The impressive cryptocurrency run came to an end overnight after profit taking weighed heavily on proceedings.
This reduced the value of the entire crypto market by approximately 3% to US$323.4 billion according to Coin Market Cap.
Here is the state of play in the crypto industry on Tuesday morning:
The bitcoin (BTC) price is down 3.5% over the last 24 hours to US$7,991.87 per coin. This reduces the world’s largest cryptocurrency’s market capitalisation to US$135.7 billion. Bitcoin may be coming under pressure as selling related to capital gain taxes occurs. Today is tax day in the U.S. and experts predict the bitcoin run could continue once it passes.
The Ethereum (ETH) price has tumbled 3.7% since this time yesterday to US$504.06 per token, reducing its market capitalisation to US$49.8 billion.
The Ripple (XRP) price has shed 2.5% of its value during the last 24 hours and is down to 65.5 U.S. cents. The popular altcoin now has a market capitalisation of US$25.6 billion.
The Bitcoin Cash (BCH) price has dropped 2.4% since this time yesterday to US$756.78, leaving the bitcoin spin off with a market capitalisation of US$12.9 billion.
The Litecoin (LTC) price has tumbled 2.5% over the last 24 hours to US$127.40 per coin. The popular altcoin now has a market capitalisation of US$7.15 billion.
The Cardano (ADA) price has been the exception during the last 24 hours and has rocketed 13.4% higher to 24.8 U.S. cents. This improved its market capitalisation to over US$6.4 billion and means the altcoin has overtaken EOS (EOS) as the sixth largest cryptocurrency. The catalyst for Cardano’s price increase was news that the altcoin is to be launched on China’s largest cryptocurrency exchange, Huobi.
Elsewhere, EOS, Stellar Lumens (XLM) and NEO (NEO) have all tumbled lower and are down 3%, 5%, and 4%, respectively.
Traders will no doubt be hoping that the experts are right and the crypto market continues its strong run after tax selling is out of the way. Time will tell whether this happens.
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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.