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%.
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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.