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

It has been a bit of a mixed 24 hours of trade for the cryptocurrency market.

The entire value of the cryptocurrency market has edged almost 0.5% lower during this time to US$248 billion according to Coin Market Cap.

This decline comes despite Facebook making a U-turn on its cryptocurrency advertising ban which has led to all sorts of speculation.

There are theories floating around that the social media giant has lifted the ban as it intends to launch a takeover of the popular Coinbase crypto exchange.

Other theories include Facebook launching its own cryptocurrency, according to the Independent.

These rumours certainly do have a bit of substance to them. After all, Facebook recently launched an exploratory blockchain venture that reports directly to the company’s CTO, Mike Schroepfer.

But time will tell what impact this has on the industry and the prices of crypto assets.

In the meantime, here is the state of play on Thursday morning:

The Bitcoin (BTC) price is down 0.25% since this time yesterday to US$6,152.50 per coin, reducing its market capitalisation to US$105.3 billion.

The Ethereum (ETH) price is off 0.8% over the last 24 hours to US$437.12 per token. This leaves Ethereum with a market capitalisation of just under US$43.9 billion.

The Ripple (XRP) price is up 0.1% over the period to 46.9 U.S. cents, lifting its market capitalisation to US$18.4 billion.

The Bitcoin Cash (BCH) price has fallen 0.8% over the last 24 hours to US$711.79 per token, reducing the alt coin’s market capitalisation to US$12.25 billion.

The EOS (EOS) price has been a big mover during the last 24 hours and is up 4.5% to US$8.10. This lifted the EOS market capitalisation to almost US$7.3 billion. EOS is on the rise after its CTO suggested that it scraps the project’s existing constitution to limit arbitrators’ powers.

It was a little more positive outside the top five with the Litecoin (LTC) price climbing 1.6%, Stellar (XLM) rising 0.3%, IOTA (MIOTA) pushing 0.4% higher, and Tether (USDT) up 0.3%. The Cardano (ADA) price failed to follow its peers higher and fell 1.5% during the last 24 hours.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Facebook. The Motley Fool Australia has recommended Facebook. 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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