Things are not looking all that hot for cryptocurrency right now. With the overall trading volume dipping below US$2bn, interest seems to be waning. Additionally, the total market cap is well below US$100bn once again as well. It is a bit unclear why these numbers are so low right now, though. Trading during the weekend is always slower compared to the rest of the week, but not by much.
It is not hard to see why cryptocurrencies are in high demand right now. Bitcoin is still the market leader, with nearly US$513m in 24-hour volume. That is not the number people would like to see, though. On most days, Bitcoin easily surpasses the US$1bn mark and more. This sudden pullback in volume is a bit troublesome, to say the least. However, Bitcoin is not the only currency with a decline in trading volume over the past 24 hours.
Cryptocurrency Trading Volume Shows Cracks in the Facade
Ethereum is generating the second-highest trading volume. With US$461m, things are not looking all that bad. However, most of this volume appear to be sell orders, pushing the ETH price down even further. Ethereum is going through a massive correction right now. It does not appear this downward trend will stop anytime soon. The currency is overvalued compared to what it can be used for. In most people’s minds, ETH is only used for ICOs and as a way to pay gas for transactions.
There is only one one other currency generating over US$100m in 24-hour volume, which is Litecoin. It has to be said, Litecoin has been on a strong run as of late. The LTC value holds its own around the US$50 mark on Coinmarketcap, which is nice to see. All other top 10 cryptocurrencies are struggling for trading volume right now. IOTA’s market cap even got pushed to well below US$1bn, which was only a matter of time as well.
Now that the total cryptocurrency market cap sits below US$84bn, the following days and weeks will be quite interesting. We are getting closer to SegWit2x and the UASF activating on the Bitcoin network. Ethereum has a lot of issues to sort out sooner rather than later. Litecoin will continue to attract a fair amount of trading volume, to say the least. Exciting times are ahead for all cryptocurrency enthusiasts.
