MENU

Crypto update: Bitcoin (BTC) and Ethereum (ETH) fall, Ripple (XRP) rises

The solid run by cryptocurrencies has come to an end overnight with four of the five-largest coins tumbling into the red.

One of the worst performers has been the bitcoin (BTC) price. It has shed 4% of its value over the last 24 hours and at the time of writing is fetching US$11,292 per coin according to Coin Market Cap.

This gives the world’s largest cryptocurrency a market capitalisation of US$190 billion.

Ethereum (ETH) has also fallen by a similar margin and is down 4.3% since this time yesterday to US$1,182. This has left ETH with a market capitalisation of approximately US$115 billion.

The world’s third-largest cryptocurrency, Ripple (XRP), has managed to defy the crypto market and push higher during the last 24 hours.

The popular altcoin has seen its value climb almost 1.4% during the period to US$1.34, giving it a market capitalisation of US$51.8 billion.

Bitcoin Cash (BCH) has followed BTC lower by 4% during the period and now fetches US$1,661 per coin. And Cardano (ADA) has been the worst of the top five with a decline of 6% to 62.2 U.S. cents.

Finally, one bright spot has been the performance of NEO (NEO) overnight. It stormed 8% higher to US$161.92 over the last 24 hours to overtake Stellar Lumens (XLM) as the sixth-largest cryptocurrency with a market capitalisation of US$10.5 billion.

NEO, often referred to as the Chinese Ethereum, has been growing in popularity in recent times amid speculation that it might escape the wrath of Chinese regulators.

Which is surely a big positive for the altcoin given the huge crackdown that is being undertaken in the country. And probably makes it worth keeping a close eye on over the coming months.

But I would resist buying NEO or any other cryptocurrencies for the time being. At this point I feel it is near impossible to predict where prices will go next, which makes it a very risky investment proposition.

Instead, I would consider putting my money into these exciting tech shares with enormous potential.

The Disruptors: 3 Revolutionary Aussie Companies to Back for 2018

We're living in one of the most exciting times in investing history. Innovation and a booming culture of entrepreneurship are constantly creating new companies with the potential to make forward-thinking investors very rich. Now more than ever, one small, smart investment could make a huge difference to your wealth.

That's why at The Motley Fool we've been scrutinizing the ASX to uncover the kinds of companies that we believe could turn into the next Cochlear or REA Group.

We've found three exciting companies that we believe re poised to perform in the new year. Click here to uncover these ideas!

Motley Fool contributor James Mickleboro 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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.