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Bitcoin, Ethereum, and Ripple fall, but Bitcoin Cash pushes higher ahead of its hard fork

It has been a disappointing 24 hours of trade for the crypto market and declines have been made by most major coins.

This has led to the value of the entire market falling 1.1% over the period to US$210.4 billion according to Coin Market Cap.

What happened?

It has been a touch quiet on the news front so far this week, which has left technical analysis to dictate the price action.

In addition to this, there may be slight disappointment that cryptocurrencies were once again overlooked by investors during the share market meltdown.

Many experts had tipped Bitcoin and its peers to be the digital version of gold, but this simply hasn’t proven to be the case.

But not all coins are falling today. One coin that is in positive territory compared to 24 hours ago is Bitcoin Cash.

Traders have been fighting to get hold of the Bitcoin offshoot ahead of its hard fork on Thursday that will upgrade the coin and create a second cryptocurrency – Bitcoin SV. Holders of Bitcoin Cash will receive one Bitcoin SV for ever coin they own when the fork takes place tomorrow.

All eyes will be on these coins tomorrow, but for now, here is the state of play on the crypto market compared to 24 hours ago:

The Bitcoin (BTC) price has fallen 0.35% to US$6,367.02 per coin. This decline reduces the world’s largest cryptocurrency’s market capitalisation to US$110.6 billion.

The Ethereum (ETH) price has dropped 1.5% to US$207.19 per token. This has reduced Ethereum’s market capitalisation to US$21.4 billion.

The Ripple (XRP) price is down 2.1% to 51.07 U.S. cents. This decline leaves XRP with a market capitalisation of US$20.5 billion.

The Bitcoin Cash (BCH) price has pushed 0.8% higher to US$521.42 per token ahead of its hard fork. This gain has lifted the Bitcoin spin off’s market capitalisation to US$9.1 billion.

The Stellar (XLM) price has plunged 4.5% to 25.71 U.S. cents per token. This has reduced the XLM market capitalisation to US$4.85 billion.

Outside the top five things were equally bleak. The EOS (EOS) price has fallen 3.5%, Litecoin (LTC) is down 1.7%, Cardano (ADA) is down 2.7%, Monero (XMR) has fallen 1.3%, and Tether (USDT) has dropped 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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