Unfortunately for cryptocurrency traders the crypto market couldn't hold onto its gain for long and has sunk notably lower overnight.
At the time of writing the entire market is worth approximately US$256 billion according to Coin Market Cap, down 3.2% since this time yesterday.
Here is the state of play on Tuesday morning:
The bitcoin (BTC) price has fallen 4.5% over the last 24 hours to US$6,698 per coin, reducing its market capitalisation to US$113.6 billion. Recent bitcoin weakness has been blamed on U.S. tax selling. According to CNBC, to meet tax liabilities, investors are selling bitcoin ahead of the April 17 tax filing deadline. Which could mean that bitcoin and the rest of the crypto market remain under pressure for the next 7 days.
The Ethereum (ETH) price is down 2% during the last 24 hours to US$391.97 per token. This has left Ethereum with a market capitalisation of US$38.7 billion.
The Ripple (XRP) price has tumbled 2.5% since this time yesterday to just under 48.5 U.S. cents. The popular altcoin has been left with a market capitalisation of US$18.95 billion.
The Bitcoin Cash (BCH) price has dropped 3.5% during the period to US$631.83, reducing its market capitalisation to US$10.8 billion.
The Litecoin (LTC) price is off 3% since this time yesterday to US$113.96 per coin. The popular altcoin has seen its market capitalisation fall to just under US$6.4 billion.
Outside the top five there were heavy declines for both Cardano (ADA) and Stellar Lumens (XLM) which dropped 4.5% and 5.3%, respectively, over the last 24 hours.
One coin that defied the market was the one affectionately known as China's Bitcoin, NEO (NEO), which is up 6% over the last 24 hours to US$50.81. NEO appears to have moved higher for technical analysis reasons rather than because of any news.
What's next?
At the moment bitcoin appears to be in a holding pattern between US$6,000 and US7,500, and has shown little sign of breaking out of it. I believe this could remain the case until there is a major catalyst to drive it higher or lower.
