Much to the disappointment of traders, the crypto market’s strong run came to an end overnight and there is a sea of red across the board this morning.
The selling appears to have been focused primarily on the smaller coins with Bitcoin largely unaffected. This is possibly due to profit taking by traders after some sizeable gains at the small end of the market over the last few days.
All in all, these declines have led to the entire value of the crypto market falling almost 2% over the last 24 hours to US$272 billion according to Coin Market Cap.
Here is the state of play on Tuesday morning:
The Bitcoin (BTC) price has dropped 0.2% over the last 24 hours to US$6,785.78 per coin, reducing the world’s largest cryptocurrency’s market capitalisation slightly to US$116.3 billion.
The Ethereum (ETH) price has fallen 2.3% since this time yesterday to US$481.01 per token. The ETH market capitalisation now stands just short of US$48.4 billion following this decline.
The Ripple (XRP) price is off 1.8% during the period to 47.56 U.S. cents, leaving the fledgling alt coin with a market capitalisation of just under US$18.7 billion.
The Bitcoin Cash (BCH) price has declined by 3% over the last 24 hours to US$744.16, reducing the Bitcoin offshoot’s market capitalisation to US$12.8 billion.
The EOS (EOS) price has plunged 6.7% since this time yesterday to US$8.17 per coin. The EOS market capitalisation has tumbled to just over US$7.3 billion following this decline. Over the weekend a number of top EOS block producers crashed due to a RAM-related complication. This could be weighing on its performance today.
Outside the top ten it was a similar story over the last 24 hours with Litecoin (LTC) falling 3%, Stellar (XLM) dropping 1.8%, Cardano (ADA) tumbling 3.3%, and IOTA (MIOTA) plunging 4.5%.
The only coin in the top ten making gains was Tether (USDT) which is pegged to the U.S. dollar. It has risen 0.1% over the period.
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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.