Unfortunately for traders the crypto market has just had its worst 24 hours of trade this month and heavy declines are being seen across the board. In fact, only two coins inside the top 100 have managed to post gains during the period, leading to the entire value of the market dropping significantly.
At the time of writing the entire market is worth US$254.5 billion according to Coin Market Cap, down almost 6.5% since this time yesterday.
There doesn't appear to be a catalyst for the decline, which could mean that traders are taking profit after a solid run over the last couple of weeks.
Here is the state of play on Wednesday morning:
The Bitcoin (BTC) price has dropped 5.6% since this time yesterday to US$6,407.65 per coin, reducing the crypto giant's market capitalisation to just over US$109.8 billion. Concerns over extreme weather in China preventing crypto miners from creating new coins and processing transactions could have weighed on its performance.
The Ethereum (ETH) price has plunged 8.3% lower during the period to US$441.70 per token. This leaves Ethereum with a market capitalisation of US$44.4 billion.
The Ripple (XRP) price has lost 5.6% of its value over the last 24 hours and is fetching 45 U.S. cents today. The popular alt coin's market capitalisation has been reduced to just under US$17.7 billion following this decline.
The Bitcoin Cash (BCH) price has dropped 6.2% since this time yesterday to US$699.01 per token. This has left the Bitcoin spin off with a market capitalisation of just over US$12 billion.
The EOS (EOS) price has been the worst performing major coin with a massive 10.2% decline over the last 24 hours to US$7.38 per token. This has reduced the EOS market capitalisation to US$6.6 billion. Trader sentiment appears to have been hit by RAM-related complications over the weekend which led to a number of top EOS block producers crashing.
Outside the top five the declines were just as severe during the period. The Litecoin (LTC) price has fallen 5.2%, Stellar (XLM) is down 6.9%, Cardano (ADA) is off 7.5%, IOTA (MIOTA) has plunged 7.7%, and Tether (USDT) is 0.7% lower.
