Unfortunately for crypto traders there is a sea of red on the market this morning with heavy declines being seen across the board.
In fact, only one coin in the top 50 is in positive territory at the time of writing.
This has led to the value of the entire market slipping 4.5% over the last 24 hours to US$276.6 billion according to Coin Market Cap.
With no market moving news released over the last 24 hours, these declines are likely to be attributable to profit taking from traders after some stellar gains over the last seven days.
Which I think ought to have been expected. After all, the market had added over US$50 billion or 20% to its value in the space of just a few days last week.
Here is the state of play on Saturday morning:
The Bitcoin (BTC) price is down 1.3% since this time yesterday to US$7,364.98 per coin, leaving the crypto giant with a market capitalisation of US$126.4 billion. Bitcoin surged significantly higher last week on the back of speculation that ETF giant BlackRock could soon launch a Bitcoin or crypto product.
The Ethereum (ETH) price has fallen 4.5% during the last 24 hours to US$449.03 per token, reducing its market capitalisation to just under US$45.3 billion.
The Ripple (XRP) price has dropped 6.3% over the period to 44.7 U.S. cents. This decline has left the alt coin with a market capitalisation of US$17.6 billion.
The Bitcoin Cash (BCH) price has fallen 5.8% since this time yesterday to US$774.23 per token, reducing the Bitcoin offshoot’s market capitalisation to just under US$13.4 billion.
The EOS (EOS) price has sunk 5.8% over the last 24 hours to US$7.88 per token. This has left EOS with a market capitalisation of just under US$7.1 billion.
Outside the top five the declines have been even worse, especially for Stellar (XLM) and Cardano (ADA). These two coins exploded higher last week after being named as two of five potential additions to the CoinBase exchange.
Stellar (XLM) has fallen 11.5% over the period to 27 U.S. cents and Cardano (ADA) is down 10.3% to 16.3 U.S. cents.
Elsewhere, the Litecoin (LTC) price is down 4.8%, IOTA (MIOTA) is off 7.5%, and Tether (USDT), the only coin in the top 50 in positive territory, is up 0.3%.
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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.