The Ripple (XRP) price has plummeted 12% in 24 hours

It’s not looking good for the cryptocurrency market at the moment. It’s a sea of red this weekend as all the major cryptocurrencies are dropping:

The Ripple (XRP) price has fallen by 12.45% over the past day to US$0.598. Its market capitalisation has now dropped to US$23.4 billion.

The Ethereum (ETH) price has dropped by 13.66% during the past 24 hours to US$515.36. This means its market capitalisation has declined to US$50.6 billion.

The Bitcoin (BTC) price has fallen by 6.8% over the past day to US$7,655.46. The market capitalisation has dropped to US$129.57.

The Bitcoin Cash (BCH) price has declined by 5.75% to US$914.02 over the past day. The fall means its market capitalisation has fallen to US$15.6 billion.

The Litecoin (LTC) price has dropped by 8.8% to US$148.12 during the past 24 hours. Its market capitalisation is now sitting at US$8.25 billion.

Things aren’t looking much better for the smaller cryptocurrencies either, with most of them down more than the big five cryptocurrencies.

NEO (NEO) is down 14.92% to US$57.71.

Cardano (ADA) is down 19.91% to US$0.141

Stellar (XLM) is down 20.52% to US$0.183

EOS (EOS) is down 14.83% to US$4.30

And IOTA (MIOTA) is down 0.8% to US$1.10

This fall seems to be part of the long-term fall of cryptocurrencies since the all-time highs a few months ago. However, only a couple of days ago, one of Allianz’s key figures said that Bitcoin is essentially worthless, it’s in a bubble and it’s going to zero.

Foolish takeaway

Only time will tell who is right. It’s true that cryptocurrencies don’t generate any cashflow for holders, so from that perspective the only way they go is up is if someone is willing to pay more for it than you were. However, the underlying blockchain technology is very promising and could revolutionise how we do a lot of things in our daily lives.

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Motley Fool contributor Tristan Harrison 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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