It has been a reasonably mixed 24 hours of trade for the crypto market. During this time the value of the entire market has remained mostly flat at approximately US$191.9 billion according to Coin Market Cap.
However, after a series of heavy declines, this could be seen as a positive for the market and maybe even a sign that prices have bottomed for the time being.
Which will be a major relief to crypto traders. According to Bloomberg, as of yesterday the crypto market had fallen by 80% from its high in January. This meant that the market’s losses were now greater than those seen during the dot com crash in 2000.
Here is the state of play on Thursday morning compared to 24 hours ago:
The Bitcoin (BTC) price has risen 0.6% to US$6,350.20 per coin, increasing its market capitalisation to US$109.6 billion.
The Ethereum (ETH) price has continued its decline and is down 1.1% to US$182.25 per token. This means ETH’s market capitalisation has now dropped to under US$18.6 billion.
The Ripple (XRP) price is up 1.4% to 26.07 U.S. cents. This has increased the XRP market capitalisation to US$10.6 billion.
The Bitcoin Cash (BCH) price has tumbled 2.5% to US$428.26 per token. This latest decline means the Bitcoin offshoot’s market capitalisation has now fallen to US$7.4 billion.
The EOS (EOS) price has edged 0.1% lower to US$4.91, reducing the EOS market capitalisation to US$4.45 billion.
Outside the top five things were similar. Stellar (XLM) has fallen 0.4%, Litecoin (LTC) has dropped 0.25%, Monero (XMR) is off 0.9%, and the Cardano (ADA) price has plunged 6.3% lower. The only other coin in the top ten in positive territory was Tether (USDT) which edged 0.1% higher.
Although the market appears to have found a bit of support today, I’m not convinced that this is the end of the declines. Because of this, I would suggest investors stay clear of the market and watch on from the safety of the sidelines.