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Crypto meltdown: Bitcoin, Ethereum, Ripple, Bitcoin Cash, and EOS are being smashed

Cryptocurrency markets are in meltdown mode again and there is a sea of red across the market.

This has reduced the entire value of the cryptocurrency market to US$333.7 billion according to Coin Market Cap, down over 8.5% or US$32 billion since this time yesterday.

Here is the state of play on Thursday morning:

The Bitcoin (BTC) price has fallen 6.7% over the last 24 hours to US$7,606.83 per coin, reducing its market capitalisation to US$129.7 billion. Reports that India is planning to place GST on cryptocurrencies appears to have weighed heavily on increasingly weak trader sentiment. In addition to this, Chinese regulators have reportedly uncovered over 400 fake cryptocurrencies.

The Ethereum (ETH) price is down 10.3% over the period to US$592.85, leaving Ether with a market capitalisation of just over US$59 billion.

The Ripple (XRP) price has dropped 7.2% since this time yesterday to 61.3 U.S. cents, reducing XRP’s market capitalisation down to US$24 billion.

The Bitcoin Cash (BCH) price has tumbled 10.5% lower over the last 24 hours to US$1,029.53. The Bitcoin offshoot now has a market capitalisation of US$17.6 billion.

The EOS (EOS) price has been the worst performing major coin with a 13.5% decline since this time yesterday to US$11.00. EOS now has a market capitalisation of US$9.6 billion.

Once again, the declines have continued outside the top five. In fact, there is only one coin within the top 50 that is in positive territory over the last 24 hours.

Litecoin (LTC) is off 7.2%, Cardano (ADA) is down 10.3%, Stellar (XLM) is 8.4% lower, TRON (TRX) has fallen 8.5%, and IOTA (MIOTA) has tumbled almost 11%.

What now?

With sentiment becoming weaker and weaker I think it is quite likely that Bitcoin and its peers could continue to sink lower from here. Because of this, I would suggest investors stay well clear of the market for the time being.

In the meantime this next tech boom that could be bigger than Bitcoin could be a better place to put your hard-earned money.

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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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