Markets
How the Crypto Market Crash Affected Inflows
The crypto market has seen outflows over the past 48 hours, with major assets like Ripple and Cardano showing similar numbers ahead of a recovery. Broader crypto assets traded sideways last weekend and this week, erasing earlier gains. At press time, the crypto market capitalization is $2.7 trillion, down 0.2% in the last 24 hours, with volumes also falling to $71.5 billion.
While Bitcoin attempted a faster recovery, altcoins saw broader outflows. Ripple numbers extended outflows amid the previous downtrend. The asset’s sideways trading has sparked conversations about the impact of regulatory challenges with the Securities and Exchange Commission (
SEC) in the asset price.
Ripple Posts Wider Weekly Losses
Ripple price is slightly in the red zone with a drop of 0.1% in 24 hours. This extended the weekly numbers to 4.1% as bearish sentiments continue. This month, XRP saw a 1% drop affected by the broader crypto market crash. Although trading volumes increase at midday, Ripple still projects a run to end the year.
The market capitalization of XRP fell to US$27.5 billion, while volumes stood at US$1 billion. Trading at $0.496, Ripple is 87% behind its 2018 all-time high of $3, but bulls continue to rally around the price reaching $1 in the next market run. Regulatory hurdles have also limited inflows, leading to weakened sentiment despite recent partnerships.
This year, Ripple announced partnerships with traditional financial institutions to expand cross-border payments. This month, the company signed a deal with Clear Junction to boost cross-border payments in the UK and EU.
Cardano tries to escape
Unlike Ripple, Cardano recorded fewer outflows in the last 24 hours. The dubbed community ETH killer fell 0.2% today, recording a weekly outflow of 3%. Hourly trading shows that the asset has slightly entered the green zone before a slight correction. ADA changes hands at $0.4489 with a market capitalization of $15.5 billion. The asset saw a surge in daily volumes above $433 million, with bulls anticipating higher flows should the market recover.
Read too: 4 Cryptocurrencies for Long-Term Gains in 2024
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and keeps an eye on the latest news. Staying up to date with trends, David has reported on various niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from financial markets, David rides his bike and horses.