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Crypto update: Bitcoin, Ethereum, Bitcoin Cash, EOS, and Cardano plunge lower

It has been another disappointing 24 hours of trade for the cryptocurrency market with heavy declines being seen across the board.

This means that the entire value of the crypto market has fallen 3.3% to US$380.6 billion according to Coin Market Cap.

Things had been much worse at one stage, but the market managed to recover some of its earlier declines.

Here is the state of play on Thursday morning:

The Bitcoin (BTC) price has fallen 2.6% over the last 24 hours to US$8,316.98 per coin, reducing its market capitalisation to US$141.7 billion. Bitcoin and its peers were hit hard on Wednesday after search engine Bing announced plans to ban cryptocurrency-related advertising on its platform. This follows similar moves by Facebook, Google, and Twitter earlier this year.

The Ethereum (ETH) price has dropped 2.1% since this time yesterday to US$697.69 per token, leaving it with a market capitalisation of US$69.4 billion.

The Ripple (XRP) price is off 1.8% over the last 24 hours to 69.3 U.S. cents, giving it a market capitalisation of just under US$27.2 billion.

The Bitcoin Cash (BCH) price has been the worst performing major coin over the last 24 hours with a 5.9% decline to US$1,270.71. Bitcoin Cash now has a market capitalisation of just under US$21.8 billion. The popular altcoin has come under heavy selling pressure since it successfully completed its Bitcoin ABC upgrade. This seems to be a case of buy the rumour, sell the news.

The EOS (EOS) price has tumbled 5.3% to US$12.40, reducing its market capitalisation to US$10.7 billion. The rising star of the crypto world has fallen heavily since Commonwealth Bank of Australia (ASX: CBA) CFO, Rob Jesudason, quit his role with the bank to join the company behind the EOS cryptocurrency.

Outside of the top five there was a sea of red. In fact, only one coin in the top 20, TRON (TRX), has pushed higher during the period.

It is up 2.5% since this time yesterday, while Litecoin (LTC) is down 1.4%, Cardano (ADA) has tumbled 5.3%, Stellar (XLM) is off 6.5%, and IOTA (MIOTA) is down 5%.

What’s next?

Sentiment appears to be getting increasingly weaker at the moment, which unfortunately could be a sign that there are more declines on the horizon. I think this means that the best thing to do right now is to watch on from the safety of the sidelines.

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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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