Crypto update: Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin slide lower

The prices of Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin continued to slide lower overnight. Here’s the current state of play this morning…

Bitcoin Crush

It certainly has been a disappointing and volatile 24 hours of trade for cryptocurrency markets.

After pushing higher in Asian afternoon trade the cryptocurrency market has given back those gains and more overnight.

This has reduced the value of the entire market to US$426.4 billion according to Coin Market Cap, down 1.5% since this time yesterday.

Here is the state of play on Friday morning:

The Bitcoin (BTC) price is down 1.8% over the last 24 hours to US$9,124.71 per coin, reducing the world’s largest cryptocurrency’s market capitalisation to just under US$155.4 billion. Despite one crypto expert telling CNBC that Bitcoin could hit US$64,000 next year, the cryptocurrency hasn’t been able to break out of its bearish trend.

The Ethereum (ETH) price has fallen 1.5% since this time yesterday to US$739.29, taking Ethereum’s market capitalisation down to a little under US$74.5 billion. According to the Independent, one expert thinks this could soon change, though. The so-called “Bitcoin Jesus” has predicted that Ethereum will be the world’s most valuable cryptocurrency by the end of the year.

The Ripple (XRP) price has continued its slide and is down a further 3% over the last 24 hours to 78.1 U.S. cents. This has cut Ripple’s market capitalisation to US$30.6 billion. The Ripple price has come under pressure despite positive results from pilot trials of XRP for cross-border money transfers. Ripple advised of savings of up to 70% and transaction times of minutes instead of days.

The Bitcoin Cash (BCH) price has had a wild 24 hours of trade and is down 4.5% during the period to US$1,565.54, reducing its market capitalisation to US$26.8 billion. Bitcoin Cash is now down over 6% from yesterday’s high.

The EOS (EOS) price has managed to defy the market and has pushed 0.9% higher since this time yesterday to US$17.96. This increases the EOS market capitalisation to US$15.2 billion.

Outside the top five it was a similarly story with sizeable declines being seen for Litecoin (LTC), Cardano (ADA), Stellar (XLM), IOTA (MIOTA), and TRON (TRX). Each of these cryptocurrencies was down no less than 3.5% over the last 24 hours. IOTA has been the worst performer with a 5% decline.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

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