Bitcoin, Ethereum, and Ripple tumble despite being tipped for a major fourth quarter rally

The Bitcoin, Ethereum, and Ripple prices have tumbled lower despite being tipped for a major fourth quarter rally…

a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The crypto market is a sea of red this morning with the majority of coins giving back a portion of their recent gains.

This has led to the entire value of the market falling 1.6% over the last 24 hours to US$220.6 billion according to Coin Market Cap.

And unless there's a major rally in cryptocurrency prices this weekend, the market is going to be posting sizeable declines in the third quarter.

Although at present the Bitcoin price is over 3% higher than at the start of the quarter, the likes of Ethereum, Bitcoin Cash, and Litecoin are down significantly during the three months. Ethereum, for example, has had a quarter to forget and lost 48% of its value during the period.

However, there's reason to be optimistic. The fourth quarter of last year was when the crypto market went into overdrive and some are predicting similar this year.

According to MarketWatch, Naeem Aslam, chief market analyst from Think Markets U.K., wrote that: "September is coming to an end and a very interesting quarter is about to start. Does it remind you of anything? Oh yes, it reminds me of last year's bull rally. It appears to me that a similar momentum could be building up again. This must be music to those who are suffering from heavy losses in the crypto market."

Time will tell whether Mr Aslam is correct, but in the meantime here is the state of play on Saturday morning compared to 24 hours ago.

The Bitcoin (BTC) price is down 0.7% to US$6,645.41, reducing its market capitalisation to US$114.9 billion.

The Ethereum (ETH) price is off 3.2% to US$221.54. This leaves ETH with a market capitalisation of US$22.6 billion.

The Ripple (XRP) price has fallen 1.1% to 53.73 U.S. cents, reducing the alt coin's market capitalisation to US$21.4 billion.

The Bitcoin Cash (BCH) price has tumbled 4.7% to US$9.3 billion. The Bitcoin spin off now has a market capitalisation of US$9.3 billion.

The EOS (EOS) price has dropped 1.4% to US$5.75, leaving EOS with a market capitalisation of US$5.2 billion.

Outside the top five the declines continued with Stellar (XLM) falling 3.7%, Litecoin (LTC) dropping 2.2%, Cardano (ADA) tumbling 2.8%, and Monero (XMR) sinking 2.2% lower. The Tether (USDT) price was the only one in the top ten climbing higher with a gain of 0.4%.

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.

More on Cryptocurrencies

A man holding a mobile phone walks past some buildings
Cryptocurrencies

The Betashares Crypto Innovators ETF (CRYP) is up 37% in a month. Is it too late to buy?

Looking at the CRYP ETF? Here's my take on whether it's too late to buy.

Read more »

Bitcoin ETF digital illustration.
ETFs

Why is the BetaShares Crypto Innovators ETF (CRYP) surging on Thursday?

Some massive Bitcoin news is lifting this ETF today.

Read more »

A woman holds a bitcoin token in her hand as she smiles at the camera in the background.
Cryptocurrencies

Bitcoin ETF approved. When is it coming to Australia?

Crypto bulls will be celebrating this milestone moment.

Read more »

person dancing in bitcoin spectacles wearing a gold outfit with hands up.
Cryptocurrencies

Bitcoin price rockets to 21-month highs. Here's why

The Bitcoin price is now up more than 174% in 12 months.

Read more »

BTC spelt out on wooden blocks with a red sign going down.
Cryptocurrencies

Bitcoin price sinks from 21-month high as ETF rumours swirl

What's going on with this cryptocurrency this week?

Read more »

person dancing in bitcoin spectacles wearing a gold outfit with hands up.
Cryptocurrencies

Up 145% in a year, the Bitcoin price just smashed through 18-month highs!

After a horror year in 2022, the Bitcoin price has come roaring back in 2023.

Read more »

Two investors look at a graphic showing a bitcoin in the centre
Cryptocurrencies

Why did the Bitcoin price just hit a 17-month high?

The long-standing cryptocurrency is finding its feet to reclaim a price not seen since May 2022.

Read more »

ETF written in gold with dollar signs on coin.
ETFs

This ASX ETF is up 21% in April so far

How on earth has this ETF smashed the market by a factor of 10?

Read more »