Unfortunately for traders the crypto market has gone into selloff mode again and heavy declines are being seen across the board this morning.
This has led to the entire value of the market shedding almost 6% or US$12 billion during the last 24 hours to a lowly US$191.6 billion according to Coin Market Cap.
Today’s decline may come as a surprise to many traders after a number of experts had tipped the market to bounce back after technical analysis pointed to cryptocurrencies being deep in oversold territory.
But this hasn’t proven to be the case and things are now looking increasingly bleak for Bitcoin and the rest of the market once again.
Here is the state of play on Tuesday morning compared to 24 hours ago:
The Bitcoin (BTC) price has fallen 3.8% to US$6,260.56 per coin, reducing the crypto giant’s market capitalisation to US$108.1 billion. There has been no obvious catalyst for this latest decline.
The Ethereum (ETH) price has plunged a massive 11.3% to US$196.25 per token, leaving Ethereum with a market capitalisation of US$20 billion.
The Ripple (XRP) price has fallen 4.3% to 26.88 U.S. cents. This decline has reduced the alt coin’s market capitalisation to US$10.7 billion.
The Bitcoin Cash (BCH) has tumbled 7.5% lower to US$413.90. This leaves the Bitcoin spin off with a market capitalisation of just under US$7.2 billion.
The EOS (EOS) price has crashed 12.2% lower to US$4.77 per token, reducing the EOS market capitalisation to just over US$4.3 billion.
Outside the top five things were equally bleak. In fact, only one coin in the top fifty, Tether (USDT), is in positive territory.
Elsewhere the Stellar (XLM) price has fallen 5.6% to 19.58 U.S. cents, the Litecoin (LTC) price has plunged 8.6% to US$52.22, Monero (XMR) is down 6.4% to US$110.02, and Cardano (ADA) has tumbled 8.7% to 6.3 U.S. cents.
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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.