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Crypto update: The Bitcoin, Ethereum, Ripple, Bitcoin Cash, and EOS selloff continues

It has been yet another disappointing 24 hours for cryptocurrency traders.

There is once again a sea of red across the board, leading to a 5% drop in the value of the entire market since this time yesterday.

This has reduced the value of the crypto market to US$308.7 billion according to Coin Market Cap.

Here is the state of play on Tuesday morning:

The Bitcoin (BTC) price is down 2% over the last 24 hours to US$7,192.29 per coin, reducing the world’s largest cryptocurrency’s market capitalisation to US$122.7 billion. Concerns over price manipulation in crypto markets appears to be weighing on the market still and putting off would-be buyers.

The Ethereum (ETH) price is off 8% since this time yesterday to US$522.33 per token. This latest decline leaves Ethereum with a market capitalisation of just under US$52.1 billion. ETH has continued its sizeable decline despite there being no specific news relating to the cryptocurrency.

The Ripple (XRP) price has lost 6% of its value during the last 24 hours and fallen to 57 U.S. cents, leaving it with a reduced market capitalisation of US$22.4 billion.

The Bitcoin Cash (BCH) price has continued its decline with an 8% drop to US$912.13 per token, reducing the Bitcoin offshoot’s market capitalisation to US$15.6 billion.

The EOS (EOS) price is down 3.3% since this time yesterday to US$12.01 per coin. This gives the popular alt coin a reduced market capitalisation of US$10.6 billion.

Outside the top five it was much of the same. In fact, just two out of the top 50 cryptocurrencies were in positive territory.

Over the last 24 hours the Litecoin (LTC) price is down 3.7%, the Stellar (XLM) price has fallen 6.5%, the Cardano (ADA) price has dropped 7.2%, the TRON (TRX) price has shed 10% of its value, and the IOTA (MIOTA) price is 4.5% lower.

Unfortunately, with sentiment still very negative, it looks as though the crypto market could continue its decline on Tuesday.

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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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