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Cryptocurrencies slide lower again

James Mickleboro

The crypto market rebound didn’t last long. It has given back some of its recent gains over the weekend, leaving it with a total market value of US$280 billion according to Coin Market Cap.

Also read: Will Bitcoin, Ethereum soon be your default money?

This is a US$10 billion or 3.8% decline since this time on Friday.

Here is the state of play on Monday morning:

The Bitcoin (BTC) price has fallen 0.5% over the last 24 hours to US$6,529.82 per coin, reducing its market capitalisation to US$11.6 billion. Hacking and price manipulation appears to have continued to weigh on sentiment and could be preventing would-be traders from entering the market and supporting prices.

Also read: Is Crypto the same as the 90's internet bubble?

The Ethereum (ETH) price has edged slightly higher since this time yesterday to US$501.94 per token, increasing its market capitalisation to just under US$50.3 billion.

The Ripple (XRP) price has fallen 1.2% over the period to 53 U.S. cents, reducing the alt coin’s market capitalisation to US$20.8 billion.

The BitcoinCash (BCH) price has fallen 0.5% over the last 24 hours to US$852.11, leaving the Bitcoin offshoot with a market capitalisation of just under US$14.7 billion.

The EOS (EOS) price has dropped 1.5% since this time yesterday to US$10.53, reducing its market capitalisation to just over US$9.4 billion. Traders may have been selling due to issues being experienced by the EOS Mainnet which led to transactions being frozen.

Outside the top five things were equally mixed. The Litecoin (LTC) price was down 0.4%, Stellar (XLM) was flat, Cardano (ADA) was flat, IOTA (MIOTA) fell 2.4%, and TRON (TRX) was down 0.5%.

What’s next?

Considering the negative news flow that the industry has experienced over the last couple of weeks, I would be quite surprised to see prices rise meaningfully from here any time soon. As such, I think investors should continue to avoid cryptocurrencies and focus on other investment opportunities instead.

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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.