Unfortunately for traders, the crypto market's strong run has come to an end and on Friday morning there is a sea of red being seen across the industry.
This has led to the value of the entire market falling 2.8% since this time yesterday to US$267.3 billion according to Coin Market Cap.
Here is the state of play this morning:
The Bitcoin (BTC) price has fallen 1.8% over the last 24 hours to US$6,852.96 per coin, reducing its market capitalisation to just under US$112.8 billion. Overnight Fundstrat's Tom Lee, the only Wall Street analyst to issue bitcoin price targets, told CNBC that he has slashed his 2018 price target by 20% to US$20,000. This is based on Bitcoin's tendency to trade at 2.5x its mining costs.
The Ethereum (ETH) price has dropped 1.2% since this time yesterday to US$468.54 per token. This has left ETH with a reduced market capitalisation of US$47.1 billion.
The Ripple (XRP) price has plunged a sizeable 4.9% over the period to 47.6 U.S. cents, leaving the popular alt coin with a market capitalisation of US$18.7 billion. I suspect this could be a case of profit taking after strong gains in recent days.
The Bitcoin Cash (BCH) price has been the worst performer amongst the major coins over the last 24 hours with a 5.8% decline to US$730.41 per token. This has reduced the Bitcoin offshoot's market capitalisation to just under US$12.6 billion.
The EOS (EOS) price has dropped 2.7% since this time yesterday to US$8.80, leaving the alt coin with a market capitalisation of US$7.9 billion.
Outside the top five the declines were even stronger over the last 24 hours. The Litecoin (LTC) price has fallen 4%, Cardano (ADA) is down 5.7%, Stellar (XLM) is off 5.6%, and IOTA (MIOTA) tumbled a massive 7.4%.
The only bright spot in the top ten was the Tether (USDT) price which rose 0.4% to US$1.01.
