Unfortunately for traders the crypto market has continued its decline and there is yet another sea of red across the market this morning.
This has led the value of the entire crypto market to fall to US$282.2 billion according to Coin Market Cap. This means it has lost a further 4.5% of its value over the last 24 hours.
Here is the state of play on Wednesday morning:
The Bitcoin (BTC) price has fallen 3.3% since this time yesterday to US$6,573.14 per coin, reducing the world’s largest cryptocurrency’s market capitalisation to US$112.3 billion. This latest decline means that Bitcoin is trading at the lowest level since February. But with a lack of support propping up the cryptocurrency, some are tipping it to fall below US$6,000 later this week.
The Ethereum (ETH) price has dropped 5.5% over the last 24 hours to US$493.41. This leaves Ethereum with a reduced market capitalisation of just under US$49.4 billion. Concerns over hacks and price manipulation continue to weigh on Ethereum and the rest of the market.
The Ripple (XRP) price has fallen over 4.5% since this time yesterday to 55.9 U.S. cents. Ripple’s market capitalisation has dropped to US$21.9 billion. XRP has now lost almost 84% of its value since reaching as high as US$3.48 earlier this year.
The BitcoinCash (BCH) price has fallen 6.9% over the last 24 hours to US$870.47 per token, leaving the Bitcoin spin off with a market capitalisation of just over US$14.9 billion.
The EOS (EOS) price has been the worst performing major coin during the period with a sizeable 8.5% decline to US$10.27. This leaves EOS with a market capitalisation of US$9.2 billion.
Outside the top five the declines were just as bad over the last 24 hours. The Litecoin (LTC) price has fallen 5.3%, the Stellar (XLM) price has dropped 5.8%, Cardano (ADA) is down 5%, IOTA (MIOTA) is 8.5% lower, and TRON (TRX) has fallen 6.9%.
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.