Ripple (XRP) Price Declines 8% While the Crypto Market Loses $9 BillionLow Volume was the Issue
Yesterday, on October 2, CCN reported that the low volume of Bitcoin is a concern for traders and it could negatively impact the short-term trend of Bitcoin.
“The volume of Bitcoin remains fairly low at around $4 billion, down more than 30 percent since mid-September. On Coincap, the cryptocurrency market data provider of popular digital asset trading platform ShapeShift, which eliminates exchanges suspected of having false volumes, the daily trading volume of Bitcoin is estimated to be around $2.6 billion,” the report of CCN read.
It would have been possible for the dominant cryptocurrency to engage in a short-term upside movement if its volume had rebounded by around 15 to 20 percent. But, throughout the past 24 hours, the daily trading volume of Bitcoin remained at $4 billion on CoinMarketCap and $2.77 billion on Coincap.io.
The volume of Bitcoin recorded a slight gain of around 1 percent, which had no notable effect on the short-term trend of the crypto market.
The sudden drop in the price of XRP after Swell 2018 conference also contributed to the downtrend of major cryptocurrencies.
https://www.ccn.com/ripple-xrp-price-declines-8-while-the-crypto-market-loses-9-billion/