MENU

Crypto update: Bitcoin (BTC), Ripple (XRP), and Monero (XMR) plunge lower

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.

In the meantime, this hot investment opportunity has been tipped to be even bigger than bitcoin in the future.

The Richest Man Alive Invests in This

The richest man in the world has just launched a $100 million investment fund and investors who don't take note could miss out on a massive opportunity.

And it isn't by sheer luck. He did it by looking to the future and investing in the big ideas of tomorrow.

This could be your chance to get in on the ground floor!

Click here to discover more!

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.

The 5 mining stocks we’re recommending in 2019…

For decades, Australian mining companies have minted money for individual investors like you and me. But if you believe the pundits and talking heads on TV, those days are long gone. Finito! Behind us forever…

We say nothing could be further from the truth. To earn the really massive returns, you’ve got to fish where others aren’t fishing—and the mining sector could be primed for a resurgence. That’s why top Motley Fool analysts just revealed their exciting new research on 5 ASX miners they believe could help you profit in 2019 and beyond…

Including:

The best way we see to play the global zinc shortage… Our #1 favourite large-cap miner (hint: it’s not BHP)… one early-stage gold miner we think could hit the motherlode… Plus two more surprising companies you probably haven’t heard of yet!

For free access to our brand-new research, simply click here or the link below. But be warned, this research is available free for a limited time only, and we reserve the right to withdraw it at any time.

Click here for your FREE report!