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Crypto update: Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are sinking

I think it is fair to say that last week was a tough week for cryptocurrency traders with heavy declines being seen across the board.

The bad news is that things got worse over the weekend, potentially setting up the cryptos for another week of pain.

Here is the state of play on Monday morning:

The bitcoin (BTC) price is down by around 7% since the end of last week and has sunk below the symbolic US$10,000 mark again. At present bitcoin is fetching US$9,571 per coin, according to Coin Market Cap. This reduces the world’s largest cryptocurrency’s market capitalisation to approximately US$161.6 billion.

Ethereum (ETH) has lost around 5% of its value over the weekend and is now priced at US$838.83 per token. This leaves Ethereum with a market capitalisation of just over US$82 billion.

The Ripple (XRP) price has been one of the worst performers during the weekend. After recovering to US$1.01 on Friday night, it has lost almost 8% of its value and is down to 93.3 U.S. cents at the time of writing. The popular altcoin’s market capitalisation has been reduced to just a touch under US$36.5 billion.

The world’s fourth-largest cryptocurrency, Bitcoin Cash (BCH), has performed even worse than Bitcoin Cash over the last couple of days of trade. During this time the bitcoin spin off has fallen 9.5% to US$1,171.80 per token. This has reduced Bitcoin Cash’s market capitalisation to approximately US$19.9 billion.

Thanks to a strong gain over the last 24 hours to US$214.44, the Litecoin (LTC) price is the only major cryptocurrency making a gain over the weekend. The increasingly popular altcoin has managed to carve a weekend gain of 2%. This gives it a market capitalisation of US$11.9 billion.

Incidentally, its spin off Litecoin Cash (LCC) hasn’t fared as well. It has lost a massive 31% of its value over the weekend, reducing its market capitalisation to US$2.8 billion according to Coin Codex.

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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.

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