Bitcoin, Ripple, and Bitcoin Cash prices drop lower despite being tipped for major rebound

It has been a reasonably mixed 24 hours of trade for the crypto market.

This has led to the entire value of the market edging slightly lower to US$203.6 billion according to Coin Market Cap.

Where next for Bitcoin and the rest of the cryptocurrencies?

Late last week a tweet from well-known money manager Michael Novogratz appeared to be the catalyst for a rebound in the Bitcoin price. Mr Novogratz stated his belief that cryptocurrencies had bottomed and appeared to be tipping them to push notably higher.

Well he isn’t the only one that thinks this. According to Bloomberg, its analyst Olga Kharif has pointed to the Williams %R indicator as a sign to be positive.

The Williams %R indicator is a technical analysis oscillator that moves between 0 and -100 and measures overbought and oversold levels for traders searching for entry and exit points.

A mark under -80 means oversold which, at the time of the report, is where the Bitcoin price stood. Last time Bitcoin was at this level it rallied 22% from US$6,017 to US$$7,361.

Traders will no doubt be hoping the same happens on this occasion.

But for now, here is the state of play on the crypto market compared to 24 hours ago:

The Bitcoin (BTC) price has dropped 0.15% to US$6,523.22 per coin, reducing its market capitalisation to US$112.7 billion.

The Ethereum (ETH) price is flat at US$222.28, leaving the alt coin’s market capitalisation at US$22.7 billion.

The Ripple (XRP) price is mostly flat at 28.15 U.S. cents. This leaves Ripple’s market capitalisation at US$11.2 billion.

The Bitcoin Cash (BCH) price has fallen 0.4% to US$449.22, reducing the Bitcoin offshoot’s market capitalisation to US$7.8 billion.

The EOS (EOS) price has pushed 0.6% higher to US$5.43, increasing the alt coin’s market capitalisation to over US$4.9 billion.

Outside the top five things were equally mixed. While Stellar (XLM) rose 2.5%, Litecoin (LTC) increased 0.5%, and Cardano (ADA) edged 0.2% higher, there were declines for Tether (USDT) and Monero (XMR). Tether edged slightly lower and Monero fell 1.1%.

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Motley Fool contributor James Mickleboro 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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