The crypto market has had a disappointing 24 hours of trade and declines are being seen across the board on Wednesday.
In fact, just two coins in the top 25 are currently in positive territory at the time of writing. This has led to the market falling 1.1% over the last 24 hours to US$219.4 billion according to Coin Market Cap.
The crypto market may be responding to a warning from the International Monetary Fund. According to Forbes, it warned that the rapid growth of Bitcoin and crypto assets could create “new vulnerabilities in the international financial system.”
The IMF went on to warn in its latest World Economic Outlook report that:
“Cybersecurity breaches and cyber attacks on critical financial infrastructure represent an additional source of risk because they could undermine cross-border payment systems and disrupt the flow of goods and services. Continued rapid growth of crypto assets could create new vulnerabilities in the international financial system.”
This may have some traders concerned that crypto-based products won’t be adopted as widely as many had hoped.
It will come as little surprise to learn that Ripple is one of the worst performers today. Its products are being trialled by many leading banks.
Here is the state of play on Wednesday morning:
The Bitcoin (BTC) price has fallen 0.6% to US$6,626.37 per coin, reducing its market capitalisation to US$114.7 billion.
The Ethereum (ETH) price has tumbled 1.1% to US$227.77. This leaves ETH with a market capitalisation of US$23.3 billion.
The Ripple (XRP) price has dropped 3% to 47.73 U.S. cents, reducing the popular alt coin’s market capitalisation to just under US$19.1 billion.
The Bitcoin Cash (BCH) price has tumbled 2.7% to US$515.17. This leaves the Bitcoin spin off with a market capitalisation of just under US$9 billion.
The EOS (EOS) price has fallen 0.9% to US$5.90, reducing the EOS market capitalisation to US$5.3 billion.
Outside the top five things were equally bleak. The Stellar (XLM) price is down 1.1%, Litecoin (LTC) is off 2.1%, Tether (USDT) has edged slightly lower, Cardano (ADA) has fallen 0.3%, and Monero (XMR) is down 1.3%.
I expect the crypto market to remain range-bound for some time, so I would suggest investors consider this top stock instead of coins.
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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.