Unfortunately for traders, the crypto market’s run has come to an end just as it started.
This has led to sizeable declines being seen across the board, reducing the value of the entire market to US$340.9 billion according to Coin Market Cap. This is a decline of 2.9% since this time yesterday,
Here is the state of play on Tuesday morning:
The Bitcoin (BTC) price is down 2.3% over the last 24 hours to US$7,549.85 per token, reducing its market capitalisation to US$128.8 billion. This decline comes despite Apple co-founder Steve Wozniak telling CNBC that he wants Bitcoin to become the single global currency in the future. This echoes a similar statement by Twitter and Square CEO, Jack Dorsey, last month.
The Ethereum (ETH) price has fallen 3.2% since this time yesterday to US$598.04 per token, leaving the world’s second largest cryptocurrency with a reduced market capitalisation of US$59.7 billion.
The Ripple (XRP) price is the only cryptocurrency in the top ten to have pushed higher today. It is up 2.1% over the last 24 hours to 67.7 U.S. cents, giving it an increased market capitalisation of US$26.6 billion. Traders have responded well to news that Ripple has donated US$50 million to top universities to speed up adoption of blockchain technology.
The Bitcoin Cash (BCH) price has tumbled 3.9% since this time yesterday to US$1,120.51. This has reduced the Bitcoin offshoot’s market capitalisation to just over US$19.2 billion.
The EOS (EOS) price has plunged 6% over the last 24 hours to US$13.76, leaving it with a market capitalisation of just over US$12.3 billion.
Outside the top five there was a sea of red. In fact, including Ripple, there were only two cryptocurrencies in positive territory over the last 24 hours amongst the top 25 coins.
The Litecoin (LTC) price is down 4%, the Cardano (ADA) price is off 5.4%, the Stellar (XLM) price has fallen 2.9%, IOTA (MIOTA) if 4.3% lower, and TRON (TRX) is down 4.3%.
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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.