Crypto update: Bitcoin (BTC), Ripple (XRP), and Litecoin (LTC) plunge lower

Unfortunately for crypto traders the rebound in cryptocurrency prices has been short-lived and heavy declines have been seen across the board overnight.

This has reduced the market value of the entire market to US$260 billion, down 8% since this time yesterday.

Here is the state of play on Thursday morning:

The bitcoin (BTC) price has fallen almost 8% over the last 24 hours to US$6,909.45 per coin. This has reduced the market capitalisation of the world’s largest cryptocurrency to US$117.2 billion. One catalyst for the decline could have been funding issues at the US-based Kraken exchange.

The ethereum (ETH) price has plunged 7.5% since this time yesterday to US$384.84 per token, leaving it with a market capitalisation of US$37.95 billion.

The Ripple (XRP) price has tumbled over 7% during the last 24 hours to 50.64 U.S. cents. The popular altcoin now has a market capitalisation of US$19.8 billion.

The Bitcoin Cash (BCH) price has dropped 8.5% since this time yesterday to US$652.61 per token. The bitcoin spin-off now has a market capitalisation of US$11.1 billion.

The Litecoin (LTC) price has gone from being the best performer yesterday to the worst performer today. LTC is down almost 11.5% since this time yesterday to US$118.55 per coin, reducing its market capitalisation to US$6.6 billion. The altcoin hasn’t been able to hold onto yesterday’s gains that came after an American Express-backed startup revealed it was using Litecoin’s technology.

Outside the top five the declines were just as heavy with EOS (EOS), Cardano (ADA), Stellar Lumens (XLM), NEO (NEO), and IOTA (MIOTA) all down sharply. The worst performer of the bunch was the Stellar Lumens price which is down almost 11.5% over the last 24 hours. It rose strongly last week after IBM revealed that it is using its technology. Profit-taking could be weighing heavily on its price today.

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