The crypto market’s strong run came to an end overnight with most major coins sinking into the red.
This has led to a drop in the value of the entire crypto market to US$286.5 billion according to Coin Market Cap, which is a 2.5% decline since this time yesterday.
Alt coins have been worst impacted during the trading period. I suspect that this is a case of profit taking after some meteoric gains in recent days.
Here is the state of play on the market on Thursday morning:
The Bitcoin (BTC) price has been one of the better performers with a decline of just 0.3% since this time yesterday to US$7,306.41 per coin. This has reduced the world’s largest cryptocurrency’s market capitalisation to US$125.35 billion.
The Ethereum (ETH) price has plunged 5.3% since this time yesterday to US$475.98 per token, leaving ETH with a reduced market capitalisation of just under US$48 billion.
The Ripple (XRP) price has been the worst performer amongst the majors with a 6.5% decline over the period to 47.8 U.S. cents. This reduces the alt coin’s market capitalisation to US$18.8 billion.
The Bitcoin Cash (BCH) price has fallen 3.2% since this time yesterday to US$824.10 per token. This decline leaves the Bitcoin spin off with a reduced market capitalisation of US$14.2 billion.
The EOS (EOS) price has dropped 3.7% over the last 24 hours to US$8.50, giving the growing alt coin a market capitalisation of US$7.6 billion.
Outside the top five the declines were even stronger, however some coins managed to push higher.
Both Stellar (XLM) and Cardano (ADA) have managed to continue their positive runs. XLM is up almost 12% and ADA has risen 2.8% during the last 24 hours. These two coins are expected to be added to the CoinBase exchange in the near future and traders have responded positively.
Elsewhere, Litecoin (LTC) has fallen 3.8% to US$86.35, IOTA (MIOTA) is down 4.8% to US$1.08, and Tether (USDT) is 0.3% lower to 99.75 U.S. cents.
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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.