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

Unfortunately for traders, the crypto market’s rebound was short-lived and declines are being seen across the board on Wednesday morning.

According to Coin Market Cap, the entire value of the crypto market has tumbled 3.1% over the last 24 hours to approximately US$249 billion.

This decline comes as a little bit of a surprise given the fact that the industry was given a bit of a lift yesterday when Facebook reversed its cryptocurrency advertising ban. Although the social media giant will continue to ban ICO advertising, it will allow pre-approved advertisers to promote legitimate crypto businesses and services.

Here is the state of play on Wednesday morning:

The Bitcoin (BTC) price has fallen 1.4% since this time yesterday to US$6,177.10 per coin, reducing the world’s largest cryptocurrency’s market capitalisation to US$105.7 billion.

The Ethereum (ETH) price has sunk 4.5% lower over the last 24 hours to US$440.65 per token. Ethereum’s market capitalisation now stands at US$44.2 billion. It fell to a three-month low overnight.

The Ripple (XRP) price has dropped 2.4% over the period to 46.85 U.S. cents, leaving the alt coin with a market capitalisation of US$18.4 billion.

The Bitcoin Cash (BCH) price has tumbled a sizeable 5.2% to US$718.94 per token. This has reduced the Bitcoin spin off’s market capitalisation to just under US$12.4 billion.

The EOS (EOS) price has been the worst performing major coin with a 5.6% decline since this time yesterday to US$7.77 per token. This leaves EOS with a reduced market capitalisation of just under US$7 billion.

Outside the top five it was a similar story. In fact, only three of the top 50 coins were in positive territory over the last 24 hours.

The Litecoin (LTC) price has fallen 4.4%, Stellar (XLM) is down 3.2%, Cardano (ADA) is off 4.7%, new entrant to the top ten, Tether (USDT), is down 0.2%, and IOTA (MIOTA) has dropped 4.1%.

I think cryptocurrencies are best avoided right now whilst sentiment remains so weak. Instead I would look at this major investment opportunity.

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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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