It has been a disappointing 24 hours of trade on cryptocurrency markets with the majority of coins giving back recent gains and dropping lower again.
This has left the entire market with a value of just under US$339.1 billion according to Coin Market Cap, down 2% since this time yesterday.
Here is the state of play on Thursday morning:
The Bitcoin (BTC) price is down 1.2% since this time yesterday to US$7,532.36 per coin, reducing its market capitalisation to just over US$128.6 billion.
The Ethereum (ETH) price has fallen 1.9% over the last 24 hours to US$597.01 per token, leaving Ethereum with a market capitalisation of US$59.6 billion.
The Ripple (XRP) price has shed 1.8% of its value since this time yesterday and is down to 66.5 U.S. cents. The popular alt coin now has a market capitalisation of US$26.1 billion.
The Bitcoin Cash (BCH) price has dropped almost 3.5% over the last 24 hours to US$1,110.25 per token, reducing the Bitcoin offshoot’s market capitalisation down to under US$19.1 billion.
The EOS (EOS) price has been the worst performer amongst the major coins and is down 4% over the period to US$13.53. This leaves EOS with a market capitalisation of US$12.1 billion.
Outside the top five it has been a similar story over the last 24 hours. Litecoin (LTC) is down 1.8%, Cardano (ADA) is off 3.9%, Stellar (XLM) has fallen 0.8%, IOTA (MIOTA) has plunged 5.5%, and TRON (TRX) is 2.9% lower.
Why are the cryptocurrencies sinking lower again?
Recent reports of lower levels of Google searches for cryptocurrencies and a significant slowdown in Bitcoin wallet growth has been weighing heavily on sentiment this week.
In addition to this, a criminal probe into the price manipulation of cryptocurrencies in the United States hasn’t helped matters and is likely to put off would-be traders from entering the market and supporting prices.
In light of this, I see little reason to believe that the market is going to go meaningfully higher in the near-term. It may therefore be prudent to stay well clear of cryptocurrencies for the time being and focus on other investment opportunities.
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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.