Bitcoin, Ripple, Ethereum, and Stellar sink lower after profit taking weighs on crypto market

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Unfortunately for traders, the crypto rebound was only
short lived and declines are being seen across the
board on Friday morning.

This has left the entire market with a value of US
$136.8 billion according to Coin Market Cap, down
3.5% since this time yesterday.
What’s been happening?

These declines are likely to be attributable to profit
taking after Bitcoin and its crypto peers rocketed
notably higher the previous day.
In fact, the only real piece of news that was released
over the last 24 hours was arguably a positive for the
market.

That news related to the chairman of the New York
Stock Exchange (NYSE) stating his belief that
cryptocurrencies are here to stay despite the recent
market rout.

According to Forbes, Jeff Sprecher spoke positively
about Bitcoin at the Consensus: Invest conference in
New York.

He said: “Somehow bitcoin has lived in a swamp and
survived. There are thousands of other tokens that you
could argue are better but yet bitcoin continues to
survive, thrive and attract attention. “Often times in
finance, it’s not about being the best — it turns out to
be about being the broadest and the most commonly
accepted and for whatever reason bitcoin has become
that.”

I think Sprecher makes a valid point on Bitcoin and feel
it probably has the best chance of success in the
space if the crypto market is here to stay.
In the meantime, though, here’s how the major coins
are performing at the moment compared to 24 hours
ago:

The Bitcoin (BTC) price is down 1.9% to US$4,235.99.
This leaves the crypto giant with a market
capitalisation of US$73.7 billion.

The Ripple (XRP) price has tumbled 4.8% to 37.71 U.S.
cents. This decline has reduced the XRP market
capitalisation to US$15.2 billion.

The Ethereum (ETH) price is 4.9% lower to US$117.74
per token, reducing its market capitalisation to US$12.2
billion.

The Stellar (XLM) price has edged 0.4% lower to 16.4
U.S. cents. Stellar is now the fourth largest coin with a
market capitalisation of US$3.15 billion.

The Bitcoin Cash (BCH) price has plunged 7.7% lower
to US$179.62 per token, leaving the Bitcoin offshoot
with a market capitalisation of US$3.1 billion.

Outside the top five the declines continued with EOS
(EOS) down a massive 10.2%, Litecoin (LTC) off 4.3%,
Tether (USDT) down 0.25%, Bitcoin SV (BSV) lower by
4.6%, and Cardano (ADA) down 2%.

Source : https://www.fool.com.au/2018/11/30/bitcoin-ripple-ethereum-and-stellar-sink-lower-after-profit-taking-weighs-on-crypto-market/