The leading cryptocurrency Bitcoin (BTC) continued to trade relatively sideways at around $29,000 on the first day of the new week. According to CoinMarketCap (CMC) data, the total market capitalization of the crypto industry dropped to $1.16 trillion after a slight decrease of 0.1%. Among the top 10 cryptocurrencies by market capitalization, XRP recorded the highest percentage loss, with a decline of more than 2% in the past 24 hours.
Consolidation Continues in Bitcoin
The leading cryptocurrency Bitcoin (BTC) has been consolidating between the price levels of $28,500 and $31,500 for weeks. Since the beginning of last week, it has started to trade relatively sideways around $29,000. Current data shared by several crypto analysis platforms last week showed that BTC’s volatility fell below that of Gold, Nasdaq, and S&P500 at the end of July.
While this sideways movement continues in the market, the total market capitalization of the crypto ecosystem decreased by 0.1% to $1.16 trillion in the past 24 hours, according to CMC data.
In addition, according to the weekly report shared by digital asset manager CoinShares, there was a net outflow of over $107 million from digital asset investment products last week, in addition to the market decline. Bitcoin-focused investment products saw outflows of $111 million, and Ethereum-focused investment products saw outflows of approximately $6 million.
Current State of the Cryptocurrency Market
Most high-market-cap cryptocurrencies experienced low percentage losses ranging from 1% during the day. With their recent price movements, Ethereum (ETH) started trading from $1830, BNB from $241, XRP from $0.61, Dogecoin (DOGE) from $0.074, Cardano (ADA) from $0.29, and Solana (SOL) from $23.
XRP, which recorded a decline of more than 2% in the past 24 hours, dropped to $0.61 and became the cryptocurrency with the highest percentage loss among the top 10 cryptocurrencies by market capitalization.
