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The crypto market is sinking lower

It has been a disappointing end to an incredibly positive week for cryptocurrencies.

In late afternoon trade there is a sea of red across the market with just two of the top 25 coins currently in positive territory compared to where they were 24 hours ago.

This has led to the value of the entire market slipping 3% since this morning to US$280.8 billion according to Coin Market Cap.

Interestingly, one of the two coins in the top 25 that has remained in positive territory is Bitcoin (BTC).

Although it has given back some earlier gains, the Bitcoin price is 0.5% higher over the last 24 hours to US$126.6 billion.

Traders appear to have been fighting to get hold of the world’s largest coin due to speculation that ETF giant BlackRock could be on the verge of launching a crypto or Bitcoin themed product.

With trillions of dollars under management, it isn’t hard to see why traders think that a BlackRock ETF could bring significant funds into the market and support the Bitcoin price.

Unfortunately, there doesn’t appear to be the same level of demand for alt coins from traders today.

Since this time yesterday the Ethereum (ETH) price has fallen 4.1%, Ripple (XRP) is down 5.5%, Bitcoin Cash (BCH) has tumbled 4.2%, and EOS (EOS) is off 6.2%.

After some impressive gains this week, it seems traders are locking in gains ahead of the weekend.

Outside the top five the declines were equally severe over the period.

The Stellar (XLM) price has shed 5.3% of its value since this time yesterday and is down to 28.9 U.S. cents. Though it is worth noting that despite this decline, the fledgling alt coin is still up over 54% since this time last week.

Stellar and fellow alt coin Cardano (ADA), down 3.2%, were given a major boost this week when CoinBase listed them as two of five coins that could be added to its trading platform in the near future.

Great news for holders of these two coins, but not so for Ripple. XRP is the only major coin that is still absent from the largest crypto exchange in the United States.

Elsewhere, Litecoin (LTC) is down 3.4%, IOTA (MIOTA) is off 7.4%, and Tether (USDT) is down 0.2% at the time of writing.

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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.

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