It has been a soft 24 hours of trade for the crypto market with small declines being seen across the board.
This has led to the market shedding 0.5% of its value over the period to US$210.6 billion according to Coin Market Cap.
What’s been happening?
The market had been given a major lift earlier in the week when Fidelity announced the launch of its Fidelity Digital Asset Services business which will handle cryptocurrency custody and trade execution for institutional investors.
But since then momentum has slowed and prices have started to fall back again.
While the business launch is a positive, I’m not convinced that it will make much of a difference until price manipulation concerns are dealt with. Until then I just can’t see enough institutional money heading into the market to support or lift prices to higher levels. But time will tell.
In the meantime, here is the state of play on Thursday morning compared to 24 hours ago:
The Bitcoin (BTC) price is down 0.65% to US$6,539.60 per coin, reducing the crypto giant’s market capitalisation to US$113.3 billion.
The Ethereum (ETH) price has dropped 1.25% to US$206.39 per token. This decline reduces ETH’s market capitalisation to just under US$21.2 billion.
The Ripple (XRP) price has fallen 0.1% to 46.38 U.S. cents. This has left the alt coin with a market capitalisation of US$18.55 billion.
The Bitcoin Cash (BCH) price has tumbled 2.1% lower to US$446.72, reducing the Bitcoin spin off’s market capitalisation to US$7.8 billion.
The EOS (EOS) price is down 1.2% to US$5.38. This decline leaves the alt coin with a market capitalisation of just under US$4.9 billion.
Outside the top five things were a little more positive. Although Litecoin (LTC) fell 0.9%, Tether (USDT) dropped 0.8%, and Monero (XMR) sank 1.2% lower, there were gains for Stellar (XLM) and Cardano (ADA).
Stellar rose an impressive 6.4% to 24.03 U.S. cents and Cardano pushed 2.5% higher to 7.77 U.S. cents. It looks as though favourable technical analysis is behind their positive moves.
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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.