The cryptocurrency market has continued its slow recovery as the market added $5 billion over the past 24 hours. The total crypto market cap yesterday was $211 billion but has now increased to $216 billion.
This rise comes as Bitcoin and other cryptos record slight gains.
Bank of America, the second-largest banking institution in the United States, has filed another patent application for a system that manages cryptocurrency storage in an enterprise environment.
This move comes despite banks continuously attacking cryptocurrencies.
The 24-hour trading volume has also increased slightly, rising from $10 billion yesterday to its current level of $11 billion.
Bitcoin price analysis
The Bitcoin price has surged by 2.42% over the past 24 hours. It was trading at $6,553 yesterday but has now gone up to trade at $6,716. Mt Gox estate begins accepting claims from Bitcoin creditors.
The daily trading volume has gone up by $600 million over the past 24 hours. the 24-hour trading volume yesterday was $3.5 billion but has now risen to $4.1 billion following increase in BTC price.
The Bitcoin price has gone up by nearly 3% over the past seven days. A week ago, it was trading at $6,528 with highs of $6,789 experienced during the week.
Ethereum price analysis
ETH price has gone up by nearly 2% over the past 24 hours. It was trading at $276 yesterday but has joined Bitcoin in recording gains and now stand at $280. The daily trading volume has also increased, rising from $1.2 billion yesterday to now stand at $1.4 billion.
Over the past one week, ETH has lost 10.5% of its value. It was trading at $313 a week ago but dropped below the $300 mark to now trade at $280.
Ripple price analysis
Ripple has added less than 1% but is still trading at $0.32. The currency was trading at that price yesterday and is still trading around that mark. For the first time in nearly a week, the XRP trading volume has increased.
Ripple’s CTO has boldly claimed that XRP is more decentralized than the cryptocurrency powerhouses Bitcoin and Ethereum.
Its 24-hour trading volume has gone up from $215 million to $245 million over the past few hours.
Over the past one week, XRP has witnessed a haphazard trading pattern. It has been trading between $0.31 and $0.35 over the past seven days.
EOS price analysis
The fifth largest cryptocurrency is closing in on the $5 mark. EOS has gained 1% over the past 24 hours to move from $4.94 yesterday to now trade at $4.99. The currency took part in the rise of the general cryptocurrency market.
The daily trading volume continues to increase over the past few days. The 24-hour trading volume yesterday was $479 million but has now increased to $566 million.
A look at the EOS weekly chart shows that the currency has lost 7.9% of its value over the past seven days. It was trading at $5.42 a week ago but has since then dropped to now trade at $4.99 per coin.
Litecoin price analysis
Litecoin continues its rise and has gained 1.4% over the past 24 hours. It was trading at $56.99 yesterday but has now gone up to reach $57.70. The daily trading volume meanwhile has increased from $188 million to $196 million.
LTC has lost some of its value over the past one week. It was trading at $59 a week ago but has since dropped to currently trade at $57 per coin.