Price Watch: Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin Prices In the Red

Price Watch: Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin Prices In the Red

The cryptocurrency market is diving deeper into the red. At press time, the total market cap of cryptocurrencies stands at $325 billion, down 6% over the past 4 hours.

Bitcoin, currently ranked #1 by market cap, is down 5.24% over the past 24 hours. BTC has a market cap of $124.07B with a 24 hour volume of $4.31B.

Chart by CryptoCompare

Bitcoin is down 5.24% over the past 24 hours.

As more SEC regulations develop and more institutional investors find their way into cryptocurrency markets, Bitcoin is gradually coming into the public mainstream.

Related Story: SEC Chairman Says ICOs Should Be Regulated As Securities

On June 6, SEC Chairman, Jay Clayton confirmed his classification of ICOs as securities that should be regulated with equivalent scrutiny to traditional public offerings.

One of the earliest major investment firms to start trading cryptocurrency, Susquehanna International Group is expanding their bitcoin trading desk and offering 500 select clients access to Bitcoin, Bitcoin futures, Ethereum and Bitcoin Cash.

Ethereum, currently ranked #2 by market cap, is down 6.37% over the past 24 hours. ETH has a market cap of $56.77B with a 24 hour volume of $1.67B.

Chart by CryptoCompare

Ethereum is down 6.37% over the past 24 hours.

On June 5, a major security flaw was revealed on the Parity Ethereum client – leaving the protocol susceptible to a 30 percent total network corruption.

Reported in a security alert, UK-based Parity Technologies described a “potential consensus-related issue” on its Ropsten testnet:

“In the worst case, submitting a certain malformed transaction (coming from a 0xfff…fff address) to a mining Parity Ethereum node could have caused that node to produce a malformed block, which would still be treated as valid by other affected Parity Ethereum nodes.”

Vitalik Buterin: Sharding and Plasma to Help Ethereum Reach 1 Million Transactions Per Second
Related Story: Vitalik Buterin: Sharding and Plasma to Help Ethereum Reach 1 Million Transactions Per Second

Last week, Vitalik Buterin explained the potential for the Ethereum network to eventually reach one million transactions per second.

Using Sharding and Plasma as second-layer scaling solutions to 10,000x the network’s current throughput, Buterin conveyed the potential for Ethereum to become a viable platform for decentralized applications (dApps) with millions of users.

Litecoin, currently ranked #6 by market cap, is down 5.78% over the past 24 hours. LTC has a market cap of $6.46B with a 24 hour volume of $278.88M.

Chart by CryptoCompare

Litecoin is down 5.78% over the past 24 hours.

In late May, Litecoin Founder, Charlie Lee addressed the potential for a 51 percent network attack.

Litecoin Founder Charlie Lee: LTC Network Extremely Secure, Mining Healthy
Related Story: Litecoin Founder Charlie Lee: LTC Network Extremely Secure, Mining Healthy

On Twitter, Lee listed three primary reasons why the Litecoin network is secure and protected from potential network hacking – strong distribution of pools, high capital cost of potential attach, and a rapidly increasing Litecoin hashrate.

In early May, Litecoin announced a key partnership with Alza.cz, one of the largest online retailers in the EU. The e-commerce platform is now accepting Litecoin as a payment method, further pushing Litecoin into the mainstream.

Wirex, a provider of crypto debit cards, also announced in early May that the company would be fully integrating Litecoin into its blockchain payment cards – allowing users to make payments and exchange dozens of altcoins into Litecoin.

Ripple, currently ranked #3 by market cap, is down 7.31% over the past 24 hours. XRP has a market cap of $24.56B with a 24 hour volume of $249.48M.

Chart by CryptoCompare

Ripple is down 7.31% over the past 24 hours.

Battling a class-action lawsuit by an investor demanding Ripple be deemed a security, Ripple paired up with former SEC Chairman, Mary Jo White for legal representation.

Ripple Labs Hit With Class-Action Lawsuit
Related Story: Ripple Lawyers Up With Former Chair of SEC in Legal Battle

Arguing the US company had breached securities laws on federal and state levels, Ryan Coffey and his team at Taylor-Copeland Law filed a class action lawsuit claiming the cryptocurrency should be registered as a security — and that Ripple’s current status as unregistered is unlawful.

Announced on June 4, Ripple launched its new University Blockchain Initiative and donated $50 million across 17 universities worldwide for the promotion of blockchain research and innovation.

The project will focus on three primary streams: technological innovation of distributed ledger technologies, the business applications and socio-economic risks of blockchain technology, and regulatory and legal implications.

Bitcoin Cash, currently ranked #4 by market cap, is down 8.85% over the past 24 hours. BCH has a market cap of $17.66B with a 24 hour volume of $491.73M.

Chart by CryptoCompare

Bitcoin Cash is down 8.85% over the past 24 hours.

In late May, CNBC Host Brian Kelly expressed his support for Bitcoin Cash, calling it a “must own digital currency of the moment.”

CNBC Host Brian Kelly Bullish on Bitcoin Cash Upon Announcement of BCH Development Fund
Related Story: CNBC Host Brian Kelly Bullish on Bitcoin Cash Upon Announcement of BCH Development Fund

A major mining meetup – bringing together the heads of BCH industry, Antpool, and Bitcoin.com – revealed the Bitcoin Cash network’s desire to allocate a portion of mining rewards to developing new functionalities.

The meeting representatives strongly agreed on the need to fund community proposed initiatives, with a 75 percent consensus needed for new proposals to pass.

Conclusion

The global cryptocurrency market cap stands at $320.67B with a 24 hour volume of $13.99B. The Coinbase Index is currently sitting at 3430.65. Bitcoin dominance is currently at 38.69%.

At press time, 99 of the top 100 coins by market capitalization are in the red. It is unclear when the markets will climb back into the green. Traders are reminded to remain cautious during market drops and only invest what they can afford to lose.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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