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Crypto update: Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, and Litecoin sink to new lows

The cryptocurrency market continued its slide during overnight trade and there are declines being seen across the board.

This has led to the value of the entire market dropping almost 2.5% over the last 24 hours to US$236.3 billion according to Coin Market Cap.

This is actually an improvement as at one stage the market touched on a 2018 low of US$232.5 billion.

Here is the state of play on Saturday morning:

The Bitcoin (BTC) price has fallen 1.2% since this time yesterday to US$5,943.18 per coin, reducing the world’s largest cryptocurrency’s market capitalisation to just under US$101.8 billion. Bitcoin did find a supporter overnight, though. Renowned economist Mohamed El-Erian told CNBC that Bitcoin would be a buy if it fell below the US$5,000 mark. While there is still some way to go before it reaches this level, weak trader sentiment does make this a realistic possibility.

The Ethereum (ETH) price is down 3.6% over the last 24 hours to US$415.78 per token, reducing its market capitalisation to US$41.7 billion.

The Ripple (XRP) price has been the worst performing major coin and is off 4.2% during the last 24 hours to 43.5 U.S. cents. This leaves XRP with a reduced market capitalisation of just over US$17 billion.

The Bitcoin Cash (BCH) price has fallen 1.7% over the period to US$666.85 per token, reducing its market capitalisation to US$11.5 billion.

The EOS (EOS) price is down 2.9% since this time yesterday to US$7.39. This leaves the popular alt coin with a market capitalisation of US$6.6 billion.

The declines continued outside the top five as traders exited the market in their droves. In fact, only two coins in the top 25 were in positive territory over the last 24 hours.

Elsewhere, the Litecoin (LTC) price is down 4%, the Stellar (XLM) price is lower by 3.6%, the Cardano (ADA) price has dropped 2.7%, and IOTA (MIOTA) has fallen 0.8%. Only Tether (USDT) was pushing higher in the top ten with a paltry 0.1% gain.

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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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