It has been another disappointing 24 hours of trade for the cryptocurrency market with declines being seen throughout the industry.
This has reduced the value of the entire market by US$10 billion or 2.2% to US$435 billion according to Coin Market Cap.
Here is the state of play on Wednesday morning:
The Bitcoin (BTC) price is down 1.9% over the last 24 hours to US$9,229.87 per coin, reducing its market capitalisation to US$157.1 billion. Trader sentiment for the world's largest cryptocurrency may have taken a hit overnight after an ex-Goldman Sachs president told CNBC that the world will have a global cryptocurrency, but it wouldn't be Bitcoin.
The Ethereum (ETH) price is down 0.8% since this time yesterday to US$748.12 per token. Ethereum now has a market capitalisation of US$74.3 billion.
The Ripple (XRP) price is down 2.7% during the period to 81.6 U.S. cents, cutting its market capitalisation to US$32 billion.
The Bitcoin Cash (BCH) price has tumbled 4.5% since this time yesterday to US$1,590.31. The Bitcoin offshoot now has a market capitalisation of US$27.2 billion. An issue with the new Bitcoin ABC update appears to be the reason for this decline.
EOS (EOS) has managed to defy the market again and has edged 0.2% higher to US$18.16. This lifts the EOS market capitalisation to US$15.3 billion.
Outside the top five there were declines of 4% for Litecoin (LTC), 2.5% for Cardano (ADA), 3% for Stellar (XLM), and 0.3% for TRON (TRX).
One bright spot during the last 24 hours, though, has been the IOTA (MIOTA) price. It has risen 6.3% over the period to US$2.41 per token, lifting its market capitalisation to US$6.7 billion. The internet of things cryptocurrency appears to have been given a lift from speculation that it has formed a collaboration agreement with global elevator company Schindler Group.
What's next for the market?
Sentiment certainly seems to be soft at the moment so, unless there is a much-needed positive catalyst, I wouldn't be surprised to see further declines over the coming days,
