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.

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