Digital currency markets have been meandering sideways for a few days as most of the top crypto prices have been consolidating. Some traders believe there will be a big bullish rise after the current slump, while others think crypto prices may sink even lower. Amidst the crypto market uncertainty, economists worldwide are predicting a great recession looming in the backdrop.
Also Read: 10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS
Persistent Consolidation
On Sunday, July 28 the entire market capitalization of digital assets is around $263 billion and there’s been $43 billion in 24-hour global trade volume. Digital currency market caps, individual coin prices, and overall global trade volumes have dropped significantly since June. Currently, the price of bitcoin core (BTC) is hovering around $9,500 with around $13 billion in daily trade volume. During the early morning trading sessions on July 28, more than 68% of BTC trades are paired against tether (USDT).
Following BTC’s lead, ethereum (ETH) holds the second largest valuation as each ETH is swapping for $209. Ethereum markets have roughly $5.7 billion worth of Sunday’s overall trade volumes. Ripple (XRP) is still hanging tight in third position and each XRP is swapping for $0.31. At the time of writing, there’s only $841 million in global trade volume for XRP. The fourth largest market valuation belongs to litecoin (LTC), which has seen around $2.3 billion in daily trades. Each LTC is trading for $89 per coin and a market cap of about $5.6 billion. Lastly, bitcoin cash (BCH) is hovering around $307 and there’s been $1.2 billion swapped in the last day.
