MENU

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

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.

The ASX small cap up 285% with no sign of stopping...

One Australian company has developed a state of the art device that's revolutionizing hospitals all over the world. Even better, this device is so profitable that the company rakes in 90% margins. That's a lot of cash. So no wonder the stock's up 285% since 2008 – with no signs of stopping...

To discover the name and code, simply click the link below. You'll discover our expert's #1 medical technology pick... and you can decide for yourself whether to get invested today.

Click here to claim your free report.

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.

The 5 mining stocks we’re recommending in 2019…

For decades, Australian mining companies have minted money for individual investors like you and me. But if you believe the pundits and talking heads on TV, those days are long gone. Finito! Behind us forever…

We say nothing could be further from the truth. To earn the really massive returns, you’ve got to fish where others aren’t fishing—and the mining sector could be primed for a resurgence. That’s why top Motley Fool analysts just revealed their exciting new research on 5 ASX miners they believe could help you profit in 2019 and beyond…

Including:

The best way we see to play the global zinc shortage… Our #1 favourite large-cap miner (hint: it’s not BHP)… one early-stage gold miner we think could hit the motherlode… Plus two more surprising companies you probably haven’t heard of yet!

For free access to our brand-new research, simply click here or the link below. But be warned, this research is available free for a limited time only, and we reserve the right to withdraw it at any time.

Click here for your FREE report!