Digital currency markets have seen some volatile action this week and during the last 24 hours following the XRP charges, a number of coins shed a great deal of value. At the time of publication, the entire crypto-economy is valued at $629 billion and because XRP lost so much value, bitcoin’s dominance index has risen above the 68% mark.
Just recently, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs Inc. and two of its executives. According to the U.S. regulator’s complaint, Ripple Labs “raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.” Since then, the price of XRP fell like a rock, losing nearly 40% during the last 24 hours of trading sessions since the SEC announcement. The XRP plunge has also tugged a number of other crypto-assets down as well during the trading sessions on December 23.
Bitcoin (BTC) on the other hand, has been doing well despite the regulatory action against Ripple Labs. BTC is currently swapping for $23,796 per coin and is up 1.5% during the last day. Seven-day stats show BTC has gained more than 11%, over 29% for the 30-day span, and 120% over the last three months of trading. BTC’s market dominance in comparison to the 7,500+ coins in existence is 68% today, which is higher than it has been in quite some time. Currently, out of the $629 billion crypto-economy market cap, BTC captures $442 billion.
Ethereum (ETH) is trading for $612 per ether and the token is down after taking some losses during the early morning trading sessions on Wednesday. ETH’s market cap is hovering at around $69 billion at the time of publication. Market statistics show that XRP is swapping for $0.33 per unit and is still down 30% since its initial fall. The market capitalization of XRP has plunged to $15.4 billion and the market is now below tether’s (USDT) overall valuation of over $20 billion.
Litecoin (LTC) has been hit far less than most of the other crypto assets in the economy today after the XRP announcement. LTC is swapping for $109 per coin and has a market cap of around $7.25 billion. The crypto asset LTC is still up over 20% during the last seven days of trading. Bitcoin cash (BCH) is down over 6% today and trading for $296 per unit at the time of publication. BCH has an overall market valuation of around $5.52 billion and the crypto asset is up 38% during the last 90 days.
While many analysts have been watching crypto markets very closely and waiting for a big correction or a higher rally. The trader Crediblecrypto told his 87,000 followers that he expects bitcoin (BTC) to climb higher before the next big correction. “I’m bullish on BTC here,” he tweeted. “I don’t think this is THE correction everyone is waiting for. That will come a bit later IMO.”
During the last 24 hours, onchain stats from Cryptoquant and