Unfortunately for traders the rebound in cryptocurrency markets was only short-lived. During overnight trade almost all of the major cryptocurrencies gave back a significant portion of their recent gains.
This left the value of the entire market at US$364.8 billion according to Coin Market Cap.
The bitcoin (BTC) price has fallen 6.5% over the last 24 hours to US$8,990.85 per coin, reducing its market capitalisation to US$152.1 billion. Despite news that the "Tokyo Whale" has stopped selling bitcoin after offloading US$400 million worth of the cryptocurrency, the world's largest cryptocurrency continues to come under significant selling pressure.
The Ethereum (ETH) price has tumbled over 6% since this time yesterday to US$683.47 per token. This leaves the world's second-largest cryptocurrency with a market capitalisation of just over US$67 billion.
The Ripple (XRP) price has been the worst performer among the major cryptocurrencies during the last 24 hours. During this time XRP has lost over 9.5% of its value and is currently fetching a lowly 79 U.S. cents per coin. This has left XRP with a market capitalisation of US$30.9 billion.
Despite the prospect of being added to the Winklevoss' Gemini Exchange, the Bitcoin Cash (BCH) price hasn't been able to hold onto its recent gains. It is down almost 10% during the last 24 hours to US$1,026.94 per token, reducing its market capitalisation to almost US$17.5 billion.
The Litecoin (LTC) price has also slumped lower despite also being touted as a potential addition to the Gemini Exchange. It is down over 7% since this time yesterday to US$176.77 per coin, giving it a market capitalisation of US$9.8 billion.
Outside the top five there were heavy declines being recorded by "China's bitcoin" NEO (NEO), Stellar Lumens (XLM), and Monero (XMR). The latter is down over 10% at the time of writing.
Foolish takeaway
Bitcoin appears to be struggling to break meaningfully above the US$10,000 mark. I expect this will remain the case until sentiment improves greatly. In light of this, I would caution against buying bitcoin's dip to make a quick buck.
