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Crypto update: Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) sink lower

The cryptocurrency market has had another disappointing 24 hours as trader sentiment weakens amid the recent negative news flow.

This has reduced the entire value of the crypto market by 1.1% during the period to US$300.8 billion according to Coin Market Cap.

The bitcoin (BTC) price has retraced some of yesterday afternoon’s decline and is now down just 0.3% to US$7,935.94 per coin. This leaves bitcoin with a market capitalisation of US$134.5 billion, which equates to 44.7% of the entire market. Bitcoin came under pressure yesterday after Twitter announced that it would ban cryptocurrency advertising on its platform. This followed similar announcements by Facebook and Google earlier this year.

The ethereum (ETH) price is down 3.5% over the last 24 hours to US$458.98 per token. This reduces ethereum’s market capitalisation to US$45.2 billion.

The Ripple (XRP) price has fallen 0.8% since this time yesterday to 58.6 U.S. cents, leaving XRP with a market capitalisation of US$22.9 billion.

The Bitcoin Cash (BCH) price is down 0.7% during the last 24 hours to US$890.07 per token. This has reduced BCH’s market capitalisation to just under US$15.2 billion.

The Litecoin (LTC) price has been one of the worst performers during the period with a 3.5% decline to US$139.94 per coin. This has taken its market capitalisation down to US$7.8 billion. Litecoin came under significant selling pressure yesterday after its founder, Charlie Lee, confirmed that the LitePay merchant payment processing technology had been scrapped. LitePay was seen as a way to bring Litecoin into the mainstream and without it traders appear to think Litecoin has little over the competition.

Outside the top five it was much the same, except for the EOS (EOS) price which is up 8% over the last 24 hours to US$5.98 per coin. This increased EOS’ market capitalisation to US$4.5 billion and cemented it as the sixth-largest cryptocurrency ahead of Cardano (ADA).

I would suggest that investors forget bitcoin for now whilst sentiment is weak and look at these hot stocks with huge potential instead.

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