Crypto update: Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, and Litecoin tumble lower

It has been another disappointing 24 hours of trade for the crypto market. At the time of writing the market is a sea of red with only one coin in the top 25 in positive territory.

This has led to the value of the entire market falling by 2.3% to US$224.7 billion according to Coin Market Cap.

Here is the state of play on Friday morning:

The Bitcoin (BTC) price is down 1.6% over the last 24 hours to US$6,931.13 per coin, reducing the Bitcoin market capitalisation to US$119.5 billion. According to Market Watch, short sellers are still in control despite the recent rebound in the crypto giant’s price. Lennon Sweeting, director of institutional trading at Coinsquare Capital, told reporters: “A lot of what we saw [over the last two days] was short covering, but at the end of the day, shorts are still at elevated levels and we haven’t seen the bear market turn yet.”

The Ethereum (ETH) price has fallen 2.2% since this time yesterday to US$284.44. This leaves Ethereum with a market capitalisation of US$28.9 billion.

The Ripple (XRP) price has tumbled 3.2% over the period to 33.52 U.S. cents, reducing the popular alt coin’s market capitalisation to just under US$13.3 billion.

The Bitcoin Cash (BCH) price has dropped 3.4% over the last 24 hours to US$537.16. This has left the Bitcoin spin off with a market capitalisation of US$9.3 billion.

The EOS (EOS) price is down 3% since this time yesterday to US$6.04, reducing the EOS market capitalisation to just under US$5.5 billion.

Outside the top five it was a similar story with all coins in the top 25 except for the U.S. dollar-pegged Tether (USDT) in negative territory.

The Stellar (XLM) price fell 3.2% to 22 U.S. cents, Litecoin (LTC) dropped 2.6% to US$60.29, Cardano (ADA) fell 5% to 10 U.S. cents, and IOTA (MIOTA) tumbled 5.6% to 70.4 U.S. cents.

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