Although the crypto market has started the week on a positive note, this comes after some significant declines over the week.
These declines mean that value of the entire market is now US$257.4 billion according to Coin Market Cap. While this is around 1% higher than 24 hours ago, it is still over 3.5% lower than the same time on Friday.
Bitcoin and the rest of the cryptocurrencies appear to have taken a tumble on the back of comments out of Goldman Sachs.
According to CNBC, Goldman Sachs chief investment officer Sharmin Mossavar-Rahmani has stated that: “We expect further declines in the future given our view that these cryptocurrencies do not fulfil any of the three traditional roles of a currency.”
This was similar to comments out of UBS last week which suggested that Bitcoin was too unstable to be a mainstream currency.
Here is the state of play on Monday morning:
The Bitcoin (BTC) price has risen 0.7% over the last 24 hours to US$7.081.84 per coin, lifting its market capitalisation to almost US$121.8 billion.
The Ethereum (ETH) price has pushed 1.7% higher since this time yesterday to US$413.19. This gives Ethereum an improved market capitalisation of US$41.8 billion.
The Ripple (XRP) price is up 1.4% over the period to 43.4 U.S. cents, taking the alt coin’s market capitalisation to just over US$17 billion.
The Bitcoin Cash (BCH) price has been one of the biggest movers with a 2.5% push higher during the last 24 hours to US$713.23. The Bitcoin offshoot now has a market capitalisation of US$12.3 billion.
The EOS (EOS) price has climbed 1.2% since this time yesterday to US$7.07. This increases the EOS market capitalisation to US$6.4 billion.
Outside the top five the gains were even stronger. Stellar (XLM) rose 1.7%, Litecoin (LTC) climbed 1.8%, Cardano (ADA) pushed 3.8% higher, IOTA (MIOTA) is up a sizeable 7.3%, and Tether (USDT) is up 0.2%.
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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.