Crypto update: Bitcoin (BTC) flat, EOS (EOS) and Cardano (ADA) surge higher

It has been a reasonably stable 24-hour period for the cryptocurrency market as the major coins consolidate after recent declines.

This leaves the market with a total value of US$300 billion according to Coin Market Cap, down slightly from this time yesterday.

The bitcoin (BTC) price has remained flat over the last 24 hours at US$7,952.48 per coin, giving it a market capitalisation of approximately US$134.8 billion. Bitcoin volumes have been light with approximately US$5 billion worth of the coin traded over the last 24 hours. As a comparison, this time last month around US$8 billion was changing hands daily and at the start of the year there were times when US$24 billion of bitcoin were traded each day. One Wall St analyst from Fundstrat Global Advisors advised traders to hold bitcoin for the long-term in a report released overnight.

Elsewhere, the ethereum (ETH) price has fallen 2% during the last 24 hours to US$449.46 per token, reducing its market capitalisation to US$44.3 billion.

The Ripple (XRP) price has dropped 1.5% since this time yesterday to 57.9 U.S. cents. This has left XRP with a market capitalisation of US$22.6 billion.

Bitcoin Cash (BCH) has fallen 3.5% over the last 24 hours to US$14.6 billion, bringing its market capitalisation to US$14.6 billion.

The Litecoin (LTC) price has been the worst performing major coin during the last 24 hours with a 5% decline to US$132.99 per token, reducing its market capitalisation to US$7.4 billion. Litecoin has come under significant pressure this week after it announced that the LitePay merchant payment processing technology has been scrapped just weeks after its launch. The technology had been seen as a way of bringing Litecoin into the mainstream.

Outside the top five there have been gains for popular altcoins EOS (EOS) and Cardano (ADA). They are up 4% and 2%, respectively.

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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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