MENU

Crypto update: Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, and Stellar are being smashed

It certainly has been a bleak 24 hours of trade for the cryptocurrency market.

Traders have been hitting the sell button in such a hurry that just one coin in the top 100 is currently in positive territory.

Unsurprisingly this has weighed heavily on the value of the market. At present it is down almost 8% since this time yesterday to US$222.7 billion according to Coin Market Cap.

The main catalyst for this decline was news that the U.S. SEC has delayed a decision on whether to approve a Bitcoin ETF from VanEck.

Here is the state of play on Thursday morning:

The Bitcoin (BTC) price is down a sizeable 7.1% over the last 24 hours to US$6,338.16 per coin, reducing its market capitalisation to US$109 billion. If Bitcoin doesn’t stop the rot soon it is in danger of sliding through the symbolic US$100 billion mark.

The Ethereum (ETH) price has fallen 6.1% since this time yesterday to US$360.14, reducing its market capitalisation to US$36.5 billion.

The Ripple (XRP) price is down a massive 13.7% over the period to 33.3 U.S. cents. The XRP market capitalisation has now dropped to under US$13.1 billion.

The Bitcoin Cash (BCH) price is down 11.2% during the last 24 hours to US$593.05. This leaves the Bitcoin spin off with a market capitalisation of US$10.25 billion.

The EOS (EOS) price has been the worst performing major coin during the period with a 15.6% decline to US$5.63. This decline has reduced the EOS market capitalisation to US$5.1 billion.

Outside the top five the declines were just as severe. Stellar (XLM) has fallen 14.2%, Litecoin (LTC) is down 9%, Cardano (ADA) is off 8.8%, Tether (USDT) is down 0.5%, and IOTA (MIOTA) has lost 17% of its value.

I would suggest investors stay clear of the crypto market until the dust settles on this latest hammer blow.

Forget Bitcoin... 7 of 8 People Are Clueless About This Trillion-Dollar Market

One of our investors has recently returned from a research trip to Silicon Valley... and has a warning for fellow investors:

Because he works for an organization dedicated to spreading great investing ideas, his video report is free today... so you can see it and decide for yourself.

Don't miss your chance click here to learn about this warning and how you might be able to profit!

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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.