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Crypto prices appeared to be on a negative trend today as positions were closed resulting in profit-taking. The ETF applications, which generally have a positive impact on the market, seem to have backfired this time. On November 16, BlackRock applied for an Ethereum ETF with the SEC. Investors seem to have anticipated a potential sell-off in the crypto asset space, as evidenced by the price performance of cryptocurrencies.
Current State of Cryptocurrencies
Bitcoin was trading around $36,442, up about 1% at the time of writing on November 17. However, the trading volume in the past 24 hours decreased by 9.21% to $25.59 billion.
The leader of altcoins, Ethereum, experienced a 3.36% drop and was trading at $1,984.11. BNB, which is also at the top of the market cap rankings, fell by 3.18% to $244.22. However, its trading volume increased by 1.91% to $937.04 million.
The favored cryptocurrency of investors, XRP, also dropped by 4.80% to $0.6206. Solana, which has been performing well in recent days, experienced a reversal with a 10.48% drop to $58.62. Its trading volume remained steady at $4 billion.
When it comes to meme coins, Dogecoin moved against the market trend. It saw a 6.48% increase in price to $0.08161, with a significant increase of 224.27% in trading volume to $1.73 billion. Its biggest competitor, Shiba Inu, dropped by 1.61% to $0.000008615.
Pepe Coin, the closest follower of Doge and SHIB, experienced a 6.79% drop to $0.000001174, following the overall market decline.
Top Altcoins
Yearn.finance (YFI) seems to defy the current downward trend in the market. It ranked high on the list of top gainers on November 17. YFI saw a net increase of 11% in the past 24 hours, trading at $14,243. Following the price increase, the trading volume also saw a 48.96% increase to $379.43 million.
Kaspa (KAS) continues its recent upward trend. Unlike Bitcoin, the altcoin experienced a significant increase of 11.07%, trading at $0.1308. In the past 30 days, the price of Kaspa has increased by approximately 190%.
Mantle (MNT) stood out as one of the most noteworthy performers. At the time of writing, Mantle saw a 10.78% increase, trading at $0.5107.
