The impressive crypto run has come to a sudden end during overnight trade with heavy declines being seen across the board.
This has reduced the value of the entire crypto market to US$401.7 billion according to Coin Market Cap, down approximately 7.5% over the last 24 hours.
Here is the state of play on Thursday morning:
The Bitcoin (BTC) price has fallen almost 4% since this time yesterday to US$9,081.77 per coin. This reduces Bitcoin’s market capitalisation to US$154.4 billion.
The Ethereum (ETH) price has plunged 9.6% lower over the last 24 hours to US$638.24 per token, leaving the second-largest cryptocurrency with a market capitalisation of US$63.2 billion.
The Ripple (XRP) price has been the worst performing major cryptocurrency during the last 24 hours with a decline of 11.1% to 84 U.S. cents. This takes Ripple’s market capitalisation down to US$32.4 billion.
The Bitcoin Cash (BCH) price has fallen 9.1% since this time yesterday to US$1,332.22 per token. This decline means that the Bitcoin Cash market capitalisation has been reduced to just under US$22.8 billion.
The EOS (EOS) price has fallen 2.2% since this time yesterday to US$15.13, leaving it with a reduced market capitalisation of just under US$12.4 billion.
Outside the top five the declines were just as severe, with Litecoin (LTC), Cardano (ADA), Stellar Lumens (XLM), and IOTA (MIOTA) all facing double digit declines over the last 24 hours.
TRON (TRX), the tenth largest cryptocurrency, was the only coin pushing higher in the top 25 and is up 3% since this time yesterday to US$1.90.
Why are cryptocurrency prices crashing lower?
There doesn’t appear to have been any real catalyst for these sizeable declines. Instead, it looks as though traders have decided to take a bit of profit off the table after their incredible gains in April.
Which isn’t at all surprising. Even after accounting for today’s declines, Bitcoin is up 30% month-to-date, Ripple is 61.5% higher, and Bitcoin Cash is up a massive 90.2%.
All eyes will be on Asian trade today to see if profit taking continues to weigh on the market.
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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.