The cryptocurrency market recorded capital outflows in the last 48 hours and major assets such as Ripple and Cardano showed similar figures before a rebound. Broader crypto assets traded sideways last weekend and throughout this week reversing previous gains. At press time, the cryptocurrency market capitalization stands at $2.7 trillion, down 0.2% in the last 24 hours and volumes also fell to $71.5 billion.
While Bitcoin attempted a faster recovery, altcoins saw broader outflows. Ripple figures expanded capital outflows amid the previous bearish trend. The asset's sideways trading sparked conversations about the impact of regulatory challenges with the Securities and Exchange Commission (SECOND) on the price of the asset.
Ripple posts wider weekly losses
Ripple price is slightly in the red zone with a drop of 0.1% in 24 hours. This extended the weekly figures to 4.1% as its bearish sentiment continues. This month, XRP has seen a 1% drop affected by the broader crypto market crash. While trading volumes rise at midday, Ripple still projects a run to finish the year.
The market capitalization of XRP fell to $27.5 billion, while volumes stood at $1 billion. Priced at $0.496, Ripple is 87% behind its all-time high of $3 in 2018, but bulls continue to heat up around the price reaching $1 in the next market run. Regulatory hurdles also limited capital inflows, weakening confidence despite recent partnerships.
This year, Ripple announced partnerships with traditional financial institutions to expand cross-border payments. This month, the company signed a deal with Clear Junction to boost cross-border payments in the UK and EU.
Cardano tries to escape
Unlike Ripple, Cardano recorded fewer outflows in the last 24 hours. The community nicknamed ETH Killer It is down 0.2% today, recording a weekly outflow of 3%. Hourly trading shows that the asset slightly entered the green zone before a slight correction. ADA is trading at $0.4489 with a market capitalization of $15.5 billion. The asset saw a rise in daily volumes above $433 million and bulls anticipated higher flows should the market recover.
Also read: 4 Cryptocurrencies to Own for Long-Term Profits in 2024
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
โ Share: