Crypto update: Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, and Stellar climb after weekend selloff

Although the crypto market has started the week on a positive note, this comes after some significant declines over the week.

These declines mean that value of the entire market is now US$257.4 billion according to Coin Market Cap. While this is around 1% higher than 24 hours ago, it is still over 3.5% lower than the same time on Friday.

Bitcoin and the rest of the cryptocurrencies appear to have taken a tumble on the back of comments out of Goldman Sachs.

According to CNBC, 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 was similar to comments out of UBS last week which suggested that Bitcoin was too unstable to be a mainstream currency.

Here is the state of play on Monday morning:

The Bitcoin (BTC) price has risen 0.7% over the last 24 hours to US$7.081.84 per coin, lifting its market capitalisation to almost US$121.8 billion.

The Ethereum (ETH) price has pushed 1.7% higher since this time yesterday to US$413.19. This gives Ethereum an improved market capitalisation of US$41.8 billion.

The Ripple (XRP) price is up 1.4% over the period to 43.4 U.S. cents, taking the alt coin’s market capitalisation to just over US$17 billion.

The Bitcoin Cash (BCH) price has been one of the biggest movers with a 2.5% push higher during the last 24 hours to US$713.23. The Bitcoin offshoot now has a market capitalisation of US$12.3 billion.

The EOS (EOS) price has climbed 1.2% since this time yesterday to US$7.07. This increases the EOS market capitalisation to US$6.4 billion.

Outside the top five the gains were even stronger. Stellar (XLM) rose 1.7%, Litecoin (LTC) climbed 1.8%, Cardano (ADA) pushed 3.8% higher, IOTA (MIOTA) is up a sizeable 7.3%, and Tether (USDT) is up 0.2%.

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