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Crypto update: Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar mixed as Goldman Sachs tips declines

The crypto market has had a reasonably mixed finish to a disappointing the week.

Over the last 24 hours the market has slipped a touch lower, leaving it with a market capitalisation of US$265.8 billion according to Coin Market Cap.

The market has struggled this week and given back a good portion of the gains made in recent weeks. Unfortunately, Goldman Sachs doesn’t believe the pain is over.

According to CNBC, the investment bank has highlighted cryptocurrency mania as “one of six factors creating an unsteady undertow affecting markets for the remainder of 2018.”

Goldman Sachs chief investment officer Sharmin Mossavar-Rahmani has stated that: “We expect further declines in the future given our view that these cryptocurrencies do not fulfil any of the three traditional roles of a currency.”

This echoes a note out of UBS on Thursday describing Bitcoin as being too unstable to be a mainstream currency.

Here is the state of play on Saturday morning:

The Bitcoin (BTC) price has fallen 1% over the last 24 hours to US$7,438.67 per coin. This leaves Bitcoin with a market capitalisation off US$127.8 billion. Traders may have decided to hit the sell button after Goldman Sachs’ comments.

The Ethereum (ETH) price has risen 2.1% over the period to US$418.44, lifting its market capitalisation to US$42.3 billion.

The Ripple (XRP) price is up 2.6% since this time yesterday to 44.1 U.S. cents, leaving the alt coin with an improved market capitalisation of US$17.3 billion.

The Bitcoin Cash (BCH) has fallen 0.5% over the period to US$723.58, reducing the Bitcoin spin-off’s market capitalisation to US$12.5 billion.

The EOS (EOS) price has climbed 2.5% since this time yesterday to US$7.20. This gives EOS an improved market capitalisation of US$6.5 billion.

Outside the top five things were a little more positive. Although Stellar (XLM) fell 0.5%, Litecoin (LTC) was up 1.7%, Cardano (ADA) rose 0.4%, and IOTA (MIOTA) surged 12.5% higher. The latter coin had just reached a year-to-date low before rebounding.

Finally, U.S. dollar-pegged Tether (USDT) edged slightly lower with the greenback.

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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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