Crypto update: Bitcoin (BTC), Ripple (XRP), and Litecoin (LTC) are smashed

Unfortunately for crypto traders it has been a horrific night of trade on cryptocurrency markets.

With heavy declines being seen across almost all coins, the value of the total market has plunged to US$436.2 billion according to Coin Market Cap.

This time yesterday the market was worth US$471.4 billion, meaning 7.5% or US$35.2 billion has been wiped off its value in a day.

Here is the state of play on Wednesday morning:

The bitcoin (BTC) price has tumbled almost 8% since this time yesterday to US$10,747.90 per coin. This has reduced the world’s largest cryptocurrency’s market capitalisation to US$181.7 billion, which is the equivalent of almost 42% of the entire market. Lower trading volumes and Google searches for bitcoin appears to have traders concerned that interest in the cryptocurrency hasn’t recovered since the crash earlier this year.

The ethereum (ETH) price has tumbled 5.5% over the last 24 hours to US$811.30 per token. This has reduced ethereum’s market capitalisation to US$79.5 billion.

The Ripple (XRP) price has had an incredibly volatile 24-hour period and is down almost 8% to 93.3 U.S. cents. This leaves XRP with a market capitalisation of US$36.5 billion. After reaching as high as US$1.08 yesterday amid speculation that it would be added to the Coinbase exchange, the Ripple price has fallen almost 14%,

Bitcoin Cash (BCH) is down over 7% during the last 24 hours to US$1,186.71 per token, reducing the popular altcoin’s market capitalisation to US$20.2 billion.

The Litecoin (LTC) price has been the worst performer amongst the majors during the last 24 hours, falling over 8% to US$194.95. As a result of this sell off, Litecoin’s market capitalisation has slipped to US$10.8 billion.

Outside the top five things were just as bad with Cardano (ADA), NEO (NEO), and Stellar Lumens (XLM) all down sharply.

Foolish takeaway

If interest and trading volumes in bitcoin and its peers are waning, then any hopes of prices recovering to their previous highs could be a longshot. I think how markets react from here will be very interesting and I will be watching on with a keen interest.

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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 Scott Phillips.

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