Much to the dismay of crypto traders, it has been another disappointing 24 hours of trade for the cryptocurrency market with a sea of red being seen across the board.
This has led to the entire value of the crypto market falling almost 2.5% during the period to US$242 billion according to Coin Market Cap.
Here is the state of play on Friday morning:
The Bitcoin (BTC) price has fallen 2.2% since this time yesterday to US$6,011.69 per coin, reducing its market capitalisation to US$102.9 billion. There are concerns that if the Bitcoin price breaks through the important US$6,000 support level, it could then plunge significantly lower. I suspect that the next 24 hours will be very important for the price of the world’s largest cryptocurrency.
The Ethereum (ETH) price has dropped 1.1% over the last 24 hours to US$431.76 per token. This means that ETH now has a market capitalisation of US$43.3 billion.
The Ripple (XRP) price has lost 3.2% of its value during the period and is down at 45.4 U.S. cents. This latest decline reduces XRP’s market capitalisation to US$17.8 billion.
The Bitcoin Cash (BCH) price has fallen a sizeable 4.3% over the last 24 hours to US$681.15, leaving the Bitcoin spin-off with a market capitalisation of US$11.7 billion.
The EOS (EOS) price has been the worst performer amongst the major coins with a 5.6% decline over the last 24 hours to US$7.59, reducing its market capitalisation to US$6.8 billion. It appears news that Block.one wants to rewrite the entire EOS constitution hasn’t gone down well with traders.
Outside the top five the declines were just as severe over the period. The Litecoin (LTC) price fell 3.3%, the Stellar (XLM) price is down 4.2%, the Cardano (ADA) price is off 2.8%, the Tether (USDT) price is down 0.2%, and the IOTA (MIOTA) price has fallen 3.2%.
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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.