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Cryptocurrencies slide lower again
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Cryptocurrencies slide lower again

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.

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

  • 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.
  • 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%.

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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