The cryptocurrency market crashed by a strong margin with many altcoins falling below key levels. At press time, the collective market cap stood at $311 billion.
The latest bearish trend came right after the US Federal Reserve chairman, Jerome Powell’s latest comment before the US House of Representatives Financial Services Committee, where he warned that Facebook’s Libra project “cannot go forward” till “concerns” were addressed.
EOS dropped to $4.59 after falling by 11.15% in an hour. EOS stood at a market cap of $4.23 billion and a 24-hour trading volume of $922 million, at press time. The digital asset further recorded a decline of 21.6% over a period of 24-hours.
The Bitcoin hard fork coin lost 8.12% and was currently valued at $333.2. At press time, Bitcoin Cash held a market cap of $5.95 billion and recorded a trading volume of $5.95 billion over the past 24-hours. Additionally, BCH declined by 20.11% over the past day.
Ethereum declined by 5.70% in an hour and was valued at $269.4. The digital asset recorded a marker cap of $28.79 billion and a 24-hour trading volume of $32.2 billion, at press time. Also, the second largest crypto-coin was down by 13.17% over the last 24-hours.
Ripple’s in-house token also suffered a loss of 5.43% over the past hour and was priced at $0.33. At press time, the third-largest crypto-asset held a market cap of $14.09 billion and a 24-hour trading volume of $2.31 billion. XRP also registered a loss of 15.9% over the last 24-hours.
Following a brief dive to the fifth position, the silver crypto was back as the fourth largest crypto asset on CoinMarketCap. Litecoin was down by 4.22% in an hour, priced at $99.5 and held a market cap of $6.23 billion at press time. The coin registered a trading volume of $4.71 billion and declined by 16.28% over the last 24-hours.