Unfortunately for traders the rebound in cryptocurrency markets was only short-lived. During overnight trade almost all of the major cryptocurrencies gave back a significant portion of their recent gains.
This left the value of the entire market at US$364.8 billion according to Coin Market Cap.
The bitcoin (BTC) price has fallen 6.5% over the last 24 hours to US$8,990.85 per coin, reducing its market capitalisation to US$152.1 billion. Despite news that the “bitcoin Whale” has stopped selling bitcoin after offloading US$400 million worth of the cryptocurrency, the world’s largest cryptocurrency continues to come under significant selling pressure.
The Ethereum (ETH) price has tumbled over 6% since this time yesterday to US$683.47 per token. This leaves the world’s second-largest cryptocurrency with a market capitalisation of just over US$67 billion.
The Ripple (XRP) price has been the worst performer among the major cryptocurrencies during the last 24 hours. During this time XRP has lost over 9.5% of its value and is currently fetching a lowly 79 U.S. cents per coin. This has left XRP with a market capitalisation of US$30.9 billion.
Despite the prospect of being added to the Winklevoss’ Gemini Exchange, the Bitcoin Cash (BCH) price hasn’t been able to hold onto its recent gains. It is down almost 10% during the last 24 hours to US$1,026.94 per token, reducing its market capitalisation to almost US$17.5 billion.
The Litecoin (LTC) price has also slumped lower despite also being touted as a potential addition to the Gemini Exchange. It is down over 7% since this time yesterday to US$176.77 per coin, giving it a market capitalisation of US$9.8 billion.
Outside the top five there were heavy declines being recorded by “China’s bitcoin” NEO (NEO), Stellar Lumens (XLM), and Monero (XMR). The latter is down over 10% at the time of writing.
Bitcoin appears to be struggling to break meaningfully above the US$10,000 mark. I expect this will remain the case until sentiment improves greatly. In light of this, I would caution against buying bitcoin’s dip to make a quick buck.
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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.