All my edit suggestions were taken, but I guess someone found that there were too many.
No, they weren't all accepted. Your profile displays a list of all your suggested edits, and clicking on those links will tell you the status of each. Here's a list of those you've had rejected recently:
I'm not sure if this is enough to trip the automatic temporary ban on suggesting edits, but it might have been. The goal is to encourage you to reflect on why the edits you've made so far have been rejected, and hopefully improve your editing style for the future. The point of the suggested edit system is to "train" new users in how to properly edit. As such, it's worth checking out the rejection reasons even if there haven't been enough of your edits rejected to trip the auto-block. And if there has been, then you've already answered your own question:
I read that the privilege is lost for one day.
The other situation in which you would be unable to suggest edits is when the suggested edit queue is full. But since its maximum size was increased to 160, this shouldn't be a problem. Right now, there are only 50 edits in the queue. And if this were the case, you'd see the message:
Our edit queue is full, try again in a few minutes