MENU

Cryptocurrency altcoins decimated

Bitcoin’s plunge under US$9,000 may grab all the headlines, but the secondary cryptocurrency market has also had a terrible day.

Most readers are probably aware of Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) and Cardano (ADA). Each of these coins has a market capitalisation of above US$10 billion.

However, there’s also a world of smaller cryptocurrencies out there that have been hurt even more than Bitcoin over the past 24 hours according to CoinMarketCap.

Steller (XLM) has fallen by almost 14% to US$0.452, which leaves its market cap at US$8.3 billion.

NEO (NEO) has fallen by 14% to US$123.18, reducing its market cap to US$8 billion.

Litecoin (LTC) has fallen by 13.08% to US$140.27, which takes its market cap down to US$7.7 billion.

EOS (EOS) has dropped by 10.35% to US$10.31, which leaves the market cap sitting at US$6.6 billion.

NEM (XEM) has declined by 16.72% to US$0.63, this means the market cap has been reduced to US$5.7 billion.

This rounds out the top 10 cryptocurrencies, but there are many, many more out there. In-fact, according to CoinMarketCap’s list there are over 1,500 cryptocurrencies.

Does any of this matter? Well, I think it’s interesting following what the cryptocurrency world does. It could be the birth of a new global currency that we’ll all use some day, or perhaps not. Either way, it is fascinating to watch. This period will be taught in economic classes at some point in the future.

The altcoins are just as at risk, if not more so, from large organisations taking a swing at the cryptocurrency world. The Chinese, South Korean and Indian governments have all made noises and actions about getting rid of cryptocurrency exchanges. Facebook won’t allow advertising of cryptocurrencies on its website any more. The Australian government are looking at taxing cryptocurrencies, according to sources in the media.

I think this whole cryptocurrency story is a wonderful example of how the entire world can get swept up into a mania for something that has no invest-able qualities. Revenue, cash flows and profit are key for anything to make investing sense.

That’s why I think anyone and everyone should stick to investing in solid, quality businesses such as these.

Top 3 ASX Blue Chips To Buy In 2018

For many, blue chip stocks mean stability, profitability and regular dividends, often fully franked..

But knowing which blue chips to buy, and when, can be fraught with danger.

The Motley Fool’s in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of "The Motley Fool’s Top 3 Blue Chip Stocks for 2018."

Each one pays a fully franked dividend. Each one has not only grown its profits, but has also grown its dividend. One increased it by a whopping 33%, while another trades on a grossed up (fully franked) dividend yield of almost 7%.

The names of these Top 3 ASX Blue Chips are included in this specially prepared free report. But you will have to hurry. Depending on demand – and how quickly the share prices of these companies moves – we may be forced to remove this report.

Click here to claim your free report.

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.

The 5 mining stocks we’re recommending in 2019…

For decades, Australian mining companies have minted money for individual investors like you and me. But if you believe the pundits and talking heads on TV, those days are long gone. Finito! Behind us forever…

We say nothing could be further from the truth. To earn the really massive returns, you’ve got to fish where others aren’t fishing—and the mining sector could be primed for a resurgence. That’s why top Motley Fool analysts just revealed their exciting new research on 5 ASX miners they believe could help you profit in 2019 and beyond…

Including:

The best way we see to play the global zinc shortage… Our #1 favourite large-cap miner (hint: it’s not BHP)… one early-stage gold miner we think could hit the motherlode… Plus two more surprising companies you probably haven’t heard of yet!

For free access to our brand-new research, simply click here or the link below. But be warned, this research is available free for a limited time only, and we reserve the right to withdraw it at any time.

Click here for your FREE report!