Crypto update: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH) crash

The Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH) prices crashed lower during overnight trade. Here's what you need to know…

a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The impressive crypto run has come to a sudden end during overnight trade with heavy declines being seen across the board.

This has reduced the value of the entire crypto market to US$401.7 billion according to Coin Market Cap, down approximately 7.5% over the last 24 hours.

Here is the state of play on Thursday morning:

The Bitcoin (BTC) price has fallen almost 4% since this time yesterday to US$9,081.77 per coin. This reduces Bitcoin's market capitalisation to US$154.4 billion.

The Ethereum (ETH) price has plunged 9.6% lower over the last 24 hours to US$638.24 per token, leaving the second-largest cryptocurrency with a market capitalisation of US$63.2 billion.

The Ripple (XRP) price has been the worst performing major cryptocurrency during the last 24 hours with a decline of 11.1% to 84 U.S. cents. This takes Ripple's market capitalisation down to US$32.4 billion.

The Bitcoin Cash (BCH) price has fallen 9.1% since this time yesterday to US$1,332.22 per token. This decline means that the Bitcoin Cash market capitalisation has been reduced to just under US$22.8 billion.

The EOS (EOS) price has fallen 2.2% since this time yesterday to US$15.13, leaving it with a reduced market capitalisation of just under US$12.4 billion.

Outside the top five the declines were just as severe, with Litecoin (LTC), Cardano (ADA), Stellar Lumens (XLM), and IOTA (MIOTA) all facing double digit declines over the last 24 hours.

TRON (TRX), the tenth largest cryptocurrency, was the only coin pushing higher in the top 25 and is up 3% since this time yesterday to US$1.90.

Why are cryptocurrency prices crashing lower?

There doesn't appear to have been any real catalyst for these sizeable declines. Instead, it looks as though traders have decided to take a bit of profit off the table after their incredible gains in April.

Which isn't at all surprising. Even after accounting for today's declines, Bitcoin is up 30% month-to-date, Ripple is 61.5% higher, and Bitcoin Cash is up a massive 90.2%.

All eyes will be on Asian trade today to see if profit taking continues to weigh on the market.

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.

More on ⏸️ Investing

Close up of baby looking puzzled
Retail Shares

What has happened to the Baby Bunting (ASX:BBN) share price this year?

It's been a volatile year so far for the Aussie nursery retailer. We take a closer look

Read more »

woman holds sign saying 'we need change' at climate change protest
ETFs

3 ASX ETFs that invest in companies fighting climate change

If you want to shift some of your investments into more ethical companies, exchange-traded funds can offer a good option

Read more »

a jewellery store attendant stands at a cabinet displaying opulent necklaces and earrings featuring diamonds and precious stones.
⏸️ Investing

The Michael Hill (ASX: MHJ) share price poised for growth

Investors will be keeping an eye on the Michael Hill International Limited (ASX: MHJ) share price today. The keen interest…

Read more »

ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward
⏸️ Investing

The Atomos (ASX:AMS) share price is up 15% in a week

The Atomos (ASX: AMS) share price has surged 15% this week. Let's look at what's ahead as the company build…

Read more »

Two people in suits arm wrestle on a black and white chess board.
Retail Shares

How does the Temple & Webster (ASX:TPW) share price stack up against Nick Scali (ASX:NCK)?

How does the Temple & Webster (ASX: TPW) share price stack up against rival furniture retailer Nick Scali Limited (ASX:…

Read more »

A medical researcher works on a bichip, indicating share price movement in ASX tech companies
Healthcare Shares

The Aroa (ASX:ARX) share price has surged 60% since its IPO

The Aroa (ASX:ARX) share price has surged 60% since the Polynovo (ASX: PNV) competitor listed on the ASX in July.…

Read more »

asx investor daydreaming about US shares
⏸️ How to Invest

How to buy US shares from Australia right now

If you have been wondering how to buy US shares from Australia to gain exposure from the highly topical market,…

Read more »

⏸️ Investing

Why Fox (NASDAQ:FOX) might hurt News Corp (ASX:NWS) shareholders

News Corporation (ASX: NWS) might be facing some existential threats from its American cousins over the riots on 6 January

Read more »