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

It has been another disappointing 24 hours of trade for cryptocurrency traders. Overnight the crypto sell off continued, leading to heavy declines across the industry.

This reduced the total value of the crypto market to US$382 billion according to Coin Market Cap. As a comparison, on Tuesday the total market value was US$471.4 billion.

Here is the state of play on Friday morning:

The bitcoin (BTC) price has fallen almost 4.5% during the last 24 hours and is now fetching US$9,428.78 per coin. This has left bitcoin with a market capitalisation of US$159.4 billion. Bitcoin and the market in general have come under pressure following news that Japanese regulators have suspended two exchanges in the country. In addition to this, compromised accounts on a Hong Kong-based exchange and news that the U.S. SEC intends to make all exchanges register with it, has also weighed heavily on sentiment.

The Ethereum (ETH) price has dropped almost 4% since this time yesterday to US$714.58. This has reduced Ethereum’s market capitalisation to just over US$70 billion.

The Ripple (XRP) price has been one of the better performers with a decline of just 1.5% during the last 24 hours. The popular altcoin’s market capitalisation is now down to US$32.8 billion.

Bitcoin spin-off Bitcoin Cash (BCH) has been the worst performer amongst the major cryptocurrencies with a 24-hour decline of 5.5% to 83.8 U.S. cents. Bitcoin Cash’s market capitalisation has tumbled to under US$17.5 billion.

The Litecoin (LTC) price is off 2% since this time yesterday to US$177.64 per token. The popular altcoin has seen its market capitalisation fall to US$9.9 billion amid concerns over the launch of its LitePay technology.

Outside the top five there were heavy declines being seen for NEO (NEO), Cardano (ADA), and Monero (XMR). The latter has fallen by 12% over the last 24 hours to US$292.99 per token.

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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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