The crypto market has continued its poor run with almost all the top ten coins sinking into the red over the last 24 hours.
This has taken the entire value of the market down to US$374.6 billion according to Coin Market Cap, 1.5% lower since this time yesterday.
Here is the state of play on Friday morning:
The Bitcoin (BTC) price is down 1% since this time yesterday to US$8,229.56 per coin, reducing its market capitalisation to US$140.2 billion. The world’s largest cryptocurrency has tumbled despite positive words out of Twitter and Square CEO Jack Dorsey overnight. Reports state that he told those in attendance at the Consensus blockchain conference that the internet needs a native currency and that he hoped it would be Bitcoin.
The Ethereum (ETH) price has fallen 1.6% over the last 24 hours to US$688.14. This leaves Ether with a market capitalisation of just under US$68.5 billion.
The Ripple (XRP) price has tumbled 2.5% over the period to 67.6 U.S. cents, taking its market capitalisation down to US$26.5 billion.
The Bitcoin Cash (BCH) price has dropped almost 4% since this time yesterday to US$1,224.94. This has reduced the Bitcoin offshoot’s market capitalisation to just under US$21 billion.
The EOS (EOS) price is the only cryptocurrency in the top ten pushing higher over the last 24 hours. EOS is up almost 3% to US$12.78, lifting its market capitalisation above US$11 billion.
Outside the top five it was a similar story with Litecoin (LTC) falling 2.5%, Cardano (ADA) dropping 0.5%, Stellar (XLM) down 2.5%, IOTA (MIOTA) off 3.5%, and TRON (TRX) down 3%.
As I said yesterday, with trader sentiment appearing especially weak right now, I can’t help but feel that the crypto market will continue to edge lower until a positive catalyst appears.
Because of this, I think traders should consider sitting this one out and watching on from the safety of the sidelines.
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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