MENU

Crypto update: Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) sink lower

Cryptocurrency markets appear to have run out of steam after a solid charge higher over the last few days. At the time of writing almost all of the leading cryptos are trending lower.

Here is the state of play on Wednesday morning:

The bitcoin (BTC) price has fallen 1.5% since this time yesterday to US$8,655 per token according to Coin Market Cap. This decline means that the crypto giant has seen its market capitalisation reduce to just under US$146 billion, equating to a market share of approximately 35%.

Ethereum (ETH) has dropped almost 2.5% over the last 24 hours to US$846.57. The world’s second-largest cryptocurrency now has a market capitalisation of US$82.6 billion.

The Ripple (XRP) price has been the worst performer amongst the major cryptocurrencies with a 4% decline over the last 24 hours to US$1.03. This decline means that the altcoin’s market capitalisation has now been reduced to approximately US$41.1 billion.

Bitcoin Cash (BCH) has lost 2.5% of its value during the last 24 hours with a fall to US$1,242 per token. The bitcoin spin-off now has a market capitalisation of US$21.1 billion.

The Cardano (ADA) price has fallen just over 0.5% since this time yesterday with a move down to 37.6 U.S. cents. The fledgling altcoin has been left with a market capitalisation of just under US$9.8 billion.

It has been a similar story for other altcoins as well during the period. Both Litecoin (LTC) and NEO (NEO) have lost around 1% of their value.

The Stellar Lumens (XLM) price has, however, been an outlier and pushed notably higher. The XLM price has climbed 8% higher during the last 24 hours to 42.6 U.S. cents, giving it a market capitalisation of US$7.9 billion.

What happened?

Crypto market sentiment appears to have been dealt a blow when Bloomberg Intelligence commodity strategist Mike McGlone suggested that the bitcoin price could be heading to US$900.

According to Bloomberg, McGlone believes that the cryptocurrency could plunge a further 90% in an environment of unsustainably growing supply, warning that there are similarities between bitcoin and the dot-com bubble of the 1990s.

On top of this, the Wolf of Wall Street, Jordan Belfort, warned that cryptocurrencies are pump-and-dump schemes being promoted by scam artists in an interview with The Street. I think it is worth heeding Belfort’s warning.

So instead of risking your money in bitcoin and its crypto peers, I would suggest you consider these exciting tech shares which I think have the potential to provide strong returns this year.

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.