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

It has been another disappointing 24 hours of trade for the cryptocurrency market with declines being seen throughout the industry.

This has reduced the value of the entire market by US$10 billion or 2.2% to US$435 billion according to Coin Market Cap.

Here is the state of play on Wednesday morning:

The Bitcoin (BTC) price is down 1.9% over the last 24 hours to US$9,229.87 per coin, reducing its market capitalisation to US$157.1 billion. Trader sentiment for the world’s largest cryptocurrency may have taken a hit overnight after an ex-Goldman Sachs president told CNBC that the world will have a global cryptocurrency, but it wouldn’t be Bitcoin.

The Ethereum (ETH) price is down 0.8% since this time yesterday to US$748.12 per token. Ethereum now has a market capitalisation of US$74.3 billion.

The Ripple (XRP) price is down 2.7% during the period to 81.6 U.S. cents, cutting its market capitalisation to US$32 billion.

The Bitcoin Cash (BCH) price has tumbled 4.5% since this time yesterday to US$1,590.31. The Bitcoin offshoot now has a market capitalisation of US$27.2 billion. An issue with the new Bitcoin ABC update appears to be the reason for this decline.

EOS (EOS) has managed to defy the market again and has edged 0.2% higher to US$18.16. This lifts the EOS market capitalisation to US$15.3 billion.

Outside the top five there were declines of 4% for Litecoin (LTC), 2.5% for Cardano (ADA), 3% for Stellar (XLM), and 0.3% for TRON (TRX).

One bright spot during the last 24 hours, though, has been the IOTA (MIOTA) price. It has risen 6.3% over the period to US$2.41 per token, lifting its market capitalisation to US$6.7 billion. The internet of things cryptocurrency appears to have been given a lift from speculation that it has formed a collaboration agreement with global elevator company Schindler Group.

What’s next for the market?

Sentiment certainly seems to be soft at the moment so, unless there is a much-needed positive catalyst, I wouldn’t be surprised to see further declines over the coming days,

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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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