Crypto Prices Drop as Investors Cash Out Profits
Release: 2023/11/17 17:00 Reading: 856
Today, it seems that the prices of cryptocurrencies have been experiencing a downward trend due to the closure of positions, leading to profit-taking. Surprisingly, the ETF applications, which usually have a positive influence on the market, seem to have had the opposite effect this time. On November 16, BlackRock submitted an application for an Ethereum ETF to the SEC. It appears that investors have anticipated a possible sell-off in the cryptocurrency market, as indicated by the performance of crypto prices.
Current State of Cryptocurrencies
Bitcoin was trading around $36,442, up about 1% at the time of writing on November 17. However, the trading volume in the past 24 hours decreased by 9.21% to $25.59 billion.
The leader of altcoins, Ethereum, experienced a 3.36% drop and was trading at $1,984.11. BNB, which is also at the top of the market cap rankings, fell by 3.18% to $244.22. However, its trading volume increased by 1.91% to $937.04 million.
The favored cryptocurrency of investors, XRP, also dropped by 4.80% to $0.6206. Solana, which has been performing well in recent days, experienced a reversal with a 10.48% drop to $58.62. Its trading volume remained steady at $4 billion.
When it comes to meme coins, Dogecoin moved against the market trend. It saw a 6.48% increase in price to $0.08161, with a significant increase of 224.27% in trading volume to $1.73 billion. Its biggest competitor, Shiba Inu, dropped by 1.61% to $0.000008615.
Pepe Coin, which closely follows Doge and SHIB, saw a decrease of 6.79% to $0.000001174 due to the general decline in the market.
Top Altcoins
Yearn.finance (YFI) seems to defy the current downward trend in the market. It ranked high on the list of top gainers on November 17. YFI saw a net increase of 11% in the past 24 hours, trading at $14,243. Following the price increase, the trading volume also saw a 48.96% increase to $379.43 million.
Kaspa (KAS) continues its recent upward trend. Unlike Bitcoin, the altcoin experienced a significant increase of 11.07%, trading at $0.1308. In the past 30 days, the price of Kaspa has increased by approximately 190%.
Mantle (MNT) stood out as one of the most noteworthy performers. At the time of writing, Mantle saw a 10.78% increase, trading at $0.5107.
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