Crypto update: Bitcoin (BTC), Ripple (XRP), and Bitcoin Cash (BCH) tumble lower

The cryptocurrency market’s bull run appears to have run out of steam and small declines have been seen across the board over the last 24 hours.

This has led to the entire crypto market losing 2% of its value during the period to US$420.3 billion.

Here is the state of play on Wednesday morning:

The Bitcoin (BTC) price is down 2.2% since this time yesterday to US$9,085.93 per coin. This reduces Bitcoin’s market capitalisation to US$154.5 billion.

The Ethereum (ETH) price is down almost 1% during the last 24 hours to US$669.32 per token, leaving it with a market capitalisation of just under US$66.4 billion.

The Ripple (XRP) price is also down almost 1% since this time yesterday to 83.8 U.S. cents, reducing the popular alt coin’s market capitalisation to US$32.8 billion.

The Bitcoin Cash (BCH) price has been the worst performing major coin during the last 24 hours with a 4.2% decline to US$1,314.30 per token. The Bitcoin spin-off’s market capitalisation now stands at US$22.5 billion.

The EOS (EOS) price has been an exception and pushed almost 2.5% higher since this time yesterday to US$18.07. EOS now has a market capitalisation of US$15 billion.

Outside the top five there were gains for Cardano (ADA) and Stellar Lumens (XLM), but Litecoin (LTC), TRON (TRX), and NEO (NEO) all followed the market lower.

What’s next?

Although trading has been soft over the last few days following the incredible crypto rally of the previous two weeks, one expert believes that the crypto market can continue to go higher from here.

According to CNBC, Wall Street veteran and CEO of Japanese online broker Monex, Oki Matsumoto, has suggested that cryptocurrencies could take off like derivatives did 38 years ago.

He is so confident in the long-term outlook for the market his company has just acquired cryptocurrency exchange Coincheck.

It certainly will be an interesting week for the market and I’ll be watching on with keen interest to see if the bulls can keep the run alive.

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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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