Crypto update: Bitcoin recovers, Ethereum, Ripple, Bitcoin Cash, and EOS continue to sink lower

Much to the relief of crypto traders, the market’s meltdown has come to an end over the last 24 hours. According to Coin Market Cap, the entire value of the market is now US$204.1 billion, mostly flat on this time yesterday.

While there are declines being seen across many of the most popular alt coins, the Bitcoin (BTC) price has managed to push slightly higher.

This may be in response to Goldman Sachs chief financial officer Martin Chavez describing reports that the investment bank was ditching its cryptocurrency trading desk as “fake news”.

Though, according to CNBC, Mr Chavez has stressed that there is no timeline for the bank’s plans. Which could mean it is still some time from launch and could be a long time until institutional money flows into the market to support or even lift prices.

Here is the state of play on Saturday morning compared to 24 hours ago:

The Bitcoin price has pushed 0.25% higher to US$6,494.11 per coin. This small gain has lifted the Bitcoin market capitalisation to US$112.05 billion.

The Ethereum (ETH) price has continued to decline and is down a further 3.2% to US$218.95 per token. This reduces ETH’s market capitalisation to under US$22.3 billion. Ethereum is now trading at its lowest level since August 2017.

The Ripple (XRP) price is down 2% to 29.5 U.S. cents per token. This leaves XRP with a market capitalisation of US$11.7 billion.

The Bitcoin Cash (BCH) price has fallen 1.6% to US$501.56 per token. This latest decline means the Bitcoin spin off has a market capitalisation of US$8.7 billion and has lost 21% of its value in the space of three days.

The EOS (EOS) price has edged 0.3% lower to US$5.09 per token, leaving the alt coin with a market capitalisation of US$4.6 billion. The EOS price is down 21% since this time last week.

Outside the top five things were reasonably mixed. Stellar (XLM) is up 3.5%, Litecoin (LTC) has risen 0.5%, and Tether (USDT) is up 1%. But Cardano (ADA) has tumbled 3.2% and Monero (XMR) is off 0.5%.

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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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