Crypto update: Bitcoin (BTC) and Ripple (XRP) have a wild weekend

It certainly was an eventful weekend for cryptocurrency traders. Here’s what you need to know:

After sinking as low as US$7,796 per coin on Saturday, the bitcoin (BTC) price rebounded to almost US$9,500 on Sunday according to Coin Market Cap. However, this appears to have just been a short reprieve for the world’s largest cryptocurrency. At the time of writing the BTC price has fallen 13% over the last 24 hours to US$8,051, reducing its market capitalisation to US$135 billion.

Ethereum (ETH) has been just as volatile this weekend. It fell to a low of US$779 in the early hours of Saturday, before recovering to US$990. The ETH price is now sinking lower again and has fallen 17% during the last 24 hours to US$805. This has left it with a market capitalisation of US$78.4 billion.

The Ripple (XRP) price is now fetching 80.3 U.S. cents, down 14% since this time yesterday. Over the weekend the third-largest cryptocurrency tumbled as low as 63.5 U.S. cents, before climbing back up to 96 U.S. cents. Unfortunately for Ripple fans it wasn’t able to hold onto those gains for long, leaving it with a reduced market capitalisation of US$31.3 billion.

Bitcoin spin-off Bitcoin Cash (BCH) has being just as volatile. It fell as low as US$990 on Saturday before recovering to as high as US$1,314 on Sunday. Since then the fourth-largest cryptocurrency has given back a good portion of these gains and is currently priced at US$1,117 per coin, giving it a market capitalisation of US$18.9 billion.

Finally, the fifth-largest cryptocurrency Cardano (ADA) has fallen over 15% to 37.5 U.S. cents since this time yesterday. Cardano has arguably been the most volatile crypto amongst the majors this weekend. It fell as low as US$27.7 cents and then rebounded to a high of US$48.6 cents on Sunday. At its current price ADA has a market capitalisation of US$9.7 billion.

Foolish takeaway

I think these wild swings demonstrate why the crypto markets are high risk and largely unsuitable for most investors. In light of this, I would suggest investors watch on from the safety of the sidelines and focus on high quality investment options on the local share market instead.

These exciting growth shares, for example, could be market-beating investments this year in my opinion.

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 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.