It certainly was a disappointing weekend of trade for the cryptocurrency market with heavy declines being seen across the board.
The declines have continued on Monday morning leading to the value of the entire market dropping to US$213.95 billion according to Coin Market Cap.
This is a decline of 1.4% over the last 24 hours and approximately 7% since this time on Friday.
Here is the state of play on Monday morning:
The Bitcoin (BTC) price is down 1.3% since this time yesterday to US$6,335.01 per coin, reducing the crypto giant’s market capitalisation to US$109 billion. As well as being weighed down by concerns that a Bitcoin ETF may never be approved, traders have been hitting the sell button in a hurry after a Bloomberg Intelligence analyst tipped the Bitcoin price to fall to US$4,000.
The Ethereum (ETH) price has dropped 1.3% over the last 24 hours to US$321.43 per token. This leaves Ethereum with a reduced market capitalisation of just under US$32.6 billion.
The Ripple (XRP) price is down 3% over the period to 29.96 U.S. cents, reducing the alt coin’s market capitalisation to just under US$11.8 billion.
The Bitcoin Cash (BCH) price has edged 0.15% lower since this time yesterday to US$573.69. The Bitcoin spin-off now has a market capitalisation of US$9.9 billion.
The EOS (EOS) price has fallen 2.2% over the last 24 hours to US$5.07, leaving the fledgling alt coin with a market capitalisation of US$4.6 billion.
Things were a little better outside the top five with both Litecoin (LTC) and Tether (USDT) pushing higher.
Litecoin rose 1.8% and Tether climbed 0.4% over the period, whereas Stellar (XLM) fell 0.2%, Cardano (ADA) dropped 1.1%, and Monero (XMR) tumbled 1.9%.
Given how negative sentiment has become this month I wouldn’t be surprised to see the market continue to drop lower as predicted by the Bloomberg Intelligence analyst.
In light of this, I would suggest investors stay clear of the market for the time being.
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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.
The declines have continued on Monday morning leading to the […]