Crypto update: Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, and Litecoin tumble again

It has been another disappointing 24 hours of trade for the crypto market with declines being seen across the board.

In fact, only a single coin in the top 30 is currently in positive territory at the time of writing.

But with the major damage being done at the small side of the market, the value of the entire industry has only declined 0.5% since this time yesterday to US$266.9 billion according to Coin Market Cap.

Here is that state of play on Friday morning:

The Bitcoin (BTC) price is down over 0.1% during the last 24 hours to US$7,555.23 per coin, reducing its market capitalisation to just over US$129.8 billion. Bitcoin appears in desperate need of a positive catalyst right now after being dealt a major blow last week with the rejection of the Winklevoss twins’ ETF submission by the U.S. SEC.

The Ethereum (ETH) price has dropped 1% since this time yesterday to US$411.74 per token. This leaves Ethereum with a market capitalisation of US$41.6 billion.

The Ripple (XRP) price is down 2.5% over the period to 43 U.S. cents, reducing the alt coin’s market capitalisation to US$16.9 billion.

The Bitcoin Cash (BCH) price has fallen 3.2% since this time yesterday to US$732.14. The Bitcoin spin-off now has a market capitalisation of just over US$12.6 billion.

The EOS (EOS) price is off 1.1% over the period to US$7.08. This leaves the alt coin with a market capitalisation of US$6.4 billion.

Outside the top five the declines were much more severe over the last 24 hours. The Stellar (XLM) price is down 1.9%, Litecoin (LTC) has dropped 1%, Cardano (ADA) has fallen 5.4%, and IOTA (MIOTA) is 3% lower.

The only coin in the top ten in positive territory is Tether (USDT) which is up 0.1%. But as I have mentioned previously, it is pegged to the U.S. dollar so moves with the currency and not the crypto market.

With trader sentiment weakening, the crypto market looks set to end this disappointing week with another day in the red today. I would suggest traders stay clear of the market and watch from the safety of the sidelines.

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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