Unfortunately for crypto traders, things have gone from bad to worse and heavy declines are being seen across the cryptocurrency market again on Tuesday.
In fact, only two coins in the top 50 are in positive territory right now.
This has led to the entire value of the market dropping a further 4% over the last 24 hours to US$205.4 billion according to Coin Market Cap.
Here is the state of play on Tuesday morning:
The Bitcoin (BTC) price is down 0.9% over the last 24 hours to US$6,298.71 per coin, reducing the world’s largest cryptocurrency’s market capitalisation to US$108.4 billion. Bitcoin has performed reasonably better than its peers due to increasing demand in Turkey where traders have turned to it to combat the sinking lira.
The Ethereum (ETH) price has been smashed and is down 10.1% since this time yesterday to US$289.25. The ETH market capitalisation has now fallen to just US$29.3 billion. Overnight Ethereum tumbled to its lowest level in almost a year.
The Ripple (XRP) price is down 6.2% over the period to 28.14 U.S. cents, leaving XRP with a market capitalisation of just under US$11.1 billion.
The Bitcoin Cash (BCH) price has tumbled 6.8% since this time yesterday to US$535.50 per token. This latest decline means the Bitcoin spin off’s market capitalisation has now fallen to under US$9.3 billion.
The Stellar (XLM) price has defied the odds and climbed 2.9% to 22.8 U.S. cents. This gain means it is now the fifth-largest cryptocurrency with a market capitalisation of just under US$4.3 billion. Speculation that Stellar is teaming up with social media giant Facebook appears to have been the catalyst for this gain.
Outside the top five the declines were just as severe. EOS (EOS) has fallen 8.2%, Litecoin (LTC) is down 5%, Cardano (ADA) is off 6.1%, Tether (USDT) has edged slightly lower, and Monero (XMR) is off 2.7%.
I would suggest investors stay clear of the cryptos for now and look at these buy-rated shares instead.
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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.