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Crypto update: Bitcoin (BTC), Ripple (XRP), and Cardano (ADA) slide lower

It has been a bit of a mixed 24 hours for the cryptocurrency market. Although the market has dropped lower during this time, it has recovered from heavier declines.

This has left it with a total market value of US$255.7 billion according to Coin Market Cap, down 1.6% since this time yesterday.

Here is the state of play on Friday morning:

The bitcoin (BTC) price is down 1.6% during the period to US$6,780.10 per coin, reducing its market capitalisation to just under US$115 billion. Bitcoin came under pressure yesterday after one analyst warned that it could be heading to US$4,000. The analyst, Jani Ziedins from Cracked Market, suggested that bitcoin survived its “death cross” at the weekend due to being grossly oversold, rather than through a change of investor sentiment. Mr Ziedins believes that it will only be safe to buy bitcoin if it drops to US$4,000.

The ethereum (ETH) price has fallen 1.3% over the last 24 hours to US$377.70 per token. This has left ethereum with a market capitalisation of US$37.25 billion.

The Ripple (XRP) price is off 2.5% since this time yesterday to 49.4 U.S. cents. The popular altcoin’s market capitalisation has dropped to US$19.3 billion as a result of this decline. Ripple was dealt a blow this week after reports emerged claiming that it was trying to buy its way onto the biggest crypto exchanges. According to Bloomberg, Ripple has offered financial incentives to Coinbase and Gemini to list XRP, but neither has accepted the offer.

The Bitcoin Cash (BCH) price is down 1.5% during the period to US$683.83 per token, reducing its market capitalisation to US$10.9 billion.

The Litecoin (LTC) price has remained flat over the last 24 hours at US$118.71, keeping its market capitalisation on hold at just over US$6.6 billion.

Outside the top five it has been largely mixed with solid gains being made by EOS (EOS) and Monero (XMR), but sizeable declines from Cardano (ADA) and Stellar Lumens (XLM).

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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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