The bears were in control of cryptocurrency prices last week, with the combined market having shaved a few billion dollars from its value. The market size consolidated after gaining value in the previous week.
XRP was largely responsible for the declines. The No. 3 cryptocurrency saw its
price fall in the last days, leading to a poor performance for XRP. In addition, daily trading volume in the cryptocurrency decreased by more than 50%, exacerbating a decline
in the total volume of the broader crypto market.
Despite the losses, the crypto market started last wee week on a high note and last Sunday, Sept. 30, was worth $221 billion. Most coins rallied, including XRP in the previous week, momentum for which spilled over. Early last week, XRP was still trading at $0.61 and didn’t suffer sharp declines until the following day.
Proof of this is that a few hours after the day started, the value of the market continued to grow and registered more than $225 billion on the morning of Sept. 30, reflecting last week’s peak. Therefore, after that day the market value was not able to surpass that level.
Meanwhile, a few hours later the combined value of the market shrank again, falling to slightly more than $220 billion on the same day.
Trying to Hold $225 Billion
On. Oct. 1, the value of the cryptocurrency market rose again and reached close to $225 billion. So, as the day started, the market was worth $224 billion. Among
several oscillations, on Oct. 3, the market saw its volume plummet.
It was on this day that the cryptocurrency market recorded its lowest value in the last
seven days. Thus, at dawn of this day, the combined market value was hovering at only $214 billion and closed below $220 billion for the second time in the week. The first had happened on Oct. 1, the same day in which the market registered its better performance.
On the other hand, the market rebounded on Oct. 5 to be quoted above the $220
billion level. This size, however, could not be sustained in the coming days, causing the combined market capitalization to fall yet again. So on Saturday, the size of the market ranged from $216 billion to and $217 billion in a 24-hour period.