MENU

Bitcoin and Ethereum sink lower but Ripple and Bitcoin SV storm higher

I think it is fair to say that the crypto market has had a mixed 24 hours of trade. After rebounding to as much as US$132.5 billion yesterday, the market has given back most of its gains.

At the time of writing the entire value of the crypto market is US$124.7 billion according to Coin Market Cap.

New addition in the top ten.

The Bitcoin Cash hard fork, which many have blamed the market crash on, resulted in the listing off an offshoot by the name of Bitcoin SV (BSV).

This coin has just broken into the top ten after posting a 22% gain over the last 24 hours. At the time of writing the spin-off is priced at US$103.70 per coin, giving it a market capitalisation of US$1.8 billion.

This compares to Bitcoin Cash which is priced at US$181.33 and has a market capitalisation of just under US$3.2 billion.

But judging by the rampant buying of BSV this week, I wouldn’t be overly surprised if this gap narrowed significantly in the coming days.

What’s happening today?

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

The Bitcoin (BTC) price has dropped 2.6% to US$3,802.81 per coin. This has reduced the Bitcoin market capitalisation to US$66.15 billion. At one stage on Monday Bitcoin had recovered to above US$4,000 but wasn’t able to find enough support to remain there.

The Ripple (XRP) price is up 1.1% to 35.8 U.S. cents. This gain lifts the XRP market capitalisation to US$14.4 billion.

The Ethereum (ETH) price has dropped 3.2% to US$109.09 per token. ETH now has a market capitalisation of US$11.3 billion.

The Bitcoin Cash (BCH) price has fallen 0.6% to US$181.33, reducing the original Bitcoin spin off’s market capitalisation to just under US$3.2 billion.

The EOS (EOS) price has dropped 2.2% to US$3.21, leaving this alt coin with a market capitalisation of US$2.9 billion.

Outside the top five things were a little better. Although Stellar (XLM) fell 0.4% and Cardano (ADA) dropped 0.3%, Tether (USDT) rose 0.3%, Bitcoin SV (BSV) rocketed 22.3%, and Litecoin (LTC) climbed 1.5% higher.

The Disruptors: 3 Revolutionary Aussie Companies to Back for 2018

We’re living in one of the most exciting times in investing history. Innovation and a booming culture of entrepreneurship are constantly creating new companies with the potential to make forward-thinking investors very rich. Now more than ever, one small, smart investment could make a huge difference to your wealth.

That’s why at The Motley Fool we’ve been scrutinizing the ASX to uncover the kinds of companies that we believe could turn into the next Atlassian.

We’ve found three exciting companies that we believe re poised to perform in the new year. Click here to uncover these ideas!

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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.