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Cryptocurrencies plummet further

The cryptocurrencies have had a really disappointing last 24 hours. The recovery was short lived and now many of them are heading back towards their calendar year lows.

Here’s a summary of the market at the time of writing according to CoinMarketCap:

Bitcoin (BTC) is down by 9.68% over the last day and is hovering just above the US$10,000 mark at US$10,312.10. This means its market capitalisation has fallen to US$173 billion.

Ethereum (ETH) is down by 9.09% during the last day to US$940.71, leaving it with a market capitalisation of US$91 billion.

Ripple (XRP) is down by 13.23% over the last 24 hours to US$1.19, reducing the market capitalisation to US$46 billion.

Bitcoin Cash (BCH) is down by 11.68% during the last day to US$1,547.48, the market capitalisation has fallen to US$26 billion.

Cardano (ADA) is down by 11.62% to US$0.532, which reduces its market capitalisation to $14 billion.

Litecoin (LTC) is down by 9.98% to US$169.40, its market capitalisation has fallen to $9 billion.

Clearly, prices can change wildly over a day and perhaps tomorrow will see all of these prices recover. There’s an equal chance of them falling even further of course.

Chinese and South Korean governments are doing their best to restrict and stop cryptocurrency trading, which is why the prices are down so much over the past few weeks. If any western governments, particularly the USA, start taking aim at cryptocurrencies then the market would truly implode.

The global cryptocurrency traders seem to have put the brakes on the crazy price rises. Perhaps one day a few of the high-tech cryptocurrencies will be adopted, but I can’t see this happening whilst they’re being treated as speculative trading tools.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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