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Crypto update: Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, and Litecoin plunge lower

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

This has left the entire value of the crypto market at US$365.4 billion according to Coin Market Cap, down 4.5% or US$17 billion since this time yesterday.

Here is the state of play on Wednesday morning:

The Bitcoin (BTC) price is down 3% over the last 24 hours to US$8,157.25 per coin, leaving the world’s largest cryptocurrency with a market capitalisation of US$139.1 billion. Bitcoin appears to have come under pressure due to a failed technical breakout which analysts suspect could send it below US$8,000.

The Ethereum (ETH) price has slumped 5.4% since this time yesterday to US$660.92, reducing its market capitalisation to US$65.8 billion. Weak trader sentiment continues to weigh on the second-largest cryptocurrency.

The Ripple (XRP) price has dropped 2.8% over the period to 66.1 U.S. cents. This leaves XRP with a market capitalisation of US$25.9 billion.

The Bitcoin Cash (BCH) price has been the worst performing major coin again with a 7.1% decline over the last 24 hours to US$1,150.79. This decline reduces its market capitalisation to US$19.7 billion and comes at a time when one expert was hailing it as the must-own cryptocurrency of the moment.

The EOS (EOS) share price has fallen 5.4% over the last 24 hours to US$12.73 per token, leaving EOS with a market capitalisation of US$11.1 billion.

Outside the top five there was a sea of red unfortunately. In fact, only four cryptocurrencies within the top fifty are in positive territory since this time yesterday.

Litecoin (LTC) is down 3.5%, Cardano (ADA) has fallen 6%, Stellar (XLM) is off 2.6%, TRON (TRX) has dropped 4.4%, and IOTA (MIOTA) is 2.6% lower.

What’s next?

With sentiment continuing to weaken, I believe the crypto market could be destined for a few more days in the red. Because of this, I would suggest traders sit this one out and 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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