Unfortunately for traders, the crypto market’s strong run has come to an end and on Friday morning there is a sea of red being seen across the industry.
This has led to the value of the entire market falling 2.8% since this time yesterday to US$267.3 billion according to Coin Market Cap.
Here is the state of play this morning:
The Bitcoin (BTC) price has fallen 1.8% over the last 24 hours to US$6,852.96 per coin, reducing its market capitalisation to just under US$112.8 billion. Overnight Fundstrat’s Tom Lee, the only Wall Street analyst to issue bitcoin price targets, told CNBC that he has slashed his 2018 price target by 20% to US$20,000. This is based on Bitcoin’s tendency to trade at 2.5x its mining costs.
The Ethereum (ETH) price has dropped 1.2% since this time yesterday to US$468.54 per token. This has left ETH with a reduced market capitalisation of US$47.1 billion.
The Ripple (XRP) price has plunged a sizeable 4.9% over the period to 47.6 U.S. cents, leaving the popular alt coin with a market capitalisation of US$18.7 billion. I suspect this could be a case of profit taking after strong gains in recent days.
The Bitcoin Cash (BCH) price has been the worst performer amongst the major coins over the last 24 hours with a 5.8% decline to US$730.41 per token. This has reduced the Bitcoin offshoot’s market capitalisation to just under US$12.6 billion.
The EOS (EOS) price has dropped 2.7% since this time yesterday to US$8.80, leaving the alt coin with a market capitalisation of US$7.9 billion.
Outside the top five the declines were even stronger over the last 24 hours. The Litecoin (LTC) price has fallen 4%, Cardano (ADA) is down 5.7%, Stellar (XLM) is off 5.6%, and IOTA (MIOTA) tumbled a massive 7.4%.
The only bright spot in the top ten was the Tether (USDT) price which rose 0.4% to US$1.01.
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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.