Bitcoin, Ethereum, and Ripple tumble lower during market selloff

The crypto market’s solid run came to an abrupt end on Thursday with the market a sea of red on Friday morning.

With declines being seen across the board, the entire value of the market has fallen 1.7% since this time yesterday to US$215.7 billion according to Coin Market Cap.

What happened?

With no notable news emerging over the last 24 hours, it looks as though technical analysis and profit taking are to blame for these declines.

The Bitcoin price has been struggling to break meaningfully through the US$6,500 level for a while now. Although the crypto giant has pushed ahead of the mark on a number of occasions, each time it has come straight back down.

According to MarketWatch, a technical strategist from Fundstrat Global Advisors believes now is the time to pick up altcoins. The analyst believes that with Bitcoin stuck at US$6,500, smaller cryptocurrencies could be the ones to buy.

Though that certainly hasn’t been the best move today. As you’ll see below, the altcoins have been amongst the worst performers on the market.

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

The Bitcoin (BTC) price has dropped 1.1% to US$6,459.93 per coin. This decline leaves the crypto giant with a market capitalisation to US$112.2 billion.

The Ethereum (ETH) price has fallen 1.7% to US$213.95 per token, reducing ETH’s market capitalisation to US$22.05 billion.

The Ripple (XRP) price has tumbled 5.4% lower to 50.45 U.S. cents. This decline has reduced the XRP market capitalisation to US$20.3 billion.

The Bitcoin Cash (BCH) price has dropped 3.9% to US$592.51 per token. This has left the Bitcoin offshoot with a market capitalisation of US$10.3 billion.

The EOS (EOS) price has fallen 2.1% to US$5.53 per token, reducing the EOS market capitalisation to just over US$5 billion.

Outside the top five things were equally bleak. Although Stellar (XLM) rose 0.7%, Litecoin (LTC) is down 1.8%, Cardano (ADA) is off 2.3%, Monero (XMR) has fallen 1.6%, and Tether (USDT) is down 0.3%.

News of plans to distribute US$125 million worth of XLM via an airdrop appears to have given the Stellar price a boost.

Due to the volatility of the crypto market, I continue to believe that tech shares like these are far better options for investors right now.

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