD and is trending marginally higher in the daily charts against BTC.
Litecoin is trading at 0.01032419 BTC (at the moment looking up at 0.76%).
However, LTC is quite volatile at the moment and has seen sharp up and downs in the last 24 hours. total intraday volume is now $281 million, while the market cap is at $4.8 billion.