Bitcoin, Ethereum, Ripple, Bitcoin Cash, and EOS are being smashed

Unfortunately for cryptocurrency traders the crypto market has continued its poor run in Asian trade.

At the time of writing there is a sea of red amongst the major coins and the entire value of the market has fallen to US$365 billion according to Coin Market Cap.

This is a decline of 6% since this time yesterday and 2.5% since this morning’s update.

Surprisingly, despite there being sizeable declines across the board, there doesn’t appear to be a single driver for the selloff.

However, I suspect one cause could have been traders becoming underwhelmed with the market’s reaction to the high-profile Consensus 2018 Blockchain Week event in New York.

This event had been tipped as a major catalyst to taking the market higher, but with that not eventuating, traders could be closing positions following the end of the event on Thursday.

In addition to this, reports in the Independent about the energy requirements of the Bitcoin network could have concerned traders.

It has been estimated by Digiconomist that Bitcoin mining accounts for 0.5% of the world’s energy consumption. This is the equivalent of the same amount of energy used by Austria.

This may have some traders fearing that restrictions could be placed on Bitcoin mining in the future by governments.

Here is the state of play over the last 24 hours on Friday afternoon:

The Bitcoin (BTC) price is down 4.4% to US$8,027.23, reducing its market capitalisation to US$137.8 billion.

The Ethereum (ETH) price is down 5.7% to US$673.30, leaving it with a market capitalisation of US$67 billion.

The Ripple (XRP) price is off 6% to 66.5 U.S. cents. XRP now has a market capitalisation of just over US$26 billion.

The Bitcoin Cash (BCH) price is the worst performing major coin with a 9.7% decline to US$1,189.15. This reduces BCH’s market capitalisation to under US$20.4 billion.

The EOS (EOS) price is down 8% to US$12.50, leaving it with a market capitalisation of US$10.8 billion.

Fellow altcoins Litecoin (LTC), Cardano (ADA), Stellar (XLM), IOTA (MIOTA), and TRON (TRX) are all being smashed this afternoon as well. These five coins are down no less than 6% over the last 24 hours. IOTA has been the worst performer with an 11% decline.

This “Holy Grail” Technology Could Produce World’s First Trillionaire

One of the world’s richest people is sounding the alarm on what could be a trillion-dollar technology.

And when a tech billionaire – several times over – speaks, it pays to listen.

This could be your chance to get in on the ground floor!

Click here to discover a $19.9 trillion dollar idea — hidden in plain sight!

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.

The 5 mining stocks we’re recommending in 2019…

For decades, Australian mining companies have minted money for individual investors like you and me. But if you believe the pundits and talking heads on TV, those days are long gone. Finito! Behind us forever…

We say nothing could be further from the truth. To earn the really massive returns, you’ve got to fish where others aren’t fishing—and the mining sector could be primed for a resurgence. That’s why top Motley Fool analysts just revealed their exciting new research on 5 ASX miners they believe could help you profit in 2019 and beyond…


The best way we see to play the global zinc shortage… Our #1 favourite large-cap miner (hint: it’s not BHP)… one early-stage gold miner we think could hit the motherlode… Plus two more surprising companies you probably haven’t heard of yet!

For free access to our brand-new research, simply click here or the link below. But be warned, this research is available free for a limited time only, and we reserve the right to withdraw it at any time.

Click here for your FREE report!