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Crypto update: Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Stellar sink after extinction event warning

It certainly has been another disappointing 24 hours of trade for the crypto traders.

On Thursday morning the cryptocurrency market is a sea of red with all the top 50 coins in negative territory.

This has led to the value of the entire market falling 5.5% since this time yesterday to US$194.2 billion according to Coin Market Cap.

While crypto giant Bitcoin (BTC) has plunged lower and at one stage dropped below the symbolic US$6,000 mark, the declines have been much more severe among the alt coins.

This decline could have been triggered by comments from the president of Hong Kong-based Bitcoin wallet company Xapo.

Its president, Ted Rogers, tweeted that “We could be in the midst of the extinction-level event for “cryptoassets” that many maximalists have predicted. 90%+ of CoinMarketCap list will disappear eventually – might as well happen now.”

Rogers remains positive on Bitcoin’s prospects, though, and has suggested traders buy the dip.

Here is the state of play on Wednesday morning:

The Bitcoin price has recovered slightly and is down just 2.6% over the last 24 hours to US$6,130.67, leaving it with a market capitalisation of US$105.5 billion.

The Ethereum (ETH) price is down 9.1% since this time yesterday to US$263.13 per token. This reduces Ethereum’s market capitalisation to US$26.7 billion.

The Ripple (XRP) price is 5.6% lower during the period to 26.55 U.S. cents, leaving the alt coin with a market capitalisation of just under US$10.5 billion.

The Bitcoin Cash (BCH) price has tumbled 8.4% since this time yesterday to US$490.55. The Bitcoin spin off now has a market capitalisation of US$8.5 billion.

The Stellar (XLM) price is off 5.5% over the last 24 hours to 21.41 U.S. cents. This reduces Stellar’s market capitalisation to just over US$4 billion.

Outside the top five things were equally bleak. The EOS (EOS) price is down 5.7%, Litecoin (LTC) has fallen 7.2%, Tether (USDT) has edged almost 0.1% lower, Cardano (ADA) has plunged 12%, and Monero (XMR) has lost 11.2% of its value.

Instead of cryptocurrencies I think investors ought to look at these buy-rated shares. I suspect that each could vastly outperform Bitcoin and its peers this year.

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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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