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

It may be Good Friday but the crypto market doesn’t take holidays. Though crypto traders would probably wish it would.

The crypto market has taken a sharp tumble over the last 24 hours with declines being seen across the board.

This has reduced the value of the entire market to US$269 billion according to Coin Market Cap.

The main catalyst for this decline has been the fall of the bitcoin (BTC) price. It is down 9% over the last 24 hours to US$7,258 per coin. This reduces the world’s largest cryptocurrency’s market capitalisation to US$123 billion.

Bitcoin came under significant pressure after its price neared the so-called “death cross”. This is a technical analysis term for when an asset’s 50-day moving average crosses through its 200-day moving average.

It is an overwhelmingly bearish indicator and some experts believe it could soon send the bitcoin price below US$1,000 per coin if it crosses it.

Considering that bitcoin is impossible to value, technical analysis does tend to have a big impact on the direction it takes.

Unfortunately this weakness has also weighed heavily on the rest of the crypto market. Here is the state of play for the rest of the industry this morning:

The Ethereum (ETH) price has plunged 12.5% since this time yesterday to US$392.40, leaving it with a market capitalisation of US$38.6 billion.

The Ripple (XRP) price has fallen over 8% during the period to 53 U.S. cents, reducing its market capitalisation to US$20.7 billion.

The Bitcoin Cash (BCH) price has been the worst performer among the majors, falling almost 17% during the last 24 hours to US$715.45. This gives the bitcoin spin-off a market capitalisation of US$12.2 billion.

The Litecoin (LTC) price has tumbled 12.5% since this time yesterday to US$115.88 per coin. LTC now has a market capitalisation of under US$6.5 billion.

Outside the top five the EOS (EOS), Cardano (ADA), and Stellar (XLM) prices have fallen notably lower. These altcoins are down 3%, 7%, and 12%, respectively, over the last 24 hours.

This could be a sign that the boom is over for now, so investors may want to check out this next boom that has everyone talking.

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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.