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Crypto update: Bitcoin, Ethereum, EOS, and Stellar drop lower, Ripple and Bitcoin Cash rise

James Mickleboro
Bitcoin down arrow

The crypto market has continued its decline over the last 24 hours with heavy declines being seen outside the major coins.

This has led to the crypto market dropping a further 0.5% to US$253.1 billion according to Coin Market Cap.

Here is the state of play on Thursday morning:

The Bitcoin (BTC) price has fallen 0.25% since this time yesterday to US$6,389.20 per coin, reducing the market capitalisation of the world’s largest cryptocurrency to US$109.5 billion. Bitcoin came under heavy selling pressure yesterday after reports indicated that the Coinbase app has seen its download rates decline significantly, leading to concerns that investor interest is dying down.

The Ethereum (ETH) price has edged lower during the period by 0.1% to US$441.17 per token. This leaves Ethereum with a market capitalisation of just under US$44.4 billion.

The Ripple (XRP) price has edged higher over the last 24 hours to just a touch over 45 U.S. cents. This lifted the XRP market capitalisation to US$17.7 billion.

The Bitcoin Cash (BCH) price has been one of the best performers and is up 1.3% since this time yesterday to US$708.12 per token. This lifted the Bitcoin offshoot’s market capitalisation to US$12.2 billion.

The EOS (EOS) price has continued its sharp decline and has fallen a further 3.8% over the last 24 hours to US$7.14 per token. This means EOS has lost almost 22% of its value over the last seven days, leaving the alt coin with a reduced market capitalisation of US$6.4 billion. The coin’s transition to its mainnet appears to have had a few issues, leading to traders hitting the sell button in a hurry.

Outside the top five the declines were much more severe. Although Litecoin (LTC), IOTA (MIOTA), and Tether (USDT) edged higher, Stellar (XLM), Cardano (ADA) and almost all the remaining top 25 coins fell heavily. This possibly indicates that traders are switching out of the smaller coins and back into the major coins.

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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.