Crypto update: Bitcoin (BTC) price tipped to double by July

It has been a bit of a disappointing 24 hours for cryptocurrency traders with declines being seen across the board. This reduced the value of the entire crypto market to US$450.8 billion according to Coin Market Cap.

Here is the state of play on Thursday morning:

The bitcoin (BTC) price has fallen almost 1% during the last 24 hours to US$10,648 per coin, reducing its market capitalisation to US$179.9 billion or 39.9% of the total market. Bitcoin tumbled overnight despite one cryptocurrency expert tipping it to double in value by the middle of 2018. According to CNBC, Tom Lee from Fundstrat Global Advisors believes bitcoin will reach US$20,000 by mid-year, before rising to US$25,000 by the end of 2018. The catalyst for this will be historical price trends and crypto-related announcements by some major companies.

The ethereum (ETH) price is down 1% since this time yesterday to US$872.64. The second-largest cryptocurrency now has a market capitalisation of US$85.4 billion.

The Ripple (XRP) price has continued its poor run and is down a further 3% during the period to 92.4 U.S. cents. The former crypto darling has seen its market capitalisation fall to US$36.1 billion because of this decline.

The Bitcoin Cash (BCH) price is down 1.2% over the last 24 hours to US$1,233, leaving the bitcoin spin-off with a market capitalisation of just under US$21 billion.

The Litecoin (LTC) price has been the worst performer amongst the majors during the last 24 hours with a 3.5% decline to US$209.61. Litecoin appears to have run out of steam after a solid run, despite its founder recently tipping it to overtake Bitcoin Cash’s market capitalisation this year. It certainly has a lot of ground to make up, this decline reduced Litecoin’s market capitalisation to US$11.6 billion.

Elsewhere, the Chinese bitcoin, NEO (NEO), and Cardano (ADA) have also sunk notably lower since this time yesterday.

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