Bitcoin, Ripple, Ethereum, and Bitcoin Cash sink lower after crypto rebound runs out of steam | Motley Fool Australia
The crypto market’s rebound looks to have run out of steam and the market is a sea of red again on Friday morning. This latest selling has reduced the value of the entire market by 1.2% over the last 24 hours to US$145.65 billion according to Coin Market Cap. What’s been happening? With the United States enjoying its Thanksgiving holiday, there wasn’t a lot of news in relation to coins. However, there was a spot of news around Bitcoin mining operations that could have caught the eye of traders. According to the Independent, crypto mining operations in both the United…
The crypto market’s rebound looks to have run out of steam and the market is a sea of red again on Friday morning.
This latest selling has reduced the value of the entire market by 1.2% over the last 24 hours to US$145.65 billion according to Coin Market Cap.
What’s been happening?
With the United States enjoying its Thanksgiving holiday, there wasn’t a lot of news in relation to coins. However, there was a spot of news around Bitcoin mining operations that could have caught the eye of traders.
According to the Independent, crypto mining operations in both the United States and China are on the brink of closure after the crypto meltdown made them unprofitable.
Bitcoin mining requires a significant amount of electricity to power the computers performing the complex calculations.
With the Bitcoin price trading below US$4,500 per coin, for many miners these electricity costs now exceed the cost of the coins themselves.
And with some experts tipping the Bitcoin price to fall to US$2,500, there’s going to be little incentive for miners to keep operations up and running. This could be problematic as mining activity also contributes to transaction verification.
How are coins performing today?
Here is the state of play on the market on Friday morning compared to 24 hours ago:
The Bitcoin (BTC) price has fallen 0.4% to US$4,466.77, reducing its market capitalisation to US$77.7 billion.
The Ripple (XRP) price is down 0.7% to 43.39 U.S. cents. This gives XRP a reduced market capitalisation of US$17.5 billion.
The Ethereum (ETH) price has dropped 1.9% to US$130.47. This leaves ETH with a market capitalisation of US$13.5 billion.
The Bitcoin Cash (BCH) price has tumbled 5.8% lower to US$217.43 per token. This latest decline has reduced the BCH market capitalisation to just under US$3.8 billion.
The Stellar (XLM) price has dropped 0.9% to 19.59 U.S. cents. This decline means the Stellar market capitalisation has fallen to US$3.75 billion.
Outside the top five things were mixed. The EOS (EOS) price is down 1%, Cardano (ADA) has fallen 0.9%, and Monero (XMR) is off 0.7%.
Litecoin (LTC) and Tether (USDT) have gone against the grain with 0.3% and 0.7% gains, respectively.
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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.
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