The crypto market has managed to recover slightly from its selloff yesterday and gains are being made by most major coins on Friday morning.
This has lifted the value of the entire market by 1.6% over the last 24 hours to US$184.9 billion according to Coin Market Cap.
While many of the major coins are pushing higher today, that hasn’t been the case for Bitcoin. The world’s biggest cryptocurrency has continued its decline and experts aren’t entirely sure when it will stop.
Mati Greenspan from eToro in London told Bloomberg: “The movement we saw today seemed to be the run-of-the-mill volatility surrounding Bitcoin and a breakout that’s been weeks coming. It’s difficult to say where it ends. No one can really predict.”
The only other major coin that isn’t in positive territory right now is Bitcoin spin-off Bitcoin Cash.
The Bloomberg reports reveals that some traders have blamed the market selloff on Bitcoin Cash and its hard fork.
“The Bitcoin Cash hard fork is proving far more destabilizing than initially thought as numerous competing factions muddy the landscape,” said Stephen Innes from Oanda Corp.
Mr Innes is now concerned that Bitcoin could be heading to the US$2,500 mark if it doesn’t recover quickly. He believes that if the crypto giant falls below US$5,000, it “opens the door to a test of US$2,500 as Bitcoin retail traders move from buying on dip to full-out panic mode.”
For today, at least, the crypto giant is comfortably above this level. Here is the state of play on the market this morning compared to 24 hours ago:
The Bitcoin (BTC) price is down 0.9% to US$5,610.14 per coin. This decline reduces the world’s largest cryptocurrency’s market capitalisation to US$97.5 billion.
The Ripple (XRP) price is up 4.5% to 47 U.S. cents. This gain lifts the XRP market capitalisation to US$18.95 billion, making it the second largest coin.
The Ethereum (ETH) price is 1.1% higher at US$180.91 per token. This has increased Ethereum’s market capitalisation to US$18.65 billion.
The Bitcoin Cash (BCH) price has fallen 3.3% to US$417.32 per token. This decline has left the Bitcoin spin off with a market capitalisation to US$7.3 billion.
The Stellar (XLM) price has climbed 4.5% to 23.53 U.S. cents per token. This has lifted the XLM market capitalisation to US$4.45 billion.
Outside the top five things were equally positive. EOS (EOS) is up 1.7%, Litecoin (LTC) has risen 2.2%, Tether (USDT) has climbed 1.3%, Cardano (ADA) is 0.3% higher, and Monero (XMR) is down 2.3%.
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